414 N Lime Ave Sarasota, FL

This development opportunity is located near US-301 and Fruitville in the downtown edge district. The site consists of nearly 2 acres of land and is zoned Downtown Edge (DTE), allowing for 100 residential units per acre, medical or general offices, retail, and other uses. Situated within a block of a lighted intersection, the property provides quick access to major North/South and East/West thoroughfares. The surrounding neighborhood is undergoing significant redevelopment, including the current construction of a hotel, 410 luxury apartments, 25,000 square feet of retail space, and a grocery store. The subject parcel allows for a mixed-use development with nearly 50 residential units. A future land use application proposes additional density, potentially increasing to 134 units, with an estimated 10,000+ square feet of retail commercial space on the ground floor.

The property is located in one of the fastest-growing markets on the Southwest Florida Coast, a short distance from Siesta Key Beach, Lido Key Beach, and St. Armand’s Circle. The population of the Sarasota area continues to grow. Major employers in the vicinity include Sarasota Memorial Hospital, with over 135 beds and a projected employment of 600 to 700, with multiple projects underway. The area is experiencing a rise in redevelopment and new developments. The City of Sarasota blends history and modern attractions. Many historic homes and neighborhoods remain, including the brick pavers surrounding the subject property, while other areas feature updated shopping centers, hotels, restaurants, and other businesses. Tourism is increasing, with visitors drawn to the beaches and attractions.