SVN Lotus selected to market entire city block of Main Street Opportunity Zone project in Downtown Sarasota
Team at SVN Lotus is marketing and managing the sale of a full city block on Main Street in downtown Sarasota, located in a designated opportunity zone
SARASOTA, Fla. (March 12, 2019) – SVN Lotus has been selected to market and manage the sale of a full city block in downtown Sarasota. Located on Main Street, the property is comprised of three parcels and is located in a federally-designated opportunity zone. It features three existing buildings generating cash flow, but also has significant development potential.
The Main Street is considered a prime area for development and investment opportunity especially given its location in the newly enacted Opportunity Zone designation. The area was the source of much excitement with the recent announcement that Sarasota Memorial Health Care System purchased the former Sarasota Herald-Tribune and plans to renovate the building and relocate more than 300 support personnel there.
“Opportunity Zones are an excellent tool to help develop and revitalize specific areas within the community,” said Destin Wells, vice president, business development, Economic Development Corporation of Sarasota County. “There is a lot of excitement and anticipation surrounding Main Street, especially with the positive momentum the Memorial Healthcare project will create.”
The 30,000 square foot three-parcel property currently features retail and office space. The area is zoned Downtown Core (DTC), which allows for mixed use development. As part of its strategic marketing effort, the SVN Lotus team has created several virtual realty concepts for potential uses of the property.
“Having an entire city block with the flexibility of its current zoning allows for a myriad of development possibilities,” said Ashley Barrett Bloom, managing director, SVN Lotus. “The recent activity in the area combined with the benefits of the Opportunity Zone has already created significant interest in the property. We are expecting a high level of interest in this opportunity.”
A new community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017, Opportunity Zones are designated to encourage long-term investments in low-income urban and rural communities nationwide. This property is included in U.S. Census tracks designated Opportunity Zones, affording developers opportunity to take advantage of this new community investment tool in prime location.
For more information on the Main Street property available here.
SVN, a commercial real estate brokerage firm headquartered in Boston, is one of the industry’s most recognized and powerful brands based on the annual Lipsey Top Brand Survey and Commercial Property Executive Magazine. With more than 200 locations in 500 markets, SVN Commercial Real Estate Advisors provide sales, leasing and property management services to clients worldwide. The Florida team consists of more than 100 advisors serving locations across the state. For more information on SVN Florida, visit www.svnflorida.com.
Ashley Barrett Bloom, managing director, SVN Lotus, 941-961-7109 / firstname.lastname@example.org