Sarasota Waterfront Development Site for Sale

A nearly 2-acre development site at 300 N. Tamiami Trail, adjacent to the Fruitville Road roundabout in downtown Sarasota, is now on the market. Berkadia is marketing the property, which offers a significant opportunity for large-scale development near the waterfront.

The site is zoned Downtown Bayfront and Downtown Core under Sarasota's code. Berkadia reports zoning regulations could allow for residential density of up to 380 units and building heights of 18 stories. Berkadia stated market demand will determine the property's value, and no asking price has been set.

Matt Mitchell, Senior Managing Director at Berkadia Tampa, and Director Chris Burtner represent the seller, Canadian company Palsar Development. Mitchell noted the site's rarity, stating, “Nearly 2 acres on a corner like this does not become available often, and it’s not easy to assemble this much land, with water views and zoning flexibility, next door to billions of dollars of investment transforming Sarasota’s waterfront.”

The surrounding area is undergoing substantial development. Projects include The Ritz-Carlton Residences, Sarasota Bay, expected to finish this year, and PMG's One Park and One Park West, scheduled for completion in 2027 and 2028. The Quay Sarasota, across U.S. 41, is an established mixed-use development featuring condominiums, apartments, a hotel, and retail.

Berkadia Director Chris Burtner highlighted the site's development flexibility. “What makes this site particularly interesting is that a developer doesn’t have to make a one-dimensional bet,” Burtner said. “The zoning supports multiple paths — for-sale residential, rental, hospitality, commercial or a combination — so a buyer can shape the program around where they see the strongest demand. That kind of optionality is increasingly valuable when you’re underwriting a major downtown development.”

Palsar Development, based in Toronto, previously acquired 1.28 acres at the northwest corner of Fruitville Road and U.S. 41 for $2.7 million in 2011.