Penny Wickey, principal at SCRE, exclusively represented Belpointe Capital LLC in the purchase of the western point of Main Plaza at 1991 Main Street in Sarasota, FL for $20 million. The purchase includes five of the plaza’s 8.6 acres in a designated Opportunity Zone in downtown Sarasota, including the 275,000 SF former mall and the 800-space parking garage.
The company plans to build 410 market rate apartment units and 50,000 SF of ground-floor retail, including several sit-down restaurants and a food hall. A development team is in place and prepared to submit plans to the city, according to public sources.
“We are excited about the opportunity to invest in downtown Sarasota as a first step in our investment strategy of developing urban multifamily comunities in the growing cities of the southeast,” Belpointe CEO Brandon Lacoff said. “Sarasota has a great downtown with many restaurants, hotels and condominium developments. We look foward to becoming a part of this growing community or many decades.”