Belpointe Capital Closes on $20M Deal

November 19, 2019

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.”