An assemblage on South Tamiami Trail in Sarasota is on the market as a mixed-use redevelopment opportunity, combining an existing retail building with a former hotel property. The offering carries an asking price of $25 million and is being positioned to investors as a chance to reposition a well-located site just south of Sarasota Memorial Hospital. Ian Black Real Estate is marketing the property.
The assemblage includes a 13,500-square-foot retail building and a former 99-room hotel, which together occupy the addresses 1425-1427 South Tamiami Trail. While the current marketing effort focuses on the potential for a large-scale redevelopment, the listing also highlights the recent investment history of the site. According to reporting from the Sarasota Herald-Tribune, 5 Point Equity purchased the retail component in the summer of the prior year for $7 million and acquired the hotel in 2022 for $8 million.
As part of the current offering, a conceptual redevelopment plan has been prepared to illustrate how the site could be transformed. The plan contemplates replacing the existing improvements with an eight-story, dual-brand hotel totaling 246 rooms. Adjacent to or integrated with the hotel, a six-story wrap-style residential building is envisioned, comprising 279 multifamily units with a mix of studio, one-, two- and three-bedroom floor plans.
The concept also outlines a structured parking program and shared amenities designed to support both the hospitality and residential components. Three levels of structured parking with approximately 402 spaces are included in the illustrative program, reflecting an emphasis on accommodating both residents and hotel guests. Above the parking, a shared fourth-level amenity deck is envisioned, featuring a pool to serve as a common recreational and social hub for the future community.
While the redevelopment concept is not described as entitled or approved, it is being used in the marketing materials to demonstrate the site’s potential density and mixed-use programming. The location immediately south of a major regional hospital underscores the potential for demand drivers tied to healthcare employment, visitors and nearby medical uses, in addition to the broader Sarasota market. The combination of recent purchase activity, a defined asking price and a detailed conceptual plan signals that the current ownership is seeking an exit that captures both the underlying land value and the embedded redevelopment potential in this corridor along South Tamiami Trail.
