TAMPA, FL—Developers are looking north for prime land—north ofMiami, that is. With land harder to come by—and selling for higherprices as scarcity increases—some developers are eyeingsubmarkets.

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Jacksonville, FL-based GreenPointe Communities,the community development division of GreenPointeHoldings, purchased a Sarasota, FL development site froman affiliate of National Asset Management Agency.The sale price was $27 million.

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HFF managing director JaretTurkell, executive managing director Manuel deZárraga, and associate director ScottWadler, represented the seller. Turkell says, “The Quaysite represents arguably the best waterfront developmentopportunity on the entire west coast of Florida.”

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The site is located at the intersection of North Tamiami Trailand Fruitville Road in Downtown Sarasota. It is bound by SarasotaBay to the west, a Hyatt Regency hotel to the north, and theRitz-Carlton Hotel and Residences to the south.

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The property is entitled for the development of 695 residentialunits, 190,000 square feet of commercial space, and 175 hotelrooms. The site also offers protected marina space that couldpotentially be incorporated into any future land uses.

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Ron Kriss of Stroock & Stroock& Lavan LLP provided legal counsel for theseller. The firm also handled theforeclosure of the property from the formerowners.

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“It's been a long time coming,” Kriss says. “We are gladto have resolved this asset for our client, and I think the land isin very good hands. As a large waterfront parcel in the heartof downtown Sarasota, it's a really special site offering the newowners many possibilities.”

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