SARASOTA, FL-A downtown parcel that was pegged for condominium development prior to the recession has been scooped up by an investment group that is considering a rental apartment project instead.
Rosalyne Holdings LLC paid $4.5 million for the 6.5-acre tract on Cocoanut Avenue, according to the Herald-Tribune.
Rosalyne, a group led by Bruce Weiner, is considering a multi-family development but has yet to file any plans with the city, says John Harshman, president of Harshman & Associates Inc., who represents the investment group. "A whole lot of work needs to be done before there is a shovel in the ground."
The prior owner had eyed the site for 365 condominiums. Under current zoning, the property could accommodate 163 rental apartments. Rosalyne bought the land out of foreclosure from IberiaBank, which had taken control of the property following its acquisition of the failed Orion Bank in 2009. Orion had lent $21 million against the site in 2006. See story in the Herald Tribune.
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