Downtown Sarasota Redevelopment Opportunity
For sale1777 Main Street, Sarasota, FL 34236
Property type
Office
Unit / Space count
1
Price
$14,000,000
Building size
105,000 SF
Year built
1975
Property class
A
Stories
10
APN
2026-15-0086
Zoning code
Downtown Core (DTC)
Lot size
2.38 acres
Property description
This 2.38-acre Downtown Core (DTC)-zoned site sits at the signalized intersection of Main Street and South Osprey Avenue, presenting a compelling repositioning or redevelopment opportunity in one of Florida’s most supply-constrained infill markets. The site is one of two parcels in a Truist Bank disposition and is being offered independently. The existing 10-story Class A office building includes an active Truist branch and approximately 105,000 SF of available space, offering in-place cash flow while redevelopment plans are pursued, with strong corner visibility. Current tenants will all be vacated by 2027.
Property highlights
- Premier Signalized Corner Main Street & S Osprey Avenue: Situated at one of downtown Sarasota’s most visible and trafficked intersections, directly within the walkable urban core surrounded by dining, retail, civic, and residential development.
- Rare ±2.38-Acre Downtown Land Assemblage: A large-scale infill site with strong frontage and multiple access points is extremely rare in the downtown Sarasota core.
- Existing ±105,000 SF Income-Producing Office Asset: The 10-story Class A building with active Truist branch occupancy supports short-term cash flow and transitional ownership while longer-term strategies are pursued.
- Zoned DTC — Downtown Core (Highest-Intensity Zoning): Allows vertical mixed-use, residential, retail, office, and hotel. Form-based code supports height, density, and attainable housing bonuses: 50 du/acre base density scalable to 200 du/acre; max 10 stories; no FAR limit; no setbacks; up to 100% building coverage.
- Corporate Seller: Offered by Truist Bank, providing transparent disposition, clean title, and straightforward closing. Multiple exit strategies available including full portfolio sale, partial sale, or JV/land swap structure.
- Exceptional Development Density Potential: Up to 476 total residential units achievable with attainable housing bonus (53 affordable units at 120% AMI). Practical build-out estimated at ~300 units based on comparable projects.
- Surrounding Retailers: Whole Foods, Sprouts, Wawa, Walgreens, and multiple restaurants are within immediate walking distance. The site is in proximity to the Rosemary District’s growing food and beverage corridor.
- Active Adjacent Development Momentum: Nearby projects including the High Line mixed-use development, Sarasota Bayside (349 units), and the Ritz-Carlton Residences validate robust developer and institutional demand in the immediate submarket.
- Strong Demographics & Growth Drivers: Sarasota ranks #1 Best Place to Live in Florida (U.S. News & World Report, 2024) and Top 5 Fastest Growing Wealth Markets in the U.S. Average household income of $78,000 citywide; $85,000 in the downtown core.