Sunday, March 2, 2014

Sarasota Quay Developer Needs More Time

GreenPointe Holdings LLC, a Jacksonville company is looking to revive a long dormant plan for a major hotel and condominium development at the former Sarasota Quay, but it is looking for the city to give it more time.

The plan will contain hundreds of condos, a hotel, restaurants, offices and retail space on the very valuable 14-acre waterfront property, was approved by the city back in 2007.

But it has been delayed for years as the land changed hands during the Great Recession, and the development agreement with the city will expire in 2017.
Although GreenPointe Holdings is contracted to buy the land and build on it, the project itself is not close to getting started. Therefore, the company is asking the city to change the zoning code to extend the life of the development agreement.

Source: "Potential Quay Developer Seeks Extension," Sarasota Herald-Tribune, (February 16, 2014)
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