Are 86 spaces a deal-breaker?

Sarasota County is trying to sell a prime piece of real estate at Main Street and U.S. 301, but it’s getting few takers.

The county--owned parking lot at 20 N. Washington Blvd. has produced just one sealed bid to date, even after the county extended the deadline one week to Oct. 21.

One possible explanation for the lack of interest: a requirement that developers maintain a minimum of 86 spaces on the site or build the spaces nearby.

On July 13, the county notified the public that it would seek developers to purchase and build on the property. Developers would be required to show that a proposed development for the parcel fits with surrounding properties and provides demonstrable economic impact to Sarasota County.

The parcel, located at the northeast corner of U.S. 301 and Main Street, doesn’t lack attractive properties.

“To a large extent,” said Ian Black, of Ian Black Real Estate, “you could consider that Main and Main.”

“One of the challenges is replacing the parking on the lot,” Black said.

Former Sarasota County Commissioner Joe Barbetta, who was instrumental in getting the lot listed for sale so that it could generate tax revenue for the county once in private hands, suggested that the county and city sometimes require too much parking.

“They’ve been spoiled for a while,” he said. “How much parking do they really need?”

Barbetta believes the county should consult with local real estate brokers for advice on marketing the property.

“The county taxpayers are subsidizing that, and they aren’t getting anything for it,” he said.

Sarasota County spokesman Jason Bartolone said the parcel is being marketed through NAIOP, a commercial real estate development association, online commercial real estate listing services LoopNet and BidSync, print ads and other methods.

The Sarasota County Property Appraiser estimates the lot’s value at $2 million. No minimum bid price has been set.

The parcel was at the center of a failed development bid in 2013. SHD Partners was negotiating to build a Kimpton Hotel on the site and had agreed to build replacement parking sites east of the parcel on Main Street before the deal fell apart in 2014.