Golden Gate Point property fetches $850,000

Bucking the trend of redevelopment on Golden Gate Point, a shopping center developer has purchased a duplex built in 1948 without plans for a new condominium.

Armand Estroff last month bought a 7,200-square-foot parcel in the center of the 22-acre peninsula west of downtown Sarasota for $850,000. The Atlanta-based builder plans to renovate the existing property into a single-family home.

The property has been assessed at $450,500, and last sold for $49,000 in 1996.

The sale and plans for the parcel is a departure from the burgeoning trend of developers buying properties in the center of Golden Gate Point, and planning new luxury condo complexes. 

Golden Gate Point Ventures purchased older buildings near Estroff’s property for $2 million ahead of plans for the Pearl, a five-story, eight-unit condo building slated to include a rooftop patio, pools, spa and cabanas. 

Canadian developer Vandyk completed the first new condo in Golden Gate Point in nearly a decade with the five-story, $11 million One88 Residences in December. It was the first of the onslaught of residential projects to open its doors.