The door has opened for the sale of the former Sarasota Quay property, as the Irish government gained control of the land Monday.
The property at Fruitville Road and U.S. 41, once the planned home of an ambitious combination of residential, hotel, retail and office space, is now on the market after two years of litigation prevented any movement regarding the land.
Although HFF, a brokerage firm, is currently marketing the property on behalf of the new landowner, National Asset Sarasota LLC, there may not be a sale anytime soon. Paul Shelowitz, an attorney with the Miami law firm Stroock & Stroock & Lavan, is representing National Asset Sarasota, and said they hoped to sell the property for $30 or $40 million —a price they’re willing to wait to see matched.
“There's no pressure whatsoever to sell the property,” Shelowitz said. “As the market continues to rise, and as the value continues to rise, eventually you'll the type of offer that's being sought.”
The property was up for auction to the public Monday morning, but no serious offers were made. That’s because National Asset Sarasota's maximum bid of $50 million was disclosed to bidders, Shelowitz said.
The Irish government established National Asset Sarasota, which assumed plaintiff rights from the now-defunct Anglo Irish Bank Corp. The Anglo Irish Bank Corp was the lender to the previous owners of the property, who defaulted on over $90 million in loans after the $1 billion condo/retail/office/hotel project fell through.
Contact David Conway at [email protected].