Rosalyne Holdings, LLC, has purchased a 6.5-acre parcel of land near downtown Sarasota for $4.5 million.
The company is considering the development of residential rental apartments on the site, which runs along Cocoanut Avenue, between the Boulevard of the Arts and 10th Street in the city's Rosemary District, according to a press release.
The seller was IberiaBank, which had assumed the loan on the property in 2006 from the now defunct Orion Bank. Iberia foreclosed on the tract in 2012, after plans for a mixed-use development by an Atlanta developer fell through.
Rosalyne Holdings is part of Longboat Enterprises, LLC, a venture of its founder and CEO Bruce Weiner, a Sarasota resident who also owns Florida Classic Car Storage on Central Avenue.
The project is in the planning stages, asRosalyne Holdings continues to gather data on needs and viability.
The buyer was represented by commercial real estate broker, John B. Harshman of Harshman & Company, Inc.
Atlanta developer Wayne Morehead had planned to build a mixed-use project called CityPointe on the site, with up to 365 market-rate condos. That development was never built.