Developer buys Sarasota lots near Payne Park for $7.5M

A Fort Lauderdale real estate investment and development firm specializing in opportunity zones has bought two lots in Sarasota and plans to build a mixed-use development.

PTM Partners paid $7.5 million for the two parcels on Payne Parkway. The properties total 1.98 acres, according to a company spokesperson. 

In a statement announcing the purchase, PTM says it plans to build a 120,000-square-foot, mixed-use community that will include 50 for-rent townhomes and about 8,000 square feet of retail space. The company plans to break ground next year with the intent of completing the project by the fall of 2025.

Because the development combines two existing properties near Payne Park, a street address is not available, the spokesperson said.

The residential portion of the project will be made up of three- and four-story units with three bedrooms and private rooftop terraces and the complex will have more than 10,000 square feet of amenity space.

While this will be the company’s first Sarasota project, PTM is already active in the state with five other developments in the works, according to its website. Two of those are in St. Petersburg — the Edge Collective and Edge Collective II along Central Avenue.

The first is set to be done next year and will include 24,000 square feet of commercial space, a 163-room hotel and 4,000 square feet of retail. Edge Collective II is due to be finished in 2026 and will include 16,000 square feet of commercial space, 328 apartments and 13,000 square feet of retail.

PTM and its co-developer, DoveHill Capital Management, got $42 million in construction financing for the project last year.

The other three Florida projects are in Miami. And the company is working on two others, one in Washington, D.C., and one in Woodbridge, Virginia, a suburb of Washington.

On its website, PTM describes its investment approach as “centered around providing luxury housing that is accessibly priced.”

The company said it looks for “development opportunities where we can achieve our target returns while ensuring that the rental rates are price-attainable for at least 65% of the population living within a 1-mile radius.”

This, it said, is achieved “via buying land smartly and designing efficiently sized units with a wide array of luxury hotel-quality amenities and services.”

This article originally appeared on sister site BusinessObserverFL.com.