- May 4, 2024
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After receiving six offers to purchase the downtown site of the Sarasota County Administration Building for $20 million or higher, the County Commission voted Wednesday to enter negotiations with all six firms who submitted a proposal to buy the land.
The county intends to sell the property at 1660 Ringling Boulevard and two adjoining properties, relocating its administrative center out of the city of Sarasota. In May, the county decided to list the 5.3-acre downtown tract as surplus land and pursue a move to a county-owned property near Interstate 75 at 1301 Cattlemen Road.
All six bids for the site include a purchase price between $20 million and $23.5 million. Five of the six include a leaseback option that would require the county to pay at least $1.6 million annually to stay in the building after the sale until a new administrative facility is constructed. The county anticipates a building could be ready for occupancy by 2025.
Commissioner Nancy Detert expressed disappointment about not receiving a higher offer for the property, asking whether the county should seek an independent appraisal of the property under a hypothetical change to less restrictive zoning.
“My question to staff when I first saw this page is, ‘Why are the prices pretty much in line with each other, but all low?’” Detert said. “And he said it has to do with our assessment according to the property appraiser, and that assessment is as a government use.”
The commission ultimately felt comfortable empowering staff to move forward with negotiations. Some commissioners said they were optimistic the offers could increase through that process.
“To me, the best appraisal is what the market was willing to pay,” Commissioner Ron Cutsinger said. “That’s what an appraisal is. I think we’ll maybe get a better idea as they go to negotiations with them and find out, what is the market for this property?”
Once negotiations are completed, county staff will come back to the commission for further direction.
