The former owners of valuable land in Osprey defaulted on the property, which will go to the highest bidder before the end of the year.
Sarasota County may buy more than five acres of bayfront property, which was once slated for an ambitious hotel and marina project, through its environmentally sensitive lands acquisition program.
County commissioners will decide at their Dec. 8 meeting whether to authorize staff to bid on six parcels in Osprey, two of which contain waterfront property.
The land, which stretches from US 41 to the waterfront, qualifies for purchase from the county’s Environmentally Sensitive Lands Acquisition Fund, according to a memo from County Administrator Tom Harmer’s office. The county would submit a bid in the court-authorized auction to settle debts of former owner, Osprey Village Development Corporation, who filed for bankruptcy.
Three of the six parcels, including the largest (3.5 acres) parcel have no structures. Structures standing on the remaining parcels include a waterfront restaurant and two docks with a submerged lands lease that allows up to 32 slips. Other structures comprise three multifamily dwellings, five of which are occupied.
If the county wins the auction, it will add a Neighborhood Parklands Project for the site to its current list of capital projects.
According to the Sarasota County Property Appraiser, the just value of the six parcels is $2.47 million.
The property was listed, according to the memo, for $8.45 million in 2014-2015.
Osprey Village purchased all six parcels in October 2007 for $3.96 million. All but one of the parcels were sold to Osprey Village by its registered agent, Anilkumar Patel.
Patel submitted a land use petition related to the property in 2006, for a proposed height increase and to allow transient accommodations. The petition was later withdrawn by the applicant, according to Sarasota County Spokesman Drew Winchester.