Prime redevelopment site hits Sarasota market for $25M

A 3.4-acre property near Sarasota Memorial Hospital has been listed by Ian Black Real Estate

SARASOTA, Fla. (March 5, 2026) – Ian Black Real Estate (IBRE) has listed a 3.4-acre property near downtown Sarasota for $25 million. The property, located at 1425-1427 South Tamiami Trail, is just north of Sarasota Memorial Hospital and is being marketed as a as a mixed-use redevelopment opportunity.

Currently, the assemblage includes a 13,500-square-foot retail building that is approximately 80% occupied by Integrated Dental of Florida, Playa Bowls, Curaleaf Dispensary Sarasota and Verizon, along with the former 99-room Baymont by Wyndham Sarasota, which closed last year.

Jag Grewal, CCIM, SIOR, of Ian Black Real Estate, is representing the undisclosed seller in the offering.

“Given the proximity to the hospital, this site is a blank canvas that would benefit from a number of uses,” said Grewal, partner at Ian Black Real Estate. “I can see anything from medical office space to a hotel or apartments with retail – all of which would pull from the existing traffic at Sarasota Memorial and the nearly 11,000 staff members who work there.”

Included in the marketing of the property is a conceptual plan that envisions an eight-story dual-brand hotel totaling 246 rooms and a six-story wrap-style residential building comprising 279 units, including studio, one-, two- and three-bedroom floor plans. Plans also call for three levels of structured parking with approximately 402 spaces and a shared fourth-level amenity deck with a pool.

“The combined parcels create a rare infill development opportunity along U.S. 41,” said Grewal. “I don’t think there’s another development site of this size available on U.S. 41, making it a great opportunity for a developer looking to take advantage of the location."

The property may also benefit from Florida’s Live Local Act, creating a potential pathway for by-right residential or mixed-use redevelopment with streamlined approvals, enhanced density and reduced entitlement risk when affordability thresholds are met.

Located less than 6 miles from Sarasota-Bradenton International Airport, the site is near key cultural and tourism destinations, including Marie Selby Botanical Gardens, The Ringling and Siesta Key Beach.

For more information, contact Jag Grewal at jag@ian-black.com or (941) 906-8688.

About Ian Black Real Estate

Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.  

About SIOR

SIOR is the leading global professional office and industrial real estate organization that certifies commercial real estate service providers with the exclusive SIOR designation, based on achievement, knowledge, accountability and ethical standards. Only the industry’s top professionals qualify for SIOR. Today, there are more than 3,200 members in 685 cities and 36 countries. For more information, visit www.sior.com

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