WMG Development, a national real estate investment and development company, has acquired 1390 Main St. in Sarasota, Florida, a legacy property in the heart of downtown Sarasota. The site consists of 1.08 acres of land improved with a 12-story office tower beside an adjacent parking garage. The site is zoned DTB, Downtown Bayfront, and located on the Five Points roundabout. The zoning allows for a mixed-use development which can include residential, retail, office and hotel programming. Steve Horn and Jag Grewal, partners at Ian Black Real Estate and Jeremy Dee with Kennedy Wilson, brokered the transaction.
WMG was chosen to acquire the premier development site based on its long-term commitment to the Sarasota community and its willingness to identify the right development mix and potential partners for the site, the company said.
“This project size and location on the historic Five Points Roundabout is immensely important to the Downtown Sarasota Community and to WMG Development as we live out our Mission and Vision of making a positive and lasting impact on the communities we touch throughout the country,” said Curtis Frost, CEO, WMG.
The current seller will continue to occupy the office building for a period of time while WMG plans the development.
