University Park is a popular area of Sarasota/Bradenton these days. Between the new Mall at University Town Center, the Benderson Rowing Park to the south, and residential and commercial developments popping up in the surrounding areas, what was twenty years ago thought to be “out east” is now central to just about everything.
And in a recent sale located at 3415 Broadway Avenue, more changes are coming. A 9.2-acre parcel of commercial land sold for $4.35 million on Friday, October 30th. The property, part of the commercial component of the University Grove neighborhood, was originally listed for $4.75 million in December of 2011. University Grove is a 139-acre mixed-use residential/commercial development just north of University Parkway—between Shade and Tuttle Avenues.
DeLieto & Associates, of the MSC Commercial Division, listed the property and represented the seller in completing the lengthy and intricate transaction.
“The parcel was originally platted as the commercial office component of University Grove,” said Lee DeLieto, Jr., who took the lead in engineering the transaction’s successful outcome. “When the buyer first became interested in the property—in June of 2014—office space was not in demand in that part of the University Parkway corridor. However, by working closely with Manatee County, our seller was able to have the property re-entitled for multifamily use, something our market not only needs more of, but also the exact type of property the buyer was searching for.”
The Ryan Moody Group represented the buyer, Waypoint Sarasota Owner, LLC. Waypoint is a major developer of multi-family housing headquartered in Atlanta, GA.
Now that the transaction has closed, a 180-unit apartment complex is planned for the site. Once complete, it will join D.R. Horton’s Soleil East—a new community of single-family and coach homes—in bringing more residential and rental choices to the neighborhood. DeLieto & Associates also assisted D.R. Horton with its University Grove land acquisition in December 2012.
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