Belpointe REIT, Inc. has acquired One Main Plaza Mall located in downtown Sarasota Florida. Belpointe plans to construct two buildings consisting of 418 units of market rate apartments and approximately 50,000 SF of ground floor retail. The property is a largely vacant retail mall constructed in the early 1990s and is slated for redevelopment. The site is uniquely located on Main Street in Sarasota’s revitalized downtown area.
“We are excited about the opportunity to invest in downtown Sarasota as a first step in our investment strategy of developing urban multifamily communities in the growing cities of the southeast. Sarasota has a great downtown with many restaurants, hotels and condominium developments. We look forward to becoming a part of this growing community for many decades,” said Belpointe CEO, Brandon Lacoff.
The apartment homes will feature high-end finishes and larger layouts more typical in luxury condominiums. The apartment amenities will include two courtyards each with their own swimming pool, rooftop decks and top-quality fitness and lifestyle amenities. The two buildings will be similar in quality but will boast different design themes. One will be a modern building with a polished luxury aesthetic while the other will feel more industrial with lofts, oversized windows and exposed concrete and steel.
The development’s plan for 50,000 SF of ground floor commercial space is anticipated to include several sit-down restaurants and a food hall rather than a traditional grocery store. “We believe the retail component of this development will be very successful because the site has six large office buildings, a movie theater and the county government offices all within a two-block radius. This will provide both lunch and dinner demand for our restaurants. The 1991 Main site boasts great visibility from major routes 301 and Fruitville Road while maintaining the quiet pedestrian frontage on main street and Links Avenue,” said Belpointe CIO Paxton Kinol.
Belpointe plans to develop similar urban luxury apartment communities throughout the south and southeast over the coming years.
Belpointe REIT is the first and only publicly traded Opportunity Zone company. It touts former AvalonBay executives among its management team and has the lowest fee structure in the industry. Belpointe focuses on developing multifamily, student housing, senior housing, and workforce housing within Opportunity Zones throughout the country.
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