Midtown Development on US 41 by Sarasota Memorial Hospital

Located in Midtown Plaza near Bahia Vista and Tamiami TrailThe subject property is a ±3.4-acre site located near Sarasota Memorial Hospital and just minutes from Downtown Sarasota, offering a highly compelling redevelopment opportunity within one of the city’s most active and supply-constrained growth corridors. The site is well-positioned to support a mixed-use redevelopment concept, including a proposed 8-story dual-brand hotel totaling 246 rooms, along with a 6-story wrap residential building comprising 279 units with a mix of studio, one-, two-, and three-bedroom floor plans. The conceptual plan includes three levels of structured parking accommodating approximately 402 vehicles and a shared fourth-level amenity deck with pool. Importantly, the property may also benefit from Florida’s Live Local Act, which creates 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. Given the site’s proximity to major employment centers, healthcare infrastructure, and Downtown Sarasota, a Live Local–qualifying residential component could significantly enhance feasibility, flexibility, and overall development value. All proposed uses and development parameters remain subject to applicable zoning, affordability qualifications, land development regulations, and municipal approvals.