Scott Lutgert, Howard B. Gutman & Mike Hoyt Acquire Development Site In Sarasota For $26M

The property involved in this transaction is a development site located at 330 South Pineapple Avenue, 301, 303 South Palm Avenue, and 1360 Ringling Boulevard in Sarasota. It was acquired for a sale price of $26,000,000. The asset comprises five parcels, including the U.S. Garage building and a church-owned parking lot, intended for a luxury development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $26,000,000
• Address: 330 South Pineapple Avenue, 301, 303 South Palm Avenue, 1360 Ringling Boulevard
• Market: Sarasota
• Buyers: Scott Lutgert, Howard B. Gutman & Mike Hoyt - The Lutgert Cos.

The Lutgert Cos. plans to develop the project branded as Adagio Sarasota Luxury Residences. Although no applications have been filed yet, Barron Collier Cos. and R&P Holdings will serve as development partners for this initiative.