A 1.98-acre development site located on Payne Parkway in Sarasota has been sold for $7.5 million. The buyer, PTM Partners represented by Nicholas Pantuliano, intends to develop a mixed-use community on the site. The project will consist of 50 townhomes and retail space, totaling 120,000 square feet. PTM Partners focuses on opportunity zones and aims to provide luxury housing at affordable rates in urban areas. Construction is set to begin in 2024 with completion targeted for 2025.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $7,500,000
• Address: Payne Parkway, Sarasota
• Market: Sarasota
• Buyer: PTM Partners - Nicholas Pantuliano

PTM Partners, based in Fort Lauderdale, specializes in developing properties in opportunity zones. They prioritize creating luxury housing options at affordable rates in urban areas. With the acquisition of the 1.98-acre development site on Payne Parkway in Sarasota, PTM Partners plans to build a mixed-use community comprising 50 townhomes and retail space. Construction is scheduled to commence in 2024, and the project is expected to be completed by 2025.