Description

Zoned DTE (Downtown Edge) in Sarasota's Gillespie Park neighborhood, this approximately 6,600-square-foot parcel offers rare downtown development flexibility. Under the City's DTE base density of 25 units an acre, the site supports up to 3 units by right, which given the seller's understanding does not require Development Review Committee (DRC) review - buyers should confirm current review requirements with the City of Sarasota. For greater density, Sarasota's Downtown Attainable Housing Density Bonus program allows DTE properties to reach up to 100 units an acre, or approximately 15 units on this site, once the attainable-housing requirements are satisfied. Under that program, a portion of the bonus units (the units above base density, not the entire development) must be designated attainable for a minimum of 30 years, as rental or owner-occupied housing serving a range of income levels under the City's published income tiers, with a portion of those units reserved at the program's lowest qualifying income tier. Buyers should confirm the exact bonus-unit and attainable-unit requirements for their specific concept directly with the City before relying on a particular count. Two conceptual layouts are available for reference: a straightforward 3-unit by-right design, and a conceptual 12-unit building that could potentially be expanded to approximately 15 larger units by adding another floor under the bonus program - a concept that has not yet been drawn or engineered. These are illustrative concepts only, not approved development plans, intended to help buyers visualize the site's potential. The property also currently carries federal Opportunity Zone designation; note that the OZ program is undergoing significant federal changes, with current zone designations set to sunset at the end of 2026 and new designations beginning in 2027. Buyers should verify current OZ eligibility and consult a qualified tax advisor regarding any potential tax benefits before relying on this status. A rare opportunity to secure a flexible, high-potential parcel in one of Sarasota's most dynamic downtown-adjacent neighborhoods.