Main Street For Sale
SARASOTA- Four different census tracts in Sarasota are now designated opportunity zones, including the 1700 block of Main Street, currently up for sale.
“We’re very excited to be offering this property as an opportunity zone investment,” Managing Director of SVN Lotus Ashley Bloom said. “To help revitalize areas that are in this zone, for a property that could be for live, work and play.”
City of Sarasota General Manager of Economic Development Steve Stancel says the program provides tax advantages to bring investment to impoverished area.
“If you invest in these areas you can save a lot on your taxes,” Steve Stancel said. “Essentially up to 15% on your original investment, and then any revenues generated from that investment you don’t have to pay at all after 10 years.”
Portions of Downtown are included because they are in the same census tract as more economically challenged areas. Ashley Bloom says it’s going to bring new jobs where an empty building sits now.
“I think the opportunities on classification I think will help further revitalize this part of Downtown which is part of Main Street,” Bloom said. “Along with the recent acquisition of the old Herald Tribune building and the employees that will now be coming downtown we think it’s a great opportunity for people to come.”
In the days following the opportunity zone declaration, the city saw a lot of interest.
“We’re already receiving phone calls from people and people interested in building new offices or new industrial buildings and even some new residential funds as well.”
The Main Street property could be prime real estate for investors.
“We’re tracking over 200 opportunity funds that have already been registered,” Bloom said. “They are raising an estimated over $500 billion dollars, and what we’ve found so far is they want to partner with developers that can understand and help plan in a thoughtful fashion what needs to come in an area.”