WMG Development Acquires Mixed-Use Potential Site with Office in Downtown Sarasota
WMG Development, an Effingham, IL-based real estate investment and development company, has acquired a 12-story office tower located at 1390 Main Street in downtown Sarasota, FL.
Steve Horn and Jag Grewal with Ian Black Real Estate and Jeremy Dee with Kennedy Wilson brokered the transaction. The seller will continue to occupy the office building while WMG Development works to design and plan the best mix of uses for the property.
The site consists of 1.08 acres of land and a parking garage in addition to the office building. Its zoning allows for a mixed-use development that can include residential, retail, office and hotel programming.
“This project size and location on the historic Five Points Roundabout is immensely important to the Downtown Sarasota Community and to WMG Development as we live out our mission and vision of making a positive and lasting impact on the communities we touch throughout the country,” said Curtis Frost, CEO of WMG Development.