Beach motel sells for $23.5 million, buyer plans luxury condos

SARASOTA — The former Gulf Beach Resort Motel has sold for $23.5 million.

The property was co-listed by Elliot Rose with Coldwell Banker Commercial NRT and Judy Kepecz-Hays with Coldwell Banker Realty’s Longboat Key office, according to a press release. 

The buyer plans to redevelop the 2.3-acre site as a beachfront luxury condominium tower. 

The sale has not been recorded in Sarasota County records yet, and a spokesman for Coldwell Banker has not return requests for more information about the buyer and seller. 

The Gulf Beach Resort Motel is at 930 Benjamin Franklin Dr. on Lido Key in Sarasota. Built in 1950, the motel was part of the post-World War II motel construction boom that addressed the needs of a growing number of tourists to the area. In 1977, the motel was converted into a condominium form of ownership with 43 units.

"This site attracted substantial interest from potential buyers, and we received multiple offers from several developers," says Rose in a statement. “The new, modern luxury condominium development being planned will surely attract buyers to Lido Key’s shores.”

The Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. Coldwell Banker Realty in Florida has approximately 80 offices and 7,000 affiliated sales associates. It's owned by a subsidiary of Realogy Holdings Corp.