Investors buy AG land from city of Sarasota

BUYER: SRQ Land LLC (SRQ Land Limited and Michael Schafer), Sarasota

SELLER: City of Sarasota

PROPERTY: a portion of Hi Hat Ranch on Branch Road, Sarasota,

PRICE: $20 million

LAW FIRM ON DEED: Kimbrough & Koach LLP, Sarasota

PLANS, DESCRIPTION: An investment group led by Sarasota contractor Michael Schafer purchased 2,462 acres of agricultural land from the city of Sarasota for $20 million. The price equated to $8,123 per acre.

The property is located between Oak Fort and Myakka Valley.

Schafer says the buyer, which also includes a company from the Grand Cayman, plans to land bank the property.

“The city acquired it 20 some years ago and didn't have a use for it,” Schafer says. “Eventually it will make a nice upscale residential development with ranchettes like Hi Hat Ranch. But it's a long-term investment.”

The land was originally acquired by the city to house treated wastewater.

In the near term, the new ownership will allow agricultural businesses to continue to lease and operate on it.