Two Sarasota developers buy vacant Lido Key land

BUYER: Seaward Development LLC (principal: Patrick DiPinto III) (50% interest) and Thirty-Four Seventy-Five LLC (principal: David Hargraves) (50%), Sarasota
SELLER: Fl Azure Holdings LLC
PROPERTY: 129 Taft Drive, Sarasota
PRICE: $2.21 million
PREVIOUS PRICE: $6.6 million, June 2004
LAW FIRM ON DEED: Berlin-Patten PLLC, Sarasota

PLANS, DESCRIPTION: Patrick DiPinto III and David Hargraves of Sarasota purchased 1.12 acres of vacant land on Lido Key next to Ted Sperling Park for $2.21 million.

The price equated to $1.97 million per acre.

The former hotel site had been planned for The Azure condominium development, which was never built. Its developers eventually lost the property back to its lender Lehman Brothers in early 2009, where it became entangled in the firm's bankruptcy until this sale.

“We felt this was a one-of-a-kind piece of property,” DiPinto says. “This may be one of the last developable parcels on the island. Our thoughts on developing the parcel are much different [from the former owners]. We want to create something that's more in keeping with the neighborhood, with a lower density and within the height requirements.”

DiPinto says the new owners are currently developing their plans for condominiums on the property. They hope to start construction in the next six to 12 months. Construction of the project will likely take a year.

The site is currently zoned Waterfront Resort, which would allow for 20 condominium units.

DiPinto, a real estate broker with Coldwell Banker Real Estate, and Hargraves have each developed single-family homes and small multifamily projects.

Larry Richards and Keith Redding of Key Solutions Real Estate's commercial division represented the seller, Fl Azure Holdings LLC.