Indian Creek hits market for $60 million

A nearly 1,940-acre parcel of vacant land east of Interstate 75 in Sarasota County has come to the market with a hefty asking price of $60 million.

Indian Creek, a property whose access to highways and existing subdivisions is expected to be greatly enhanced when extensions to Lorraine Road are completed in the coming years, is roughly eight miles east of the Interstate, on Fruitville Road.

Dennis Dahm, a commercial real estate agent with Michael Saunders & Co. who is marketing the property on behalf of Sarasota-based investors Indian Creek Investments and BDR Investments, says the land is unique in many respects.

“It's one cohesive piece,” says Dahm. “It's one of the last major tracts out there, and the feeling is now is the best time to bring it to market for sale with all that's going on with the comprehensive land use plan.”

The sales price reflects a rezoning that has yet to be applied for, Dahm says. He plans to pitch the property to major homebuilders or long-term residential developers interested in creating a ground-up community.

But while Indian Creek is both large, and unique, it's hardly alone in seeking well-heeled buyers. Nearby Lakewood Ranch, with 31,000 acres, is considered one of the most desired master-planned communities in the nation with numerous large tracts available.

Also on Fruitville, Toronto-based homebuilder Lindvest is working to see a 450-acre tract slated to contain as many as 900 residences and up to 100,000 square feet of commercial space. That property is on the market for roughly $32 million.

“We've love to see them come on line,” Dahm says of Lindvest. “And Lakewood Ranch, too. We think that as the road extensions open up in the ensuing years, everything will come together out there.”