Sarasota arts district building sells for $2.9 million

The Lime Arts building in Sarasota’s Limelight District has been sold to a pair of local investors who paid $2.9 million for the property on Lime and Apricot Avenues.

Ian Black Real Estate, which represented the seller and announced the deal, says the property was bought by Lauren and Dustin Dixon.

(Lauren Dixon works for Ian Black and represented herself and her husband in the transaction.)

The Sarasota commercial real estate firm says the 10,000-square foot building at 925 N. Lime Ave. is fully leased by four tenants — each taking 2,500 square feet of retail space.

The building, with its aqua-colored exterior, is easily recognizable in the district, which sits on the eastern edge of downtown Sarasota and has about 100 businesses. Among those are the four in the Lime Arts building: Pennenga Creative, Palmer Modern Art Gallery, Creative Liberties and WUSF.

“The eclectic mix of tenants speaks to the vibrancy of this neighborhood and its draw for local artists, makers and businesses,” says Black, a partner at the firm.

The seller was Sarasota developer Howard Davis and his company Latitude Twenty-Seven Properties.

Davis bought the Lime Building in early 2022, paying $1.31 million for it. Shortly after taking ownership, he began a major renovation investing “significant capital in restoring it to create a space for artists and creatives in the emerging neighborhood” according to the statement.

That renovation included include a new roof, HVAC system, electrical service, plumbing, and energy-efficient windows and doors.

Davis, who is known for work on the BOTA Center on the Boulevard of the Arts in the city’s Rosemary District, says in the statement that despite the sale he remains committed to the Limelight District.

“My office and woodworking shop have been in the district for almost 10 years, giving me a first-hand look at its growth as a hub for creative individuals and businesses. The area has a special energy and will continue to grow organically with the renovation of these smaller, more accessible buildings.”