Sarasota apartment land once considered 'undevelopable' finds a buyer
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 21, 2022

A Birmingham, Alabama apartment developer has paid $9 million for a shovel-ready development site in Sarasota.

Arlington Properties Inc., which has been active in Florida for years, has purchased the site at 3045 Broadway Ave. There, Arlington plans to build a five-story, 180-unit apartment complex.

A team from JLL Inc., including director Simon Banke and managing director Zach Nolan, represented the sellers in the transaction. A pair of South Florida firms — Defined Cos. and Nadeb Investment Group — sold the property.

“This project was very special to us as it aligned with our core values of being socially and environmentally conscious developers,” Defined Cos.’ Noah Leon and Steven Guasch said in a joint statement. “Our team worked alongside the respective governmental agencies to identify and propose creative solutions to a multitude of unique site constraints, creating value on land once considered ‘undevelopable’ by others. We were able to accomplish the preservation of wetlands and incorporation of attainable housing while maintaining our high-quality design standards.”

The development will include one- and two-bedroom units as well as an amenity package that includes an on-site dog park, a fitness center with a yoga room and a pool deck.