Pier 550

Pier 550 Condos for Sale – Sarasota, Florida 34234

Pier 550 is a cluster of apartment buildings at the Golden Gate Point Peninsula converted as condos which appears ripe for redevelopment.

Conversion is very much a part of this property’s history, just like some other Sarasota condos for sale of older vintage in the peninsula. The development of this property into multi-family residences started in the 1940s when several buildings and motels in Golden Gate Point were converted into apartments. Monterey, Pier 550’s first residential building was converted from the former Seashore Motel. This converted apartment was followed by the construction of three more adjacent Pier 550 multi-family residential buildings in the 1950s: Bermuda in 1951; Nassau in 1953; and Orleans in 1958.

Lucrative bids

Efforts have been taken by some developers around 2005 to buy and redevelop the 2.5-acre Pier 550 but no deal was sealed. This despite developers’ tempting bids, which reached as high as $46 million, to buy out Pier 550 homeowners.

Had a sale been concluded, this property would have joined several luxury Sarasota condos for sale launched at the 22-acre Golden Gate Point Peninsula in the early 2000s. These include the condo units of Phoenix (2004), Golden Bay (2002), Majestic Bay and Vista Bay Point (2004), Grande Riviera (2005, a conversion of the original 1940s Riviera Apartments), and La Bellasara (2006).

Peninsula makeover

Nonetheless, Pier 550 gained much from the major makeover that was initiated at Golden Gate Point Peninsula following the construction of these new condos. These improvements, which certainly added value to Pier 550 condos for sale, included such enhancements as new landscaping, a new brick road and new streetlights.

Both sides of Golden Gate Point’s solitary circular road around the peninsula were also provided with sidewalks, benches and trash receptacles. Besides the addition of irrigation water, new cable, electric, water and sewer facilities were also installed at the peninsula.

Attractive features, prices

Features inherent to Pier 550 make its condos ideal choices not only as a second home for vacation retreats. The residences in this property which are offered in the market are at affordable price levels, making them ideal as a rental condo investment or as a speculative holding, given the property’s high potential for redevelopment.

A Pier 550 unit can easily count among attractively priced Sarasota condos for sale. In March 2017, a one-bedroom, one-bath, 508-square-foot unit in this community was sold for $280,000. The price point can go into the $300s for a slightly larger unit with 584 square feet of floor space also designed with one bedroom and one bath.

Prime waterfront site

Notably, Pier 550 sits on one of the largest waterfront parcels on the eastern side of Golden Gate Point. This is a very picturesque location directly across Island Park and the city marina. Boat docks are available for Pier 550 residents, and there’s also an open heated swimming pool in the property.

In addition, this condo community is only a short distance from the life and leisure facilities of downtown Sarasota eastward and the lifestyle hubs of St. Armands Circle and Lido Key Beach toward west.

Pier 550 Condos for Sale

Below are the current real estate listings available at Pier 550

Please contact me if you would like to schedule a tour of any of the listed properties below.