Golden Gate Point Oldies Eyed for Redevelopment


SARASOTA, FLORIDA, March 14th, 2016 – A spike in redevelopment of aging properties in the Golden Gate Point Peninsula seems in the offing. Nokomis Ventures LLC was recently reported as poised to replace a cluster of two-story buildings built in the 1950s and 1960s in this upscale neighborhood also popular in searches of downtown Sarasota condos for sale.

Already, the developer has requested for a community workshop to start discussions on its plans to replace the three existing structures in the property with a four-story residential edifice with under-building parking. Nokomis Ventures’ proposed project is located in the middle of the peninsula at the block of 609 Golden Gate Point with 13 units on two lots just across west of Pier 550, another property ripe for a full remake.

Island Court Venice Developer

Golden Gate Point Oldies Eyed for Redevelopment

The full details of the Nokomis Ventures’ redevelopment project at Golden Gate Point are yet to be announced. Nonetheless, this Sarasota-based developer appears raring to go with its foray into the peninsula, having just sold out Phase I of its maintenance-free community of Island Court Venice.

This Venice property, which was completed in 2014, is comprised of 26 condo-type townhouses each designed with 1,813 square feet featuring two bedrooms. These were recently sold among listings of Sarasota condos for sale in the $300s and the $400s.

Investors on Alert

At Pier 550 opposite the planned Nokomis Venture community in Golden Gate Point, recent sales activity has been noticeably brisk. This could be an indication some smart investors have come in, anticipating some opportunities should a redevelopment of this apartment complex ensues in the near future.

In 2015, MLS records show that ownership of four units changed hands at Pier 550 whose development traces back to the late 1940s and the 1950s during which the property was operated as motels and apartments. Converted later into condos, the residences in this community are amongst the few in Golden Gate Point where prospective buyers of Sarasota condos for sale can find available units priced under the $1 million level.

Townhouses in the Block

The condos sold recently in Pier 550 were truly attractive with their tag prices in the upper $200s and one unit landing a contract after just 12 days of listing amongst Sarasota condos for sale. The typical residences in this condominium are one-bedroom units with floor plans ranging from 530 to 680 square feet.

The block of 325‒449 Golden Gate Point, also in the middle of the peninsula, is another hotspot for aspiring investors on Sarasota condos for sale. A one-bedroom townhouse unit here built in 1972 with a floor area of 720 square feet and a listed price quoted in the low $200s was sold just this February after just 45 days in the market.

Bay Point and Harbor House West in Golden Gate Point are two other potential condo destinations for buyers seeking under-$1-million homes in the peninsula. Available units here are typically priced around the mid-$500s, featuring two bedrooms within floor plans of approximately 1,400 up to 1,600 square feet.