Former Quay site repossesed, likely to hit the market

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SARASOTA - A foreclosed parcel of vacant land near Sarasota's bayfront will soon be back on the market.

The former site of The Quay building has been vacant since it was knocked down in 2007. An Irish developer planned to build a billion dollar project that would have included condos, a hotel, shops and restaurants, but the project went bust during the recession.

The Sarasota Herald Tribune reports the 15-acre property was repossessed by the Irish government this week, which hopes to sell the site to a developer.

The site, located on Tamiami Trail at the end of Fruitville Road, is considered one of the most valuable commercial properties on Florida's Gulf Coast.