SARASOTA, Fla. - The new owner of the former Quay property says it needs more time to develop it. That led Greenpointe Holdings to request an up to 30 year extension on the current 10 year development agreement. On Tuesday night, the Sarasota City Commission turned down the request.
The 14 acre former Quay property has been sitting vacant for seven years. The waterfront property, located on U.S. 41 at the end of Fruitville Road, is prime real estate in Sarasota. Greenpointe Holdings plans to put hundreds of condos, a hotel, restaurants and retail space on the piece of land. But the current zoning code may make the development difficult. Under the current agreement, Greenpointe only has 4 years to develop the land.
City officials felt the extension request is a bit excessive. "We as a city don't want property to just languish there for 30 years. We want to see something responsibly develop on that site," said Deputy City Manager Marlon Brown.