SARASOTA, FL - PTM Partners, a leading real estate investment management and development firm with award-winning projects across Florida and the DC Metro, has acquired a two-acre Qualified Opportunity Zone parcel at 520 Payne Parkway in Sarasota, Florida to be developed into a 120,000-square foot, mixed-use community with rentals and retail.
PTM plans to deliver 50 for-rent townhomes, consisting of a mix of three- and four-story units with three bedrooms and private rooftop terraces. The project will have more than 10,000 square feet of amenity space, including a spa and pool, an indoor and outdoor fitness facility, and amenity spaces focused on health and wellness, as well as approximately 8,000 square feet of ground-floor retail space. PTM is expected to break ground on the development in mid-2024 and has a target completion date of Fall 2025.
“Sarasota has seen home values jump more than 85 percent over the last five years,” says Nicholas Pantuliano, Chief Development Officer, PTM. “There is significant demand for more housing to help maintain pricing and keep long-time residents in the city. We look forward to delivering on this need with high-quality spaces for the Sarasota area.”
“Sarasota is one of the fastest-growing cities in the country and it can benefit from greater housing options,” says Scott Meyer, Chief Financial Officer, PTM. “Our goal is to provide a dedicated rental product with finishes and amenities on par with luxury for-sale communities, but with economic development top of mind.”
The site is centrally located by Payne Park, which features pickleball courts, walking and jogging trails, playgrounds, a skate park, a frisbee golf course, a tennis center, and an amphitheater. Residents will be less than ten minutes from downtown Sarasota, which has more than 200 hundred restaurants and three million square-feet of retail within one mile of the development.
PTM acquired the property with minority partner BluMark Miller.
ABOUT PTM PARTNERS : PTM Partners (PTM) is a real estate investment and development firm that seeks community-oriented development opportunities that create substantial value for its residents, partners, and investors. Initially focused exclusively on Qualified Opportunity Zones, PTM has become one of the largest Opportunity Zone fund managers in the country. Founded by Nicholas Pantuliano, Michael Tillman, and Scott Meyer, all former senior executives of the Lefrak Organization, PTM focuses on making investment decisions that balance reputation and long-term profitability over short-term revenue maximization. The PTM team has collectively invested, developed, constructed, and managed more than $20 billion in real estate covering a broad range of mixed-use development projects in Florida, New Jersey, New York, and Washington, D.C. For more information, please visit www.ptmpartners.com