WMG Development, a national real estate investment and development company, has acquired 1390 Main Street in Sarasota, Florida, a legacy property in the heart of downtown Sarasota. The site consists of 1.08 acres of land improved with a 12-story office tower
beside an adjacent parking garage. The site is zoned DTB, Downtown Bayfront, and located on the Five Points roundabout. The zoning allows for a mixed-use development which can include residential, retail, office and hotel programming. Steve Horn and Jag Grewal, partners at Ian Black Real Estate and Jeremy Dee with Kennedy Wilson, brokered the transaction.
Over the last 12 years, Jag Grewal, Partner, Ian Black Real Estate has been leaned on to provide advice on the next phase of life for this property. Once the seller was ready to relocate, Steve presented the opportunity to Craig Kopko, Executive Vice President of Development at WMG. After several conversations and an interview between the seller and WMG’s team, WMG was chosen to acquire this premier development site based on their long-term commitment to the Sarasota community and their willingness to identify the right development mix and potential partners for the site.
“This project size and location on the historic Five Points Roundabout is immensely important to the Downtown Sarasota Community and to WMG Development as we live out our Mission and Vision of making a positive and lasting impact on the communities we touch throughout the country.” said Curtis Frost, CEO, WMG. Horn added, “The seller’s leadership team were very impressed with WMG which was an integral factor in WMG being selected as the buyer.”
WMG Development is a large nationwide development company that is scaled to meet the needs of retailers in many regions in the United States while also providing direct services for developments in unique locations and situations. WMG has over 160 currently active construction sites in 24 states. Building positive and lasting impacts of the communities they touch is a big part of the Mission. Building upon that, WMG saw the generational, long term and lasting aspects of this opportunity. WMG understands the importance of this project and how critical it is for the southwest Florida market. Frost added, “WMG is excited about our role as stewards of the next phase of this asset and we are ready to step up to this challenge.”
The current seller will continue to occupy the office building for a period of time while WMG works to design and plan the best mix of uses to take this historic project into the future.
