Sarasota development firm under contract for Mira Mar building on Palm Avenue

Sarasota FL

11 June, 2022

7:54 AM

Description

Video of Seaward Development President discussing vision for Mira Mar building SARASOTA, Fla. – Seaward Development, a Sarasota-based boutique property development firm specializing in one-of-a-kind single-family homes, luxury condominiums and commercial properties, is currently under contract to purchase the Mira Mar building on Palm Avenue from the longtime property owner.  The company is in the due diligence period of the purchase agreement and is expecting a third quarter closing on the property. “Our corporate office has been located at Mira Mar Plaza for the past five years and we love the charming, walkable location in the heart of downtown Sarasota on this well-known and historical address on Palm Avenue,” said Patrick DiPinto, managing partner of the local firm. “We carefully select projects that we know our team can deliver with the highest level of quality that will stand the test of time and create a long-term legacy in the marketplace.” The current building has been renovated several times since its original construction in the 1920’s. Future plans for the property include keeping its current zoning for a ten-story building with two floors of retail fronting Palm Avenue, and the addition of a residential component set back behind the commercial component as homage to the original look and design of the property when the Mira Mar Hotel stood tall in the early 1900s. “Many of the building materials used here have gone beyond their lifecycle and for that reason, our plan is to work with historical preservation specialists and a local salvage firm to keep what we can and preserve the building’s unique legacy and charm, but also build a new and safe property for tenants, visitors and future residents,” said Matthew Leake, president of Seaward Development. “As a local development firm, it is important to us as long-term residents here to keep the charm, character and original design elements of the building, but also bring it up-to-date in safety and function.” In the due diligence period, the developer is awaiting reports from structural engineers and working with the city historical commission, city planners and preservation teams to better understand options for the property moving forward. “We’ve hired a number of local archeological consultants to understand and document the history of the building and the property,” said Leake. In 1983, The National Register of Historic Places rejected the property’s application for historical designation due to extensive renovations that destroyed many historic elements.  “Despite the prior rejection of historical status, it is important to us and to the community to preserve what is feasible and carry the character forward in any future design,” said Leake. Seaward Development has built several notable projects in the area including Epoch Residences in downtown Sarasota, Park Residences on Lido Key, and several high-end luxury single family residences.  About Seaward Development Established in 2009, Seaward Development is a Sarasota, Fla. based boutique property development firm specializing in one-of-a-kind single-family homes, luxury condominiums and commercial properties. The firm’s focus on client relationships, superior quality, craftsmanship and attention to detail sets the firm apart in the marketplace and has allowed it to fulfill a unique market niche and develop premier projects. ### For more information, please contact: Candice Brown-McElyea [email protected] 941-232-9046