Orange Pineapple Acquires Development Site in Sarasota, Florida for $32M

SARASOTA, FLA. — Virginia-based Orange Pineapple LLC has acquired seven parcels in downtown Sarasota for $32 million.

Situated near the intersection of Ringling Boulevard and Orange Avenue, the properties total 3.1 acres. Steven Horn and Jag Grewal of Ian Black Real Estate represented the sellers, Capstone Group Holdings LLC and Ringling and Orange 3 LLC, in the transaction.

Plans for redevelopment have not yet been announced, but the land is zoned for up to 10 stories and 50 residential units per acre, with the potential for more if affordable housing is included.