Land Available For Sale @ 301 S School Ave

Payne Park Village "PPV" is a mixed use project overlooking a 36 acre
park and recreational area "Payne Park" located in the midst of Downtown Sarasota.

Existing Permits are in effect through 2019 and entitlements call for:
238 Condo Residences
70,000 SF of Retail/Office
100 Room Hotel or Office building

There are TWO Phases which can be staged as one unified development or purchased and developed separately (see attached Offering Memorandum).

Usage by Phase:
Phase I/II/III - Contains 8.67 acres with an approved use of a 238 unit condominium residential community consisting of 14 buildings 3, 4 and 5 story buildings plus 70,000 SF of commercial space. Offered at $ 10,000,000.

Phase One is UNDER CONTRACT.

Phase IV - 1.34 +/- Acres. Permitted use is 100 room hotel or office. Offered at $1,150,000.

Phase Two is still available.

TOTAL PROJECT OFFERED AT $11,150,000.00

The current Master Site plan has been approved by the City of Sarasota in a 10 year Development Agreement signed in 2009. Some changes to site plan (not density or height) are permitted by the Minor Conditional Use process. Site plan approval will require construction drawings.

• Phase One is entitled for 238 residential condos and up to 70,000 or retail.
• Phase Two is entitle for a 100 room hotel or an office bldg.