The former Gulf Beach Resort Motel on Lido Key has recently sold to developers for $23.5 million, according to a news release from Coldwell Banker Commercial and Coldwell Banker Realty.
The property was co-listed by Elliot Rose with Coldwell Banker Commercial NRT and Judy Kepecz-Hays with Coldwell Banker Realty’s Longboat Key office.
The buyer plans to redevelop the 2.3-acre site as a beachfront luxury condominium tower after they comb the property to preserve any historical artifacts.
These condos will surely be highly sought-after and will sell quickly.
There’s so much going on in Sarasota and the Gulf Coast – This is a fast-moving market and what’s left in the inventory is moving quickly.