Sarasota News Leader

02/21/2014

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How long should it take to develop a property once the site plan has been approved? Is 30 years too long? That was the question of the evening on Tuesday, Feb. 19. A lawyer representing the company considering purchase of the 14 bayfront acres north of the Ritz-Carlton and south of the Hyatt hotels requested the city change its code to allow the 30-year period. And he requested the city do that fast. The city commissioners did not agree. Attorney Charlie Bailey III of Williams Parker in Sarasota represented GreenPointe Communities, a buyer sniffing at the old Quay property. The parcel is fresh from receiver- ship with the Irish government's version of the FDIC, after the prior owner defaulted on mil- lions in loans from an Irish bank. GreenPointe smelled a deal, but it was smart enough to look for buried bombshells. Part of the purchase price goes beyond the land. It includes what are called "entitle- ments," the official government permission to build something. The more expansive the past approval process, the greater the enti- tlement, because it saves the new owner the enormous expense of getting approval. The former Quay site has been in limbo since the start of the Great Recession. Photo by Norman Schimmel THE CITY COMMISSION REFUSES TO RUSH A ZONING CODE CHANGE THAT WOULD GIVE NEW OWNERS OF THE QUAY SITE DECADES TO BUILD THEIR PROJECT 30-YEAR PROPOSAL SNUBBED By Stan Zimmerman City Editor I'm concerned the wrong message was sent tonight. Charlie Bailey III Attorney For GreenPointe Communities NEWS & COMMENTARY

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