WMG Development acquires development site in downtown Sarasota
By Breanne Williams
Tampa Bay Business Journal
Published: Jan 10, 2023

WMG Development has acquired the Zenith Insurance office tower on the Five Points roundabout in downtown Sarasota.

The 1.08-acre property, located at 1390 Main Street, has a 12-story office tower and an adjacent parking garage. A representative confirmed WMG purchased the site for $24 million.

The property is zoned Downtown Bayfront, which allows for mixed-use development. According to a release the seller will continue to occupy the office building while “WMG works to design and plan the best mix of uses to take this historic project into the future.”

Steve Horn and Jag Grewal, partners at Ian Black Real Estate and Jeremy Dee with Kennedy Wilson, brokered the transaction. Grewal has provided advice for the next phase of life for this property for the last 12 years and once the seller was ready to relocate the team presented the opportunity to WMG Development.

“This project size and location on the historic Five Points Roundabout is immensely important to the Downtown Sarasota Community and to WMG Development as we live out our mission and vision of making a positive and lasting impact on the communities we touch throughout the country,” Curtis Frost, CEO of WMG, said.

Horn said the seller’s leadership team were “very impressed with WMG,” which played a large role in them being selected as the buyer. According to a release WMG was chosen due to their “their long-term commitment to the Sarasota community and their willingness to identify the right development mix and potential partners for the site.”

WMG currently has more than 160 active construction sites in 24 states. Frost said WMG is looking forward to being “stewards of the next phase of this asset” and said they are “ready to step up to this challenge.”