by Global Lifestyle Properties

Check Availability
$899,000
↓ $66K (6.8%)
● Land - For Sale

1923 5TH STREET

SARASOTA, FL 34236
bedrooms
Studio
bathrooms
0 Bath
$5,015
Est. Monthly

About This Property

The Velocity Project presents an exceptional opportunity to acquire a shovel-ready luxury condominium development in Sarasota's rapidly growing Gillespie Park neighborhood. This offering is structured as a true turnkey investment, with the sale including complete architectural drawings, technical reports, cost analyses, and all supporting materials needed for a smooth development process. With Development Review Committee approvals already secured and permits projected within approximately six weeks, the project is positioned for an expedited construction start.

The approved design, created by the acclaimed Solstice Architecture Firm, reflects an aesthetic influenced by the coastal architecture of Spain and Portugal. The development plans call for six generously sized residences designed with high-end finishes, modern layouts, and upscale amenities that appeal to today's luxury buyers.

Situated on a quarter-acre site with Downtown Edge (DTE) zoning, the property benefits from a location within one of Sarasota's most dynamic and evolving districts. Gillespie Park continues to attract strong buyer interest and investment, supported by a lively environment of local shops, dining destinations, and a diverse mix of architectural character.

This is a rare chance to move forward with a fully entitled project while avoiding the lengthy planning stages. Reach out today to obtain detailed project information, financial data, construction estimates, approved plans, and to arrange a site visit.
Unit Size
-
Days on Market
245 days
Land Size
0.24 acres
Price per sqft
-
Property Type
Land
Property Taxes
$601
HOA Dues
-
Year Built
-

Listed By

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Last updated: 25 days ago (Stellar MLS #A4682868)

Price History

Date / Event Date Event Price
Sep 26, 2026 Price Decreased $899,000
↓ $66K (6.8%)
Price Decreased
Jun 3, 2026 Price Decreased $965,000
↓ $285K (22.8%)
Price Decreased
Feb 17, 2026 Listed by KONA REALTY $1,250,000
Listed by KONA REALTY
Oct 7, 2025 Listed $1,300,000
Listed
Pre-Construction. To be built. Introducing The Velocity Project, a shovel-ready luxury condo development opportunity in the vibrant Gillespie Park neighborhood of Sarasota, Florida. The purchase includes full architectural plans, detailed studies, construction cost analysis, and supporting documentation, making it a true turnkey investment. Gillespie Park's rapid appreciation and demand for high-end living spaces make The Velocity Project a lucrative opportunity for investors and developers. This pre-construction project offers a profitable and convenient investment with all necessary approvals and plans in place. With complete Development Review Committee (DRC) approvals and an estimated 6-week permit timeline, investors can break ground immediately. The project features a fully entitled and approved design by the award-winning Solstice Architecture Firm, inspired by the coastal elegance of Spain and Portugal. The development includes six spacious, high-end residences with luxury amenities, offering premium features and exceptional livability. The Velocity Project is sited on a quarter-acre parcel zoned Downtown Edge (DTE), in a area that is experiencing a dynamic transformation, with a mix of boutiques, cafes, restaurants, and unique architectural styles. Don't miss out on the chance to own a piece of Sarasota's future while benefiting from the extensive work already completed. Contact us today for full project details, financial projections, studies, plans, DRC approval, construction quotes, and to schedule a site tour.
Apr 24, 2025 Price Decreased $1,300,000
↓ $150K (10.3%)
Price Decreased
Show More

Property Highlights

Exterior Details
Building Area Units: Square Feet
Lot Size Area: 10500
Lot Size Units: Square Feet
Lot Size Acres: 0.24
Lot Size Square Feet: 10500
Lot Size Dimensions: 20, 629sq ft
Tax Lot: 16
Water Source: Public
Financial Details
Tax Annual Amount: $7,207
Utilities Details
Sewer : Public Sewer

Building Info

Overview

    General

  • Building Count: 1
  • Bedroom Count: 0
  • Building Condition: 6
  • Building Quality: 0
  • Construction Type: 0
  • Building Style: 0
  • Exterior Walls Type: 0
  • Interior Walls Type: 0
  • Roof Shape Type: 0
  • Roof Cover Type: 0
  • Floor Cover: 0
  • Basement Type: 0
  • Basement Area: 0
  • Garage Type: 0
  • Parking Space Count: 0
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0
  • Location Influence Type: 125

    Dimensions

  • Lot Size Square Feet: 10,500
  • Lot Size Depth Feet: 1,050
  • Lot Size Frontage Feet: 1,000
  • Total Building Area: 0
  • Building Area: 0

    Heating and Cooling

  • Air Conditioning: 0
  • Heating: 0
  • Heating Fuel Type: 0

    Utilities

  • Sewer System: 1
  • Water Service: 2

Building

  • Building Type: 0
  • Property Class: V
  • Subdivision: INWOOD PARK FIRST ADDITION
  • Land Acres: 0000000241
  • Standard Land Use Code: 8001
  • County Land Use Code: 1000
  • State Land Use Code: 010
  • Legal Description 1: LOTS 16 18 20 & 22 BLK 3 INWOOD PARK 1ST ADD

Neighborhood

  • School District Name: Sarasota County School District
  • School Tax School District: T02 T02D A055
  • Census Tract: 000104

Zoning

  • Zoning: DTE

Geography

  • Assessors Map Reference: 11
  • Account Number: 2026090007
  • Subdivision Tract Number: 49
  • Parcel: 2026-09-0007
  • Block: 3
  • Lot: 16
  • Meridian: SEC 19 TWN 36S RNG 18E
  • Municipality: CITY OF SARASOTA
  • Latitude: 27.3406
  • Longitude: -82.5316

    Address

  • Full Address: 1923 5th St
  • Address - House Number: 1923
  • Address - Street Name: 5th
  • Address - Suffix Type: St
  • State: FL
  • City Name: Sarasota
  • Zip Code: 34236

Valuation

    Tax

  • Tax Year: 2023
  • Tax Amount: $687,297
  • Tax Rate Code Area: 0200

    Market Valuation

  • Market Total Value: $464,900
  • Market Land Value: $464,900

    Assessments Valuation

  • Assessed Year: 2023
  • Assessed Total Value: $464,900
  • Assessed Land Value: $464,900

    Sales

  • Current Sale Contract Date: May 11, 2022
  • Current Sale Recording Date: May 16, 2022
  • Current Sale Price:
  • Current Sale Document Type: 71
  • Current Sale Input Document Number: 83746
  • Previous Sale Recording Date: Apr 13, 2018
  • Previous Sale Contract Date: Apr 11, 2018
  • Previous Sale Amount: $160,000
  • Previous Sale Document Type: 71
Data used for valuation calculations is provided by RealtyHop, and other third party sources

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Gillespie Park


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Frequently Asked Questions

When was property at 1923 5th Street built and last sold?
The property at 1923 5th Street was built in and last sold on May 11, 2022 for $629,000.
How much is this home worth?
The estimated value of the home located at 1923 5th Street is $907,990.
What are some comparable homes to 1923 5th Street?
There are currently no comparable homes to 1923 5th Street.