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iStar Financial Inc. Message Board

  • goldencowrie goldencowrie Jul 4, 2013 9:51 PM Flag

    action on pineapple!

    Board approves hotel adjustments

    Date: June 20, 2013
    by: Roger Drouin | City Editor

    More Photos

    Preliminary plans call for the tower fronting Palm Avenue to move back 32-feet to make space for a grand oak. Roger Drouin

    A two-tower hotel and apartment development planned for a vacant parcel of prime downtown land moved ahead June 12.

    In a 3-1 vote, the Sarasota Planning Board approved three adjustments for the development, called One Palm, proposed at the corner of Ringling Boulevard and Palm Avenue. The one-acre portion of that property has remained undeveloped since 1986.

    One Palm developers Dennis McGillicuddy, a private investor, and John Meshad, of JWM Management Inc., are partnering with iStar financial, a New-York-City-based real-estate investment trust that owns the property at 240 S. Pineapple Ave., in a joint venture to develop the hotel and apartments, McGillicuddy said.

    The developers must now seek approval through either a site plan or building permit application. Both processes require city staff approval.

    After the June 12 meeting, McGillicuddy highlighted de