Award-winning developer sells Sarasota’s Lime Arts building for $2.9M

Sarasota developer Howard Davis, best known for his work on the BOTA Center in the Rosemary District, has sold the Lime Arts building, located at 925 N. Lime Ave., in the Limelight District of Sarasota for $2.9 million. Davis purchased the 10,000-square-foot property in 2022 and invested significant capital in restoring it to create a space for artists and creatives in the emerging neighborhood outside of downtown Sarasota.

Ian Black, CCIM, and Melissa Harris, SIOR, of Ian Black Real Estate represented Davis and his company Latitude Twenty-Seven Properties in the sale. Lauren Dixon, also of Ian Black Real Estate, represented herself and her husband, Dustin Dixon, as the buyers in the transaction. The duo are local investors doing business as 925 N. Lime Ave, LLC.

“Howard recognized the Limelight District as the new Rosemary District and did a meticulous job of restoring the building to make it a focal piece in the area,” said Black, partner at Ian Black Real Estate. “The eclectic mix of tenants speaks to the vibrancy of this neighborhood and its draw for local artists, makers and businesses.”

Located on the eastern edge of downtown Sarasota, the Limelight District is one of the newest districts in the city and home to over 100 independent businesses. The Lime Arts building sits between Lime Ave. and Apricot Ave. in the heart of the district. The 10,000-square-foot property has four 2,500-square-foot retail spaces leased to Pennenga Creative, Palmer Modern Art Gallery, Creative Liberties and WUSF.

During the renovation, Davis updated the property to include a new roof, HVAC, electrical service, plumbing, and energy-efficient windows and doors. Three of the spaces also include insulated roll-up doors on Apricot Ave., creating an easy entry and exit point for creatives working with large-scale art or design pieces. The space for public radio station WUSF was built to include a gallery space on Lime Avenue, studios for creating content and space for reporters.

“While this property is now in the hands of a new owner, I remain committed to the Limelight District,” said Davis. “My office and woodworking shop have been in the District for almost ten years, giving me a first-hand look at its growth as a hub for creative individuals and businesses. The area has a special energy and will continue to grow organically with the renovation of these smaller, more accessible buildings.”

Davis is best known for his work on the BOTA Center, an award-winning, historic office property located at 1570 Boulevard of the Arts in Sarasota’s Rosemary District. The BOTA Center has won numerous awards, including the AIA Florida Gulf Coast Honor Award for Historic Preservation & Restoration in 2020 and the Florida Trust for Historic Preservation’s Outstanding Achievement for Adaptive Use in 2018. It is listed in the City of Sarasota’s local register of historic places.

“The Lime Arts property has it all – location, quality and strong tenant mix,” said Lauren Dixon, sales associate at Ian Black Real Estate. “We’re thrilled to invest in the Limelight District and support the local makers who make Sarasota such a unique and special place to live.”

About Ian Black Real Estate

Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.

About SIOR

SIOR is the leading global professional office and industrial real estate organization that certifies commercial real estate service providers with the exclusive SIOR designation, based on achievement, knowledge, accountability and ethical standards. Only the industry’s top professionals qualify for SIOR. Today, there are more than 3,200 members in 685 cities and 36 countries. For more information, visit www.sior.com