The City Commission unanimously agreed to sell a lot at 1289 N. Palm Ave. for $2.5 million, providing for a $1.3 million after the city kicks in up to $1.2 million for right-of-way and offsite improvements.
Developer Angus Rogers said he hopes the hotel can be a "driver of renourishing that area of downtown."
Mayor Suzanne Atwell said it's the right fit for Sarasota and downtown.
"Not to be funny, but Mr. Rogers, it's a wonderful day in the neighorhood," Atwell said.
The $40 million hotel is being touted as a "boutique hotel" which is industry terms for an independent, four-star luxry or a second-tier hotel.
The city initially received letters of interest for the property
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