If you've ever driven down Fruitville Road right by U.S. 301, otherwise known as the worst traffic light in town, you may have noticed the oddly quiet, nearly empty site next to the gas station on the corner. It’s a 3.14-acre patch of land that seems too central to remain empty, especially as cranes dot the downtown skyline—the kind that makes you wonder if it’s tied up in a decades-old family trust, a contentious divorce, or if it's just waiting for the right market cycle. 

No matter what, we might know soon.

Miami-based developer American Land Ventures is proposing a new multifamily project at the site. Dubbed Fruitville Gateway, the project would include 274 rental units, with a mix of studios, one-, two- and three-bedroom apartments. The site currently encompasses 22 parcels, including a handful of multiple single-story residential and commercial structures, all of which would be demolished. 

Vehicular access to the Fruitville Gateway project would be provided from two primary entry points: one on North East Avenue and the other on Fourth Street. Both access points will lead to the development’s internal driveway loop and parking garage. No direct access is proposed from high-traffic Fruitville Road or North Washington Boulevard.

David Fellows, vice‑president of construction for American Land Ventures, says the project would go up all at once rather than be phased, and is anticipated to break ground in the second quarter of 2026, pending all necessary approvals. It's the national firm’s first foray into Sarasota, and Fellows says the project’s walkability and proximity to downtown were main points of attraction. “Construction is expected to last about two years,” he says.

The project is purely residential; planned amenities include a pool, fitness center and club room. The average unit size is roughly 971 square feet, and while rental prices have not been finalized, Fellows says the market-rate units will “reflect the quality and standards of a best‑in‑class multifamily community.”

Rents in downtown Sarasota remain higher than countywide averages, reflecting the premium placed on walkability and proximity to amenities. According to Apartments.com, as of August 2025, average monthly rents in the downtown core are roughly $1,671 for a studio, $2,272 for a one‑bedroom unit, $2,848 for a two‑bedroom unit, and $4,139 for a three‑bedroom unit. By comparison, averages outside downtown are lower, at $1,794 for a one‑bedroom and $2,123 for a two‑bedroom. Zillow’s July numbers show a broader Sarasota‑area rental average of about $2,345 per month. 

While some recent developments nearby, such as the swanky Aster & Links, have incorporated a mix of for‑sale and for‑rent models, Fruitville Gateway will be a rental‑only project. Fellows says that the development is aimed at serving a wide demographic, from young professionals to empty nesters who want to be downtown.

Though no retail is planned on site, the development is expected to contribute to the evolving streetscape of Fruitville Road, which has increasingly seen infill development on lots once considered fringe. Although no rezoning or comprehensive plan amendment is required, the proposed development exceeds the DTE’s base density of 25 dwelling units per acre. To achieve the increased density, the project will utilize the city’s density bonus provision, which allows up to four times the base density when attainable housing is included. In this case, 30 units will be designated as attainable: 5 percent at 80 percent of the area median income (AMI), 5 percent at 100 percent AMI, and 5 percent at 120 percent AMI. At 80 percent AMI, rent levels will not exceed $1,615 a month for a one-bedroom; $1,937 for a two-bedroom; and $2,238 for a three-bedroom apartment.

For now, the application is still in the city's staff review and revision phase. No public hearings are needed, since this is an administrative process under existing zoning. Once all staff comments are addressed and sign‑offs obtained, the project can proceed to permitting. If approved on schedule, Fruitville Gateway could be leasing apartments as early as mid‑2028.