Sarasota wants Gulf Gate golf course. Developer values it at 3 times county appraisal

Sarasota County officials and local environmentalists have a vision to transform the former golf course that weaves through the Gulf Gate neighborhood into a manmade wetland that rivals Celery Fields to mop up flooding and serve as a new wildlife habitat.

But first, they need to buy the property — and that process is proving to be a challenge.

County officials and the developer who owns the 48.9-acre property are worlds apart when it comes to a selling price. The land is owned by Gulf Gate Holdings LLC, a subsidiary of 13th Floor Investments, which is a Miami-based real estate and development firm.

The firm values the now-closed course at $14.6 million — far more than the county wants to pay and well above other appraisals of the property, which range from $5.3 million to $9.5 million. It’s also more than six times what the developer argued the land was worth two months ago when challenging its taxable value.

In July, Gulf Gate Holdings argued before the Value Adjustment Board that the land was worth just $2.3 million. The Sarasota County Property Appraiser puts its value at $3.9 million.

“This is obviously in direct contrast to the offer price,” Planning and Development Services Director Matt Osterhoudt told commissioners at a meeting Tuesday.

The future of the former golf course has been an issue in Gulf Gate for years, as residents have fought development plans for the property and county officials have sought to turn it into a regional stormwater facility. The idea gained renewed traction after a punishing 2024 storm season caused widespread flooding countywide. But questions about the cost — and how the county would pay for it — remain unresolved. 

Gulf Gate Holdings purchased the property for $3 million in 2022, according to the Sarasota County Property Appraiser. Arnaud Karsenti, the managing principal of 13th Floor Investments, did not respond to a voicemail Tuesday seeking comment.

The potential purchase comes amid a budget crunch for Sarasota County, and deeper cuts loom if the Amendment 3 property tax measure passes in November. With the county looking for ways to cover the cost, commissioners on Tuesday floated one new possibility — asking Gulf Gate property owners to help pay for the purchase through a special taxing district.

The commission voted to continue studying the project’s feasibility, including whether residents of the older, mostly middle-class neighborhood would support such a district.

County Commission Chair Ron Cutsinger said the developer’s valuation of the golf course remains an obstacle.

“I think we’re all struggling with several things,” Cutsinger said. “No. 1 is what they’re asking for. That’s just not within the realm of reality, as far as I’m concerned.”

Commissioners had suggested in 2025 that the project could be funded by Resilient SRQ, which distributes federal hurricane recovery dollars. But officials said Tuesday that the money cannot be used for the project.

“There are otherwise stringent federal requirements affecting its eligibility and feasibility in its current state to include acquisition costs and federal environmental clearances,” Sarasota County spokesperson Emily Blaine said in an email.

Buying the land is only part of the potential price tag. Turning the former golf course into a regional stormwater facility is estimated to cost between $6.9 million and $10.5 million — on top of the purchase price. 

Remediating arsenic contamination on the property, which has involved the Florida Department of Environmental Protection and complicated plans to build homes there, is estimated to cost another $8.1 million.

But county officials say the property could provide significant flood-control and environmental benefits.

The course is located just a mile from Little Sarasota Bay. Stormwater Director Ben Quartermaine said the project could reduce flooding in the nearby Matheny Creek and Elligraw Bayou watersheds, which he said have received minimal treatment or attention.

“This project would not only solve flooding above our level of service on seven streets within the neighborhood, but we would also have a significant reduction of nitrogen — direct discharge — into Phillippi Creek,” Quartermaine said.

The county already owns a 2.5-acre parcel in the middle of the course that contains a water lift station. 

Many public commenters at the meeting said they worry that if the county cannot purchase the land, the developer will move forward with a 106-home development called Lotus Bay. 

Although Cutsinger called the developer’s $14.6 million valuation a non-starter, he said he would prefer the project go forward.

“One of our strategic priorities is the opportunity for a legacy stormwater facility,” Cutsinger said. “Look at the Celery Fields, for example.”

Christian Casale covers government and politics for Suncoast Searchlight. Email him at christian@suncoastsearchlight.org.