Ed Burr, CEO of Jacksonville-based GreenPointe Holdings, holds the future of the former Sarasota Quay site—“the greatest piece of land left on the Gulf Coast of Florida,” he calls it—on his drawing board.

The 14.5-acre vacant property, now called Sarasota Bayside, is set on downtown waterfront near luxury residential and resort properties The previous owner, Irish American Management Services, announced plans for a $1 billion residential-commercial-hotel development there in 2004, but the real estate collapse led to foreclosure in 2013.

GreenPointe, which focuses on “place making,” purchased the property in late 2014 and was expected to go to the City of Sarasota with a formal development plan in January.

“We’re making sure there’s pedestrian connectivity to the arts district, downtown and the Rosemary District,” Burr says. “We want to be a place for pedestrians to gather. The amenities will give it a sense of place, not only for people who live [there], but for everyone.”