This bank owned property presents an iconic Sanibel development opportunity offering 200 feet of frontage on Periwinkle Way, 2.5 plus acres of land and waterfront features. Presenting a once in a generation opportunity to acquire one of Sanibel Islands most storied and strategically located commercial parcels. Formerly home to the iconic Jacaranda Restaurant and Bar, a beloved institution that served generations of islanders and visitors, and most recently the Tipsy Turtle, this legacy property is ready for its next chapter. Ideally along 200 feet of frontage on Periwinkle Way, Sanibels main thoroughfare and commercial spine, the property spans over 2.5 acres of developable land zoned General Commercial and D2 Upland Wetland. This premier site offers exceptional development flexibility, with initial assessments suggesting the potential to construct 8 9 residential units. Alternatively, zoning allows for a mixed use development, combining residential living with a commercial component. The final residential count in this scenario would vary depending on footprint of the commercial structure, allowing for a custom tailored approach to suit investor or developer goals. Adding to its appeal, the property features a scenic central lake and frontage along the tranquil Sanibel River at the rearrare natural amenities that enhance its desirability for residential or hospitality development. Whether reimagined as an upscale enclave, a vibrant mixed use destination or a new community hub, this property represents a unique and irreplaceable opportunity in the heart of Sanibel Island. Iconic history. Prime location. Boundless potential.