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Commercial Real Estate
Business Observer Friday, Sep. 11, 2020 1 month ago

BLVD wraps construction in Sarasota

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Core Development’s 18-story residential project contains 49 luxury units and ground-floor retail.
by: Kevin McQuaid Commercial Real Estate Editor

Core Development Inc., a Sarasota-based developer whose projects include the Ritz-Carlton Sarasota resort and The Concession luxury residential and golf community, has completed construction of its latest project in the city.

BLVD, an 18-story tower on the edge of downtown at 540 N. Tamiami Trail, commenced construction in late June 2018. The tower’s 49 units are priced from $1.7 million to $6.4 million. Of the total, seven remain unsold.

“It feels good,” says Core Development President Kevin Daves. “It took a little longer than we expected, because there were some COVID-related delays with inspections and such from the city, but they got it done and we just dealt with it.”

BLVD had originally been scheduled to be completed in late 2019.

The building features a rooftop pool deck among its amenities and ground-floor retail space that is expected to become a 175-seat restaurant operated by Sean Murphy. Daves says the pair are designing the restaurant space now to optimize patronage amid the need for pandemic social distancing.

“People are beginning to move in and they’re anxious to use all of the building’s amenities, not to mention sample the views of the bay,” says Daves, whose partner on the project is Michigan-based Promanas Group.

Key Solutions Real Estate, also of Sarasota, is marketing the project for sale.

“The market in downtown Sarasota is very strong right now for condos,” says Daves. “In that regard, I actually feel lucky that we still have some units left to sell, and we’re in a good place, because if you look at what’s on the market right now, there are a few projects, but a lot of the product is more than 20 years old.”

Daves adds he is scouting for another project to work on in Sarasota or the surrounding area, but COVID-19 has made the process difficult.

“Location is everything, but timing is everything, too, and the problem with doing every new project is you have guess where the market is going to be four to five years down the road,” he says. “But we’re actively looking.”

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