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Commercial Real Estate
Business Observer Wednesday, Mar. 21, 2018 6 months ago

Kolter closes on Ritz-Carlton Residences land in Sarasota on Quay site

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Kolter Group's $19.3 million deal paves way for new condo tower
by: Kevin McQuaid Commercial Real Estate Editor

With a handful of projects in Sarasota and St. Petersburg either well under way or recently completed, The Kolter Group has turned its sights to its next project: A 73-unit luxury condo tower in Sarasota.

The West Palm Beach-based developer recently closed on the one-acre tract within GreenPointe Communities’ Sarasota Quay project, where it plans to build the Ritz-Carlton Residences Sarasota.

The project formerly known as The Grande has changed its name to reflect the affiliation with the Marriott International hotel brand adjacent to the Sarasota Quay site.

Kolter spent $19.3 million for the tract within the 15-acre site, which is planned to contain a roughly $1 billion mix of residences, commercial and entertainment space when completed. By comparison, GreenPointe paid $27 million for the 15 acres in late 2014.

Bob Vail, president of Kolter’s urban division, says the recently announced sale of the Ritz-Carlton Sarasota resort for roughly $171 million to Ashford Prime Hospitality, of Texas, will not impact the residential development. That deal is set to close next month.

To date, there are 43 reservations for the 73 units in the Ritz-Carlton Residences, which will be priced up to about $5 million each, Vail says.

“The combination of a very unique location and the intense loyalty the Ritz-Carlton brand has made this an attractive opportunity for us,” Vail says. “It’ll definitely be the most amenitized project that Kolter as a company has ever done.”

Meanwhile, at The Mark, Kolter’s other Sarasota project that is underway, the company has joined forces with an experienced retail firm to oversee the retail portion of the mixed-use development.

Casto Southeast Realty Services LLC will be in charge of leasing the roughly 35,000 square feet within The Mark, which will also contain more than 150 condos and 11,000 square feet of offices.

In addition to being the project’s exclusive leasing agent, Casto also will be involved in planning tenant improvements for regional and national retail tenants and may manage the shopping and dining space, as well.

In St. Petersburg, Kolter is constructing the final floors at One St. Petersburg, a 41-story residential, retail and hotel tower that will be the city’s tallest structure when completed.

Vail says Kolter has just 14 residential units remaining there for sale, and plans to complete the tower in October.

 

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