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Commercial Real Estate
Business Observer Friday, Sep. 21, 2018 4 years ago

Kolter begins construction on Ritz-Carlton Residences in Sarasota

Luxury condo tower will rise 18 floors next to Ritz-Carlton Sarasota hotel
by: Kevin McQuaid Commercial Real Estate Editor

The Kolter Group has officially begun construction of the Ritz-Carlton Residences condominium tower in downtown Sarasota, which its backers contend will be “pinnacle of Sarasota living.”

The 73-unit waterfront tower, adjacent to the 18-story Ritz-Carlton Sarasota hotel and condos and part of the 15-acre Quay Sarasota mixed-use project, is scheduled for completion in the final quarter of 2020.

To date, 29 of the residences in the SB Architects-designed tower have either been reserved or sold, generating $105 million in sales, says John Harper, a Kolter Urban senior project manager.

“This is going to be the most magnificent luxury building on the West Coast of Florida,” says Harper, during a morning ground breaking ceremony on site. “For residents, it will be an indelible experience.”

The residences, measuring 3,200 square feet to 6,100 square feet, exclusive of terrace space, will feature private elevators and “flow through” views of the water and the city’s skyline. Each is priced from $2.5 million to $5 million-plus.

SHANE DONGLASAN — Officials from GreenPointe Communities, Kolter Group, Michael Saunders & Co. and the City of Sarasota participate in a ground breaking ceremony on Sept. 13.

Each unit also will have access to 24-hour concierge services affiliated with the 266-room Ritz-Carlton Hotel, together with amenities like the resort’s beach club on Lido Key and 18-hole golf course near Lakewood Ranch. Owners also will be able to join the resort’s Members Club.

“The quality services being provided are really a large part of what’s driving this project forward,” says Michael Saunders, founder and CEO of real estate brokerage Michael Saunders & Co., the listing agent for the tower.

The 18-story building’s amenities will include a resort-style swimming pool, fitness center, clubhouse, pool bar, demonstration kitchen and private dog park.

Kolter acquired the roughly one-acre tract for the Ritz-Carlton Residences earlier this year from Jacksonville-based GreenPointe Communities for $19.3 million. GreenPointe is planning a $1 billion, mixed-use project on the land surrounding Kolter’s tower.

“Sarasota is a city that deserves the very best,” says Bob Vail, Kolter Urban’s president. “The Ritz-Carlton Residences will be the next chapter in luxury living here.”












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