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Commercial Real Estate
Business Observer Friday, Jul. 20, 2018 3 months ago

Kolter hits sales mark at The Mark mixed-use complex

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Developer's condo sales in 12-story Sarasota project top 100
by: Kevin McQuaid Commercial Real Estate Editor

Less than a year after breaking ground on its newest condo-centric development in Sarasota, West Palm Beach-based Kolter Group has reached a pair of milestones at The Mark, a planned 12-story, mixed-use development.

Kolter has signed in excess of 100 sales contracts for condo units within the tower, which is under construction at State Street and Pineapple Avenue in Sarasota downtown.

At the same time, the developer behind the Vue Sarasota Bay and Westin Hotel in Sarasota, as well as the 41-story One St. Petersburg skyscraper, has generated more than $100 million in sales.

Edwin Jahn, senior vice president of Kolter’s urban division, says the company has 108 contracts in place — 13 of which were signed in April and May — valued at about $110 million in all.

“We started off a bit slower than we would have wanted, but the project has really gained some traction,” Jahn says. “A lot of that correlated to the start of construction. Once we got started last August and began going vertical, people began believing.”

When completed in the second half of next year, the $125 million project will contain 157 residences, 11,000 square feet of office space and 38,000 square feet of retail space.

Kolter has tapped Lakewood Ranch-based Casto Southeast Realty Services to oversee leasing of the retail space. California-based MidiCi, a Neapolitan-themed pizza restaurant chain that features an urban bar, has committed to open a 150-seat restaurant in The Mark.

“We’re seeing a lot of activity in Sarasota during what are traditionally slower months,” Jahn says. “There’s much less seasonality now compared to a few years back.”

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