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Commercial Real Estate
Business Observer Friday, Jan. 11, 2019 1 year ago

Richman razes Ringling for new complex

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Project will add 222 new apartments to Sarasota inventory
by: Kevin McQuaid Commercial Real Estate Editor

The Richman Group, the nation’s seventh-largest apartment owner, has completed the demolition of the former Ringling Shopping center site in downtown Sarasota and is preparing to begin construction on a new 222-unit multifamily rental community later this month, officials say.

Kristen Gucwa-Fuechslin, the company’s executive vice president of marketing, says Richman intends to begin construction this month and complete its new project in either April or May 2020.

The nearly 10-acre tract was considered one of the most coveted in all of Sarasota for redevelopment after the decades old, Publix Super Markets Inc.-anchored center withered about a decade ago.

Richman plans a four-story complex with amenities that include a clubhouse and swimming pool, state-of-the-art fitness center and coffee bar for residents. The development also will contain a pair of commercial pad sites, being marketed for sale by commercial real estate brokerage firm Cushman & Wakefield.

Since its formation in 1987, Richman has grown to one of the nation’s foremost multifamily rental developers. The company today owns 1,500 properties containing 115,000 units and has allocated more than $20 billion toward overall development, according to its website.

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