- March 28, 2024
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The much-hyped resurgence in the downtown Sarasota condo market has some validation, at least from one project: The Vue Sarasota Bay has 50% of its residences under contract, which equals $85 million in advance sales.
Plans for the Vue, at one of the busiest intersections in Sarasota, U.S. 41 and North Gulfstream Avenue, include twin 18-story towers. One is a 144-unit condo building and the other is a 275-room hotel. The developer of the $300 million project is The Kolter Group, based in West Palm Beach.
“To be half sold out at this point not only demonstrates significant buyer acceptance,” The Kolter Group President Bob Vail says in a release, “but also underscores the tremendous pent-up demand for contemporary design in the Sarasota market.”
The 50% sales contract threshold is traditionally a key factor for a property under construction. The Vue is scheduled for completion in 2016. Residences are priced from the $800,000s to more than $2 million for penthouses.