Luxury on the move

Need any more evidence that downtown Sarasota has pent up demand for luxury condos? Consider this: A local developer plans to buy out all 14 owners in a bayfront complex and pay to knock it down — just to build a new one.

The developer, Seaward Development, plans to redevelop the Versailles, built in 1974, into a new condo tower with as many as 25 units and up to 18 stories, according to a zoning code confirmation letter sent to city officials from Seaward principal Patrick DiPinto. The project was first reported by the Sarasota Observer, sister paper of the Business Observer.

DiPinto, also developing the nearby Seven One One Palm, declined to comment on the project until the deal with current unit owners is complete. But by some accounts, DiPinto is onto something in developing more luxury condos in already condo-rich downtown Sarasota.