SARASOTA — A developer has filed preliminary plans for a project that would add another 18-story condo building near the bayfront in downtown Sarasota.
Core Development submitted information to Sarasota city officials for a project called The Boulevard Sarasota. The proposed development is on a little more than one acre, comprised of the properties at 500 and 540 N. Tamiami Trail, 1224 Blvd. of the Arts and 1235 Fifth Street. The project was first reported by the Sarasota Observer, sister paper of the Business Observer.
The plans include 51 residential units, 8,000 square feet of restaurant space and 8,300 square feet of retail/office space, the application states. Kevin Daves, president of Core Development, says the condos will be priced from $1.5 million to $5 million.
The commercial space will be on Boulevard of the Arts and the developer plans to build an 18-story condo building along U.S. 41, spanning from Fifth Street to Boulevard of the Arts. The first phase of construction would involve 49 of the 51 units. A second phase would add two more residential units on Fifth Street.
Daves says the company is excited to build near the bayfront and on the edge of the rapidly redeveloping Rosemary District. Although more than 3,200 residential units are planned in the downtown area, he believes condos remain an underserved market.
“There's a lot of construction going on in downtown Sarasota, but a majority of it is hotels and apartments,” Daves told the Sarasota Observer. “We thought this site was perfect for a condo.
Core bought three of the parcels along U.S. 41 for $5.4 million in November. Daves believes the ongoing development of the Quay and the opportunity to offer a view of the bay will make this an enticing project for prospective residents.
“There's a lot of reasons to like this one,” Daves says. “The location is what we consider to be a perfect one.”
Core Development hopes to begin marketing the project in March and break ground on construction in September. Daves said construction would likely take 18 to 20 months, putting a targeted completion date in the second quarter of 2019.
Daves was a co-developer behind the Ritz-Carlton, Sarasota, and also built the Concession in east Manatee County.