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Developers buy land in waterfront district for luxury multifamily homes, retail

Lennar Multifamily Communities acquired 1.65 acres and Kolter Urban acquired 1.15 acres at the Quay.

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  • | 4:05 p.m. January 5, 2021
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  • Manatee-Sarasota
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SARASOTA — There have been two land sales at Quay Sarasota, a new mixed-use waterfront neighborhood with residential, retail, hotel and office projects under construction along downtown Sarasota’s waterfront.

GreenPointe Developers and Cross Lake Partners announced the closings, which include Lennar Multifamily Communities acquiring 1.65 acres at the Quay and Kolter Urban acquiring 1.15 acres at the Quay from GreenPointe, the developer of Quay Sarasota.

Development plans include luxury multifamily homes, condominiums and ground-floor retail, according to a press release. 

“We are pleased to achieve this milestone at Quay Sarasota,” says Ed Burr, president and CEO of GreenPointe Holdings LLC, in the statement. "Quay Sarasota is a scenic waterfront district offering luxury residential, upscale retail, hotel and office spaces, and vibrant public spaces.”

At Quay Sarasota, Lennar Multifamily Communities is building its first apartment community in the Sarasota market. It will be 12 stories and include 240 luxury multifamily homes with more than 13,000 square feet of ground-floor retail space and amenities. The community will also have a top-floor wine lounge, catering kitchen, cybercafe, resident lounge, golf simulator, business center, meeting rooms and fitness center. Plans include a resort-style swimming pool, outdoor cabanas, outdoor bar and grill, dog park, bike repair shop and storage, the release adds. 

Construction of the community is expected to begin in May. The first units are expected to be finished by September 2023.

Kolter Urban’s newest development at Quay Sarasota is Bayso, Sarasota. The 18-level condominium development will have 149 luxury residences. Buyers can choose from 11 two- to three-bedroom plus den floor plans ranging from 1,600 to over 2,600 square feet and seven penthouses floor plans ranging from 2,500 to almost 4,000 square feet.

Each residence at Bayso will have expansive terraces with glass balcony railings. Condominiums will be priced from the $800,000s. A groundbreaking is planned for the second quarter of 2021 with expected completion by fall 2023. Amenities will include an elevated resort-style pool and spa deck with cabanas, entertainment areas and outdoor kitchen. Plans include a fitness center, personal training/flex studio and a residents’ club room with catering kitchen and club bar for entertaining. Bayso will have a private dog park, climate-controlled storage areas and a dedicated lobby staff to serve residents.

Kolter Urban is currently developing The Ritz-Carlton Residences, Sarasota, expected to be completed this year, adjacent to Bayso Sarasota. Kolter Urban has two luxury residences remaining for sale at The Ritz-Carlton Residences.

Quay Sarasota is a 14-acre waterfront district that will include luxury residential, upscale retail, boutique hotel and office space overlooking a yacht basin with boat slips, a waterfront park and boardwalk. It is being developed by Jacksonville-based GreenPointe Holdings. Cross Lake Partners is a real estate investment firm with about $1 billion in assets under management. 


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