More high-end apartments and retail space are coming to Sarasota after a commercial property recently sold for $1.7 million.
The buildout is expected to be complete in 2024 with 21 luxury units planned for the second, third and fourth floors of the building. Roughly 9,000 square feet of space is being dedicated to retail space on the complex’s ground floor.
The property is located off Tamiami Trail north of the downtown area. The sale was managed by Mike Migone, senior investment advisor for SVN Commercial Advisory Group, for Whitaker Lofts LLC.
“These will be some beautiful units in a structure fronting the roundabout,” Migone says in a release. “It’s a project we expect to have a tremendous impact on the area, which is designated as an opportunity zone – quite an addition.”
The project is being designed by Michael Halflants, who is a Whitaker Lofts selling member and principal at Halflants + Pichette, Sarasota. The property was purchased by Elevate R.E. Holdings in Buffalo, New York, through an opportunity fund — a special tax incentive provided by the U.S. government.
The retail spaces will feature 12-foot ceilings and floor-to-ceiling windows.