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SARASOTA — If sales are how you keep score, an 18-story Sarasota tower has got to be close to the top of the leader board.
One Park Sarasota, a luxury downtown development that has yet to break ground and won’t open for nearly three years, has topped $150 million in sales in its first 30 days.
The sales pace at One Park mirrors the results of high-end projects across the Gulf Coast where millions are being spent on luxury condominiums. Stella Naples, a three-story mixed-use complex in downtown Naples where units start at $2 million announced in early February that three of 10 residences had already sold. And in downtown St. Petersburg, developers of the 46-story 400 Central, expected to be the tallest residential tower on the Gulf Coast, say they've exceeded the $150 million mark in sales.
(For those keeping score: It took 400 Central 90 days to top $150 million in sales.)
Kim Githler, a managing partner at Jebco Partners, one of the developers of the project, says that for 40 years she’s “witnessed the city transform but have never experienced a period of growth as impactful as right now.” She says the level of sales is indicative of the demand for “a luxury product of this caliber.”
One Park will be built on Boulevard of the Arts and North Tamiami Trail.
The 18-story luxury tower will be made up of 149-units from 2,460 square feet to 4,219 square feet. Prices start $1.95 million. In addition to those units, there will be a One Park Penthouse Collection with six homes ranging from 5,480 square feet to 8,340 square feet each with private rooftops, summer kitchens and plunge pools.
According to a press release, the units in the tower will come with 12-foot floor-to-ceiling windows, a lighting package with recessed lighting, dimmers and lighting control, fully built-out closets and “a midnight bar in select primary bedrooms.” These will go along with a list of outdoor amenities including a resort-style infinity pool, a private theater room and a wellness spa.
Sales for the project are being handled exclusively by Coldwell Banker Realty in downtown Sarasota.
One Park is being developed jointly by national developer PMG and Sarasota-based Jebco.
Jebco was founded by Jim Bridges and has been behind some of Sarasota’s most notable projects, including high-rise residential projects, in-field housing, condos, town homes, mixed-use developments, shopping centers and single tenant build-to-suit properties. On that list is The Embassy Suites Hotel in downtown Sarasota; The Phoenix condominium; Vista Bay Point Condominiums on Golden Gate Point; The “Q” Townhome Project on Ringling Boulevard; Palazzi Al Mare, a Luxury Duplex on Lido Beach; and The Strand Condos, a 147-unit project slated for completion in the first quarter.
And Githler was part of the ownership group of The Hyatt Regency Sarasota that renovated the 297-room property, added an 11,000-square-foot ballroom and then sold it to Blackstone in 2007. While owning the Hyatt, she and her partners developed the 44-unit luxury condo project Beau Ciel on Sarasota Bay. Githler is also the chair and CEO of MoneyShow, a stock and investment education company.
According to a spokeswoman, construction on One Park is expected to begin this fall and last 28 to 30 months.
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