SARASOTA — A new condo development is headed to downtown Sarasota.
The real estate investment firm ERES Capital plans to build a five-story condominium development at 1351 Fruitville Road in the city’s Rosemary District.
The project is in the early stages, with the sale of the land just closing. Denver-based ERES is in the process of picking a firm to design the building and anticipates having plans out later this year, according to a spokesperson. For now, the idea is to have about 25 units, though pricing and unit sizes have yet to be determined.
The spokesperson would not disclose the price of the property or the expected cost of the project. County property records show an LLC with an address matching ERES’ bought the property for $3.2 million.
“We don’t anticipate pushing the envelope on pricing as some other projects have done in the market, but rather have high-end luxury condos that are unique and differentiated to the area, where owners can enjoy gorgeous city views coupled with beautiful Sarasota Bay views,” the spokeswoman says in an email.
The ERES development is the latest residential project coming to the downtown Sarasota area. On one end, One Park, an 18-story, 149-unit tower heading to Boulevard of the Arts and North Tamiami Trail, is expected to begin construction late this year. And on the other, One Main Plaza, a mixed-used development that will include 418 luxury apartments, is currently under construction.
Although that might seem like a lot, with rapid growth driven by people flocking to Sarasota and the rest of Florida, there is a serious need for housing. The high demand for and a shortage of housing inventory is largely blamed for skyrocketing home prices and rents.
ERES' President and co-Founder Tom Bradley says, “We’ve opened a regional office in Sarasota for a reason.
“The immense growth and opportunity in this market is staggering. This condo project not only answers a need but does so in one of the most desirable areas in the city.”