Loading
A pair projects getting underway soon will offer “boutique” condos in two choice downtown Sarasota locations.
One project, dubbed 625 Sarasota at The Point, is a nine-story condo building on Golden Gate Point, while the other, The Palm 625 Sarasota, is a smaller four-story building on South Palm Avenue.
The developer, V.J. Chukkapalli, also recently purchased a 10-unit vacation condo on Siesta Key he plans to refurbish.
Chukkapalli says he’s been working on the Palm and Point projects for the past two years. With approval secured from the city and county, he says construction on the Palm project will begin in about a month. The Point is set to break ground in September.
Chukkapalli says he expects the projects to take about 18 months to complete.
Noting there hasn’t been new construction on that part of Palm Avenue recently, Chukkapalli says his concept of condos he described as “boutique” is being well received. Response has been “very good,” he says, adding he expects the condos to sell in the “upper $2 million” range.
Descriptions of the residences on 625Sarasota.com show plans for open-floor designs for 12 two- or three-bedroom condos ranging from 2,400 square feet to 4,400 square feet.
The Point will offer two residences per floor, and two upper floor penthouses, each spanning 2-4 bedrooms and two to five-and-a-half baths, with private glass-railed terraces.
Chukkapalli also recently bought the 10-room Siesta Key Inn at Points of Rocks Road and Midnight Pass Road. He paid $5.4 million for the property, county property records show.
He says he does not plan new construction there, but will refurbish and update the units. “We’re going to run it,” he says. “It’s in good shape.”
Chukkapalli is a part-time area resident, splitting his time between Colorado and Longboat Key. “I came here on vacation almost 20 years ago,” he says.
He has been a developer and investor for the last 25 years, creating shopping centers and multifamily residents in Colorado, California and the Orlando area.
Creating a condo project in Sarasota has been a goal of his for a while. “It’s always been on my mind,” he says. “We have beautiful beaches.There’s a lot to enjoy here.”
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
