Sarasota condo tower gets $46 million in construction financing

The developers behind The Edge Sarasota have secured a $46.49 million construction loan to build the luxury condominium tower.

The loan was issued by Centennial Bank. Terms were not disclosed.

The 10-story tower is being built at 290 Cocoanut Ave. at Fruitville Road in downtown Sarasota by the developer Jebco Edge, a joint venture between Jebco Ventures and Omnium Real Estate, according to a statement. 

Courtesy image

It will sit on a 0.5-acre parcel and residents will have views of Sarasota Bay and the city.

When complete, The Edge will have 27 units with private terraces, including penthouse units offering 600-square-foot rooftop spaces. It will also feature penthouse rooftop terraces, a resort-style pool and spa, concierge services and a fine-dining restaurant on the ground floor.

According to a statement from Centennial announcing the loan, half the units in the building have presold. A total sellout is projected bring $109 million, the bank says.

Construction began this month and is expected to last 16 months.

Jebco Ventures was founded by Jim Bridges. The firm’s local projects include The Embassy Suites Hotel in downtown Sarasota, The Phoenix condominium and Vista Bay Point Condominiums on Golden Gate Point.

According to the statement from Centennial, the bank has a longstanding relationship with Bridges dating back to 2017 when it financed The Strand, another luxury condominium project.

Jeffrey Woodin, a senior vice president at Centennial Bank, put together the financing package for the bank.