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Prices on new Sarasota Ritz-Carlton condo tower to reach $12M

Developer Kolter Urban has revealed plans for the first part of a three-tower Ritz-Carlton Residences campus overlooking Sarasota Bay and downtown.

Construction of the Ritz-Carlton Residences South Tower in The Quay is expected to begin this summer.
Construction of the Ritz-Carlton Residences South Tower in The Quay is expected to begin this summer.
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  • Manatee-Sarasota
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More construction is on the way in The Quay Sarasota as Palm Beach-based developer Kolter Urban is set to begin development of the second installment of Ritz-Carlton Residences on the marina-facing Blocks 7 and 8.

The first of a planned three-tower project will add 78 luxury condominiums to The Quay, and with the recent announcement by Miami-based Property Markets Group to build One Park on Block 1, only Block 9, which is also owned by PMG, remains to be either planned or developed.

Kolter Urban has recently completed construction of Bayso, and still under construction is Cordelia by Lennar Multifamily Communities on Blocks 2 and 3 along Tamiami Trail, a 240-unit luxury rental apartment development with 13,000 square feet of ground floor retail space.

Of the three-tower campus planned by Kolter Urban, only the South Tower will be located within The Quay. The developer plans to build two more towers at the location of the Hyatt Regency hotel and its parking areas along Boulevard of the Arts. Kolter Hospitality acquired the property in May 2022 and will continue to operate it as a hotel until it begins redevelopment for its West and East towers.

A site map shows the three-tower plans of Ritz-Carlton Residences. The West Tower is the current site of the Hyatt Regency Hotel, and the East Tower is now a surface parking lot.
Courtesy image

“Previously people were looking at developing the vacant components of the Hyatt site,” says Kolter Urban Regional President Brian Van Slyke. “Since we purchased it, we're looking at a complete redevelopment.”

The company has not specified when the East and West towers will be scheduled for construction, but Van Slyke says he anticipates breaking ground this summer on the South Tower. That tower will be next to the Central Quay open space and immediately west of the historic Belle Haven building.

According to a news release, the three towers will have amenities exclusive to each, all anchored by The Harbor Club, a 20,000-square-foot health, wellness, fitness and lifestyle club reserved exclusively for residents.

“We're really excited about adding more Ritz-Carlton residences to the bayfront, and the addition of The Harbor Club will really help amenities and support the active lifestyle that Sarasota supports,” Van Slyke says.

The South Tower’s amenities will include a fitness center with a movement studio for group spin, yoga or pilates and a private training room with personal training by appointment. Residents will also have access to a waterfront Wellness Center with hot and cold vitality plunge pools, saunas, spa treatment rooms and locker rooms. A sports lounge will include a full-size golf simulator. Outside is direct waterfront access providing kayaks, paddle boards, bicycles and a small watercraft launch ramp.

According to a news release, the South Tower will offer three- and four-bedroom residences ranging from 3,500 to nearly 6,000 square feet with 12- and 13-foot ceilings in main living areas and terraces with built-in outdoor grills. Privacy is ensured with access-controlled elevators opening directly into each residence with separate service elevators for deliveries.

Prices will range from $3.7 million to just more than $12 million.

Kolter Urban is no stranger to development in The Quay. The recently completed Bayso includes 149 luxury condominiums.

A rendering of The Ritz-Carlton Residences, Sarasota Bay, southern elevation.
Courtesy image

Planning for the South Tower did not come without challenges from the Planning Board, which had expressed concerns about the proximity of the driveway ramp from Quay Commons between the location of the Ocean Prime restaurant, which is currently under construction, and the historic Belle Haven building, the preservation of which was central to the general development plan between the city and The Quay master developer GreenPointe. 

Among those concerns was a two-story wall adjacent to the rear of Belle Haven to accommodate the ramp. Kolter Urban mitigated that objection by designing a pedestrian path beneath the ramp that both opened the space and provided pedestrian access around the South Tower for the scenic multi-use trail that passes through The Quay.

In addition to the Ritz-Carlton Residences, Property Markets Group has announced plans for its redesigned 86-unit One Park condominium tower on Block 1. That project has yet to be scheduled for submittal to the city’s Development Review Committee.

This article originally appeared on sister site


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