Longboat Key, Florida | April 24th, 2018 – True to our expectations, a breakout in the luxury housing sector this season is materializing. There were several multimillion-dollar closings in Sarasota earlier this April, which include the $3.3 million deal on a Ritz-Carlton penthouse in downtown Sarasota that our Judy Kepecz‒Hays team represented.
Moving forward, we have reason to believe that there is plenty of gas left in the high-end housing segment particularly in sales of downtown luxury condos. Some of the major mixed-use developments initiated recently in Sarasota’s city center are starting to draw retail tenants which could be expected to provide added spark to the local condo market.
State Street Takes the Mark
One of the downtown hotspots to watch for some additional market zip is State Street. The mixed-use condominium The Mark is now under construction at 1400 State Street for a target completion in 2019. Besides its 157 residences, this 12-story condominium features 50,000 square feet of commercial and office space.
A pedestrian arcade called the Promenade is set on its ground level and will cover the entire State Street stretch between Pineapple and Lemon Avenues. Its first tenant confirmed recently is Neapolitans pizza restaurant MidiCi.
Another mixed-use project in this area is the condominium named 1500 State Street eponymous with its address. It is much smaller than the Mark and features just 20 residences which are all now sold as a further indication of the vibrant mood of the Sarasota luxury housing market.
Exciting Tenant Mix
In addition to its residential condos, the six-story 1500 State Street features commercial spaces on its first two levels. The tenants reported coming in this condominium include the fast-food restaurant S’macks, Optional Art Fine Jewelry, and Moon & Co. Eyewear, as well as the offices of the trade publication 941CEO and Sarasota Magazine.
It is worthwhile mentioning too that State Street in recent years has become a destination for luxury car aficionados, as it hosts the Sarasota Studio, a showroom of various luxury cars. Among the cars that this division of Dimmitt Automotive Group displays and sells are Rolls Royce, McLaren, Bentley and Aston Martin.
Likewise, there are new downtown points of interest rising a few blocks north from State Street, specifically at the new DeSota building. A project for 180 apartments, this development also include retail space of 15,000 square feet.
Reported as setting up shop on its ground floor is 99 Bottles, which will feature a curated collection of craft beers and fine wines for on- and off-premise consumption. A shared salon space will also be among the retail offerings at the DeSota apartment building.
New Condo Eyed in 2nd Street
Approval for another construction project, meanwhile, is being sought on a 0.24-acre site at 1335 Second Street near the Selby Public Library. Its developer is Matt Kihnke who also built the Sansara condominium at 300 South Pineapple Avenue. The plans Kihnke’s MK Equity filed with the city calls for the construction of a boutique 10-story condominium with just 12 high-end residences.
By the looks of all these, much remains to be seen in the Sarasota downtown condo market. Certainly, our Judy Kepecz-Hays team shall continue to monitor the dynamics shaping our real estate territory. So call or e-mail us if you’re planning to sell or buy a house or condo anywhere in Sarasota or Longboat Key. Our in-depth market insights shall help you seal the best possible deal on the market.