Sarasota’s Downtown Property Developments Are Sizzling Hot

Longboat Key, Florida | January 8th, 2019 – Put multicolored pins on a map for each new downtown building project, and surely, the image would be very much like one festive Christmas tree of the past holiday season. This considering that as of winter 2018, the downtown area counts a total of 85 new projects either completed, in development or under construction.

Among these projects, one is set to begin this January—the redevelopment of the dormant Ringling Shopping Center at 2260 Ringling Blvd. the demolition of which started in December. Incidentally, this former retail center in east downtown is just a short distance from our Judy Kepecz-Hays team’s listing at 1790 Cherry Lane in the Laurel Park area.

Residential-Commercial Mix

The reboot of the Ringling property is a project of West Palm Beach-based developer Richman Group. In this 9.7-acre site, it plans to set up 36,849 square feet of commercial space and an apartment complex with 222 residences. A new zoning classification for this parcel which the city approved in 2016 paved the way for this redevelopment.

Within the downtown core, Sarasota-based MK Equity Corporation is likewise poised to start in 2019 the construction of yet another downtown luxury condominium. It is planned on a 0.24-acre site at 1335 Second Street two blocks north of Main Street, already a haven of upscale downtown Sarasota condos for sale.

New Condo Landmark: The Collection

MK Equity’s blueprint for this Second Street parcel near the Selby Public Library calls for the construction of The Collection, a 10-story building with just 12 luxury residences. These condos are to be priced between $1.3 million and $3.3 million, featuring living areas ranging from 2,500 to 3,500 square feet.

Expected to rise as another downtown architectural landmark, The Collection promises a five-star condo living featuring a luxurious lobby with a concierge, swimming pool, sauna, spa, fitness center, and yoga room. It will likewise provide a corporate center, two-car garage parking per condo, storage area, plus a dog run.

Auteur Pre-selling Set

Early this 2019, marketing of downtown Sarasota condos for sale is expected to be enriched further with pitches on the planned high-end condominium Auteur. It is set on 1000 Boulevard of the Arts a block to the north of the Ritz-Carlton Residences.

The Auteur condominium will be built on a 1.23-acre parcel which is also occupied by the Hyatt Regency Sarasota. The estimated construction cost for this condo project is $1.75 million to $3.5 million that would bring in 55 luxury condos within an 18-story tower. In addition to its high-end residences, the condominium is also planned for two ground-level residences to be offered as affordable rental housing. It will likewise incorporate retail space for a restaurant at the building’s ground floor.

With other downtown bayfront real estate developments brewing, such as the Quay Sarasota, the rapidly changing dynamics of the local market are certainly bringing in excitement for both aspiring sellers and buyers. Reach out to our Judy Kepecz-Hays team, with many opportunities definitely arising as local property developments continue to sizzle.

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