SARASOTA, FLORIDA, March 4th, 2016 – The West Palm Beach-based Kolter Group has pipelined more property developments in the Suncoast on the heels of the successful pre-construction selling of its Vue condominium in downtown Sarasota.
Looking convinced that more good times are ahead for high-end Sarasota condos for sale, the developer is setting its sights on another luxury condo project adjacent to the Ritz-Carlton Sarasota hotel and resort just north of the 144-unit Vue. According to industry reports, Kolter is in “serious discussions” with the hotel resort owner, SLAB LLC, for a joint venture on this condo project initially planned for 84‒90 upscale units.
Plans are more definite at the $200 million mixed-use City Place project at Sarasota downtown’s Pineapple Square that Kolter recently took over from the Ohio-based developer Isaac Group Holdings. Work on this development, located at Lemon Avenue and State Street, is slated to start by end-March.
Kolter has decided to rename this property as “The Mark” which is set for 11 floors with 157 condominium units, a significant boost to the stock of downtown Sarasota condos for sale. The project, in addition, will entail construction of 35,000 square feet of commercial space and 15,000 square feet for business offices.
Kolter has yet to finalize price points for the Mark condo units as well as those for the planned Ritz-Carlton luxury condo residences. For some indications, the current prices of Vue condos listed amongst Sarasota condos for sale range from about $1.5 to $3 million for units having living areas of approximately 2,300 up to 3,100 square feet.
The timing for the Kolter’s two planned condos looks perfect as Vue sales have exceeded forecasts, and only about 20 units remain unsold out the total 241 residences. This condominium, located at Gulfstream Avenue and U.S. 41, is being constructed in tandem with the 255-room Westin Hotel. The twin projects are scheduled to be completed this 2016.
Notably, brisk sales have also been observed for other pre-construction luxury condos in downtown Sarasota. These hot sellers include the units of Echelon on Palm where just six out of its 17 units remain listed amongst Sarasota condos for sale as of February 2016. These condos are priced from about $2.2 million up to around $4.3 million, occupying individual floors in the 3,000- and 4,000-square-foot range designed with three bedrooms.
Elsewhere in the region, Kolter recently paid close to $7 million for a prime 444-acre tract of farmland east of Interstate 75 and south of 69th Street in Manatee. The company has already obtained county approval for the development of this property.
This project, called Trevesta, is envisioned for more than 1,100 homes and 100,000 square feet of retail space. The residences will consist of 803 single family homes and 300 multifamily dwellings.
In its other Suncoast developments, Kolter is coming up with Verandah, a golf community near Fort Myers. It is likewise scheduled to start construction in March of the mixed-use One St. Petersburg, which would rise as the tallest building in its host city. Set for 41 stories, this skyscraper is planned for 253 luxury condo units, a 155-room Hyatt hotel plus commercial space.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>