More High-end Condos Mulled in Rosemary District


SARASOTA, FLORIDA, September 10th, 2015 – The Rosemary District just north of downtown Sarasota continues to evolve as a neighborhood of upscale condominiums and townhouses. In mid-August 2015, plans for a high-end condo complex, Risdon on 5th, was presented to the city’s development review committee, thereby adding yet another project proposed in this blossoming district.

A $5 million project, its proponent is the Risdon Group which has its offices just a block east of the proposed site near the southern terminus of Florida Avenue. The planned luxury condominium is programmed for 22 residential units plus six slots for office space totaling 36,000 square feet.

Urban and contemporary

More High-end Condos Mulled in Rosemary District

Steve Bradley, Risdon Group president, said that their proposed complex will be a showcase to the emergence of the Rosemary neighborhood as a design district and a center for hip happenings and events. Bradley also indicated that Risdon on 5th will sport an “urban and edgy” style. The planned condominium, he noted, is being designed by the award-winning Halflants + Pichette Studio of Modern Architecture, which notably is also based at 5th Street, Rosemary District.

Known for its contemporary style of clean, angular lines, floor-to-ceiling windows and covered terraces for outdoor living rooms, this architectural firm also rendered the design for Vanguard Lofts, which is rising just a block away at Rosemary’s 4th Street.

Great market entry

The market timing of the Risdon Group project appears perfect, as the six-unit Vanguards Loft, which had its groundbreaking just in May 2015, only have two units left listed among Sarasota condos for sale. Featuring floor plans of 168 square feet, designed with three bedrooms and two baths, these units are priced in the $600s and $500s.

Resale condo units also appear paltry around these price levels, with just about 20 listings and only three added in the MLS of Sarasota condos for sale as of end-August. One of these fresh market offerings is just a short distance south of Rosemary District at the Sunset Towers, an end unit with two bedrooms and a floor area of 1,420 square feet priced in the high $500s.

Besides the planned Risdon condo complex, the Sarasota housing market is likewise anticipating the imminent opening of the sales office of Valencia at Rosemary Place. This development is estimated to cost $2.2 million and entails the construction of 30 upscale townhomes located at Boulevard of the Arts and Cocoanut Avenue.

Other projects moving

Several other development projects are now well underway in the Rosemary District. One major initiative is the construction of the $20 million Rosemary Square which broke ground at the Boulevard of the Arts in early August 2015. A mixed-use development, it is expected to catalyze property values in its locality. This project is programmed for four buildings with 39 residential apartments and 30,000 square feet of retail and office space.

Other new developments buoying property values in the district include CitySide which had a groundbreaking earlier this year for a total of 450 apartment units. Permitting is likewise in process for the $35-million Sarasota Flats planned for 228 units on Rosemary’s Fruitville Road.