Sarasota Building Boom to Spill Over the 2020s


SARASOTA, FLORIDA, March 6th, 2017 – Builders will be busy in northwest of downtown Sarasota well after year 2020 as pre-planning has formally started for the redevelopment of the city-owned 42 acres around the Van Wezel. In addition, high-rise condominiums are also set in this bayfront area, courtesy of two developers who’re no doubt bullish on the prospects of the Sarasota real estate market.

In a workshop held this February, leaders of the nonprofit Bayfront 20:20 and the City Commission set the broad strokes for a master plan to convert the 42-acre city property into a park-like space. The planning board has already gathered private contributions or pledges of over $1.2 million for this project.

Envisioned as a “commons” for the city center, this area may include an event venue, space for retail, and a playground. Compatibility with the nearby public attractions in the area will likewise considered in the master plan. These existing facilities include the Van Wezel Performing Arts Hall, the historic Garden Club, Municipal Auditorium, and the Sarasota Orchestra.

New Skyscraper from Core

Sarasota Building Boom to Spill Over the 2020s

Robust buying demand for new Sarasota condos for sale walkable to such downtown amenities, meanwhile, convinced Core Development to launch its BLVD Sarasota project recently. Located at 540 North Tamiami Trail (U.S. 41) just southeast of the planned city project, this new condo construction is planned for 18 stories with a total of 49 units.

Core’s president, Kevin Daves, noted that some home buyers are keen on trading beach living to a downtown lifestyle. He added that not a lot of new builds are coming in 2017 and pretty much of the new condos are already sold out.

On the drawing boards of this new project are condos with living areas ranging from 3,300 to 5,400 square feet. Their features include spacious, wraparound balconies, with select units having their own private pools. The planned condo amenities include a rooftop zero-horizon pool with expansive views of Sarasota Bay.

The condos’ pricing top at $4.2 million and $5.2 million set for the building’s two penthouses. The rest of the units will be offered from $1.5 million to $2.7 million. The developer hopes to pre-sell at least 50 percent of the condos before starting construction, expected in this year’s fourth quarter. 

Quay’s High-Rise Plans

Across Core’s project, GreenPointe Communities is also set to start in late 2017 or early 2018 onsite construction on its $1 billion Sarasota Quay development. Its 14-acre site is programmed for about 100 condos in a still unspecified number of 18-story high rises.

The Quay is expected to be developed over seven years of active construction as a new waterfront district. Besides its residential components, it will feature a public plaza, retail shops and restaurants.

Development of the Quay is expected to first focus on the southern edge and the southwestern corner of the property. Prior to vertical construction, GreenPointe will restore the historic Belle Haven Hotel at the property’s center and construct several multi-use recreational trails along the waterfront and U.S. 41. The project also has to complete a roundabout at the U.S. 41 junction with Fruitville Road within the next three years, thus adding to a local construction boom moving onwards to the 2020s.