These Projects Can Fire Up Property Values in Longboat Key


SARASOTA, FLORIDA, January 26th, 2016 – Several developers are readying a number of projects that could add more zest to the property market in Longboat Key moving forward in 2016.

Significantly, one of these proposed undertakings involves a revitalization of the island’s north end which some observers feel is being left out in local development. This northern Longboat project is being pursued by Sarasota-based Floridays Development Co. which has expressed interest in constructing an 80- to 100-room hotel in a parcel of about 1.5-acre site next to the Whitney Beach Plaza.

Potent dynamics at play

These Projects Can Fire Up Property Values in Longboat Key

If this proposal pans out, it will be a fitting follow-through on Floridays’ planned 163-room hotel project in downtown Sarasota. The company is purchasing a city-owned property adjacent to the Palm Avenue garage for this new hotel at the city center.

Notably, the dynamics of Floriday’s Longboat plan is already at play in the Whitney Beach Plaza whose owner, Ryan Snyder, recently abandoned an earlier referendum request to convert the shopping center’s commercial zoning to tourism. Snyder now plans to discuss with Floridays for “any common ground” with its proposed hotel next to his property. Any progress on these talks would logically have some impact on many neighboring Longboat properties, such as those condos for sale at Beach Walk and at Whitney Beach Condominium.

Colony revival coming up

Similarly, matters are shaking up for the closed Colony Beach & Tennis Resort towards the key’s southern end popular in searches for Longboat condos for sale. Two developers presented in December separate proposals to Colony unit owners for the property’s redevelopment.

One proponent, Unicorp National Development, tabled plans for 360 units for residential and tourism uses. Of these, 124 will be full-time ownership condos. The rest will be allotted as 56 fractional condo units and hotel rooms.

The other proposal is purely for tourism use in the 18-acre Colony property at 1620 Gulf of Mexico Drive between condos for sale at Players Club and Aquarius Club. This option, jointly proposed by MW Development Group and Naples-based The Lutgert Cos., calls for a $195 million project for 400 units in a main midrise near Gulf of Mexico Drive and in two- and three-story villas.

Ocean Properties’ twin tailwinds

Well ahead of these proposed Longboat property developments, Delray Beach-based Ocean Properties Ltd. is completing this 2016 its new Zota Beachfront Resort hotel just south of condos for sale at Sand Cay and Windward Bay. Located at the former Longboat Key Hilton, this project features a new hotel tower with 84 rooms. These units are in addition to the completely renovated 103 rooms of the former Hilton building. The Zota hotel project likewise includes the construction of a new lobby, a cutting-edge meeting space, a swimming pool and pool deck, a restaurant and wine bar.

Even bigger moves are on the horizon for The Resort at Longboat Key Club, which is also under Ocean Properties. An expansion worth about $100 million was approved for this resort in a May 2015 referendum. This project is slated along New Pass southwest of the condos for sale at Tangerine Bay Club. Here, Ocean Properties plans some 90 new condominium/villa units and a 259-room hotel with 10 up to 12 meeting rooms that too should add zip to properties in its south Longboat Key neighborhood.