Kolter plans another downtown Sarasota high-rise

The boom in condominium development in downtown Sarasota continues this month with the announcement of a new high-rise building: the Grande at the Ritz-Carlton Residences.

West Palm Beach-based developer Kolter plans to break ground on the 18-story luxury tower next to the Ritz-Carlton, Sarasota, next spring, according to a news release. Michael Saunders & Co. will oversee sales of the units, which start at $2 million.

The firm is behind Vue Sarasota Bay, the towering hotel and condo project under construction at the intersection of North Tamiami Trail and Gulfstream Avenue. And Kolter also bought two properties on State Street for $5.5 million in anticipation of the Mark, an 11-story, 157-condo mixed-use that includes an additional 50,000 square feet of commercial space.

“We are committed to creating an unprecedented residential opportunity that will reflect the extraordinary standards of the world’s finest hospitality brand,” said Kolter Group President and CEO Bobby Julien in the release. “Our market research and recent experience have confirmed that there is strong demand for contemporary luxury residences and we believe The Grande’s combination of unique architecture, unparalleled amenities and exceptional service standards will satisfy the needs of the discriminating Sarasota buyer.”

The company hasn’t filed a new development application for the project, which bears the same name as a tower the firm planned in the run-up to the recession, but abandoned in 2007.

The Grande would join Kolter’s two nearby projects, as well as the Jewel, Sansara, Echelon on Palm, Demarcay at 33 South Palm, Azure on Palm, and a several other condos in development or under construction in Golden Gate Point.