New developer sees promise in Sarasota housing market

As his company begins to enter the Sarasota development market, Bob Hilliard believes there’s a void to fill.

Hilliard’s firm, Level Homes, is a Baton Rouge, La.-based developer that also has a presence in Raleigh, N.C., and Charleston, S.C. The company recently spent $4.1 million to purchase five multifamily parcels in Indian Beach/Sapphire Shores and another $3 million to buy a parcel on Golden Gate Point.

Hilliard, Level Homes’ coastal division president, said Sarasota offers an affluent population that he believes will be a good match for the boutique developer.

“Sarasota is really a very sophisticated market,” Hilliard said. “Really, it’s kind of a cultural gem, and because of those features, the market is very attractive from a housing standpoint.”

Hilliard said Level Homes would be able to fill a niche in the market by focusing on projects that may be too small for a national company yet too ambitious for local builders. Despite the growing housing stock in the area, Hilliard said Level Homes hopes to capitalize on projects other developers haven’t been able to produce.

He pointed to the plans for Indian Beach/Sapphire Shores as an example. The 23-unit collection of single-family houses aims to offer the opportunity to obtain a residence in an underdeveloped area while still having other new, high-quality houses adjacent to the property. That opportunity, Hilliard said, doesn’t currently exist.

“There’s very little development that’s happened west of the trail, and there’s very little that’s happened on the north side west of the trail,” he said. “The development that’s happened has been scattered.”

Prices for the homes that comprise that project, located near the 4200 block of Bay Shore Road, are likely to range from $800,000 to around $1.3 million, Hilliard said.

To differentiate itself from other condos in development on Golden Gate Point, Hilliard said their project — which will be located at 680 Golden Gate Point — would likely offer more units than other buildings in the area.

“That might bring the price down a little bit and offer another unique opportunity in that particular area,” Hilliard said. “We’re going to appeal to that buyer that wants those views but may not be in the $2-5 million range.”

Hilliard said the company is looking to acquire other properties in the city and region, perhaps extending as far north as the Tampa area. Although Level Homes is new to Sarasota, its outlook on the future of housing in the area is bright.

“We’re very confident in the strength of the Sarasota market,” Hilliard said. “We think it’s a perfect fit.”

Contact David Conway at [email protected]