Seaward Development is planning an 18-story, 25-unit luxury condominium project at 605 S. Gulfstream Ave., currently the site of the Versailles residences.
Another high-rise condominium building is in development near Sarasota’s bayfront.
On Tuesday, Seaward Development filed a preliminary application for an 18-story, 25-unit condo at 605 S. Gulfstream Ave. The property is currently home to the Versailles, a mid-rise condo building constructed in 1974.
Seaward Principal Patrick DiPinto said the group has spent more than a year planning to develop the Gulfstream site. Although that planning process is still ongoing, DiPinto said the average unit will be 4,000 square feet with four bedrooms.
At $1,100 per square foot, that puts the price for the average unit at more than $4 million. The units will be targeted at people who want to relocate to the city but don’t want to significantly downsize from a single-family residence.
“We see this site as an alternative for our island and high-end consumers who have large homes and want the convenience of condominium living,” DiPinto said.
Seaward spent more than $9 million to buy out the 14 owners at the Versailles, according to Sarasota County Property Appraiser records. The developer believes sustained demand for luxury condominiums near the water will make that expenditure a worthy investment. DiPinto said his team has already heard from prospective buyers.
“It is truly one of the last of its kind on the bayfront,” DiPinto said. “We’ve got an incredible piece of property that has over 100 feet of direct Florida waterfront views.”
DiPinto said the development would comply with the city’s existing zoning regulations, which means it will go through city staff for review and approval. Seaward hopes to begin construction in the fourth quarter of 2018, which could put completion of the project in late 2020.
Residents on Gulfstream and Palm Avenue have recently expressed concern about the effects of construction in the area — particularly the 624 Palm high-rise condo development, located right next to the Versailles. DiPinto said Seaward has already engaged in conversations with neighboring property owners and city staff, and pledged to prioritize safety during the construction process.
“We’re trying to be cognizant of what’s important to our neighbors,” DiPinto said.
The project does not yet have a name, and sales are set to begin in March. Already, though, the developer is setting lofty expectations for the final product.
“This will be an iconic building,” DiPinto said. “It’s going to be one the city and residents on Palm and Gulfstream are going to be proud of.”