The Sarasota-based developer has proposed a mixed-use luxury project near the intersection of 5th Street and Central Avenue, further contributing to the rise of the Rosemary District.
Less than two weeks after Gilbane Building Company broke ground on the $20 million Rosemary Square project, another developer will pitch plans for luxury condominiums in the blossoming area north of downtown.
Rosemary District-based Risdon Group will meet with the city’s Development Review Committee next week to discuss plans for Risdon on 5th, which includes 22 condos and six offices in 36,000 square feet of space near the intersection of Central Avenue and Fifth Street. Halflants + Pichette Architects, which is also based in the district, will oversee design of the $5 million project.
“Risdon on 5th is setting the style, DNA and positioning for the Rosemary District's evolution into a hip, happening neighborhood and Design District,” said Risdon Group President Steve Bradley.
The complex will feature an “original, urban and edgy” design, Bradley said. Halflants + Pichette also oversaw the architectural work on Vanguard Lofts, which is another new development slated for Rosemary.
Property owner Scot Lloyd bought the 21,000-square foot parcel for $590,000 in January. The property’s land value has jumped from a recent low of $253,800 in 2009 to more than $730,000 this year, according preliminary values on the Sarasota County Property Appraiser’s website.
The project is one of several new developments buoying values and pouring investment into Rosemary, as Ascentia Development Group and Rosalyne Holdings broke ground on the 450-unit CitySide apartments earlier this year. Framework Development is working through permitting for the $35 million, 228-unit Sarasota Flats on Fruitville Road.
One of the latest proposals for development within the district is the tentatively named 7th Street Apartments, which will replace the longtime body shop at the intersection of Lemon Avenue and Boulevard of the Arts, and two other adjacent structures.
The Downtown Improvement District recently formed a taskforce to gauge interest in expanding the self-taxing district into Rosemary. And new businesses, such as SAS Mercantile and Mandeville Beer Garden, are bullish on the influx of new residents.
“There’s a buzz about this area,” said Sarasota Architectural Salvage Sales Director Robert Anderson in a previous interview with the Sarasota Observer. “People are starting to realize this area is waking back up."