A condo tower and a mixed-use luxury apartment project are the first two in a series of buildings coming to the waterfront property.
There are increasingly noticeable signs of activity at a long-dormant 15-acre bayfront site near downtown Sarasota.
Although most of the construction is limited to infrastructure work, GreenPointe Communities is embarking on a $1 billion effort to transform the Quay property at 333 N. Tamiami Trail into a mixed-use district.
The Jacksonville-based developer is still in the process of producing final plans for much of the property, but during a visit to Sarasota today, representatives for the company expressed excitement about the potential to make the Quay a standout destination within the city.
“Our vision is to be the connecting point between the arts district and the urban downtown district,” said GreenPointe CEO Ed Burr.
The city has already approved a general development agreement for the Quay property. The deal with GreenPointe allows for the construction of up to 695 condominium units, 189,050 square feet of retail space, 38,922 square feet of office space and a 175-room hotel. Per the agreement, the Quay project team will need to file a site plan for public review for each block of the project, with nine blocks planned in total.
As GreenPointe pursues a block-by-block buildout of the Quay site, it has finalized some plans for the land. In 2018, the city approved a site plan for The Ritz-Carlton Residences, Sarasota, an 18-story, 73-unit luxury condominium project. The project, led by developer Kolter Urban, is expected to be complete by late 2020.
In September, the development team filed updated plans for blocks two and three of the Quay property. Lennar Multifamily Communities intends to build a 10-story building along U.S. 41 with 241 apartments and 12,748 square feet of retail and restaurant space. GreenPointe said construction on that project could begin by the second quarter of 2020 and take about two years to complete.
GreenPointe is also partnering with the city and the Florida Department of Transportation on the construction of a roundabout at U.S. 41 and Fruitville Road, expected to be complete by fall 2020.
Plans for future blocks include more residential mixed-use towers, a potential hotel and additional office space.
In addition to the new vertical construction, the Quay plans also include a one-acre park at the center of the property adjacent to the waterfront. Beyond developing the site with private buildings, Burr said the plans are designed to invite the public into the property. He hoped the plans would be a good complement with The Bay Sarasota project to the north and the Rosemary District and downtown to the east.
“Ultimately, we want to drive a mix of uses that create a great sense of place,” Burr said.