The six-unit project is located north of the Siesta Key Village, and is expected to be completed next year.
A long-vacant piece of property on Siesta Key will soon be the site of a luxury condominium complex.
Oceane Siesta Key, by Atlanta-based developer Crossgate Partners LLC, will offer six condos between $3.8 million and $4.5 million. Located at 4740 Ocean Blvd., the new three-story building will be next door to Siesta Towers Condos and Big Pass.
The condos will fill a void in the Siesta Key market, according to Randy Moore, managing partner at Crossgate Partners.
“Quite honestly, it’s obviously a very unique product for Siesta Key,” he said. “There’s nothing really like it. There’s beautiful custom homes, but nobody’s really delivered a high-end residential condominium complex on the Gulf that’s going to have this level of finish and detail.”
Each of the six units will have 4,500 square feet, 72 feet of windows overlooking the Gulf of Mexico, a three-car garage and a private cabana in the pool area.
The project got started in 2016, and Moore expects to break ground within the month. He said that in addition to usual pre-construction challenges, Crossgate Partners wanted to meet some additional FEMA requirements to add a seawall to protect from storm-driven waves and higher tides, which allows for lower insurance costs.
Additionally, the six condominiums will have the potential for customization depending on the buyer’s tastes. Moore said when finished, each floor plan will vary slightly.
Crossgate Partners developed Longboat Key Infinity, an 11-unit project that opened in 2016. At the time, it was the first new project to get underway on Longboat in nearly seven years.
“We got a lot of our inspiration from that project,” Moore said. “That was, at the time, somewhat unique to the north end, and I think we’re looking to capitalize on that success.”
Sarasota architect Mark Sultana designed both Infinity and Oceane.
The project delivers something new on the island, real estate agents say.
“Most of the things that are in the luxury market on Siesta Key are remodels,” said Jonathan Abrams, a Siesta Key Realtor and a luxury sales specialist. “There’s just very little land opportunity.”
Crossgate Partners bought the 1-acre site near Big Pass in 2017 for nearly $5 million.
“It’s been a vacant lot for a really long time,” Abrams said. “Typically people want to see those built into something.”
Peter Laughlin, a broker associate with the company that’s handling the sale of the condos, Premier Sotheby’s International Realty, said there has been a lot of interest so far from buyers, especially from northern states.
Two of the condos are already sold.
Moore said it’s going to elevate the Key’s offerings.
“I think it’s going to bring a new level of luxury to the Key that currently is only available in new single-family homes,” he said. “It’s a level of customization and seclusion that’s just not found any place.”
Oceane Siesta Key is expected to be completed in spring 2019.