New luxury condo announced

A Canadian developer has chosen Sarasota as its entry point into the American market, as Vandyk USA announced plans to develop a mid-rise condominium building on Golden Gate Point.

The Vandyk group of companies, based in Toronto, ended up in Sarasota after its president and CEO, John C. Vandyk, became familiar with the area when visiting Canadian friends who live here seasonally.

“He came down here and he just fell in love with the place,” said Karin Silver, vice president of marketing and sales for Vandyk USA. “He calls it a little cultural haven, a hidden jewel.”

In the process — and after purchasing a condo himself on Golden Gate Point — he noticed vacancies in the area and felt he should capitalize on that opportunity. One88, located at 188 Golden Gate Point, is slated to become Vandyk’s first project in the United States.

One88 will consist of eight residences in a five-story building, with each condo featuring a view of the bay and of the marina to the east. Amenities include boat docks, a car lift, a lap pool, private balconies and a rooftop terrace with direct access from the penthouse suites. The condos, approximately 3,000 square feet, are expected to be priced in the mid-$2 million range.

Construction is scheduled to begin in spring, and the build-out time is projected to be one year. Silver said Vandyk handles the development process from beginning to end with its properties, and the Golden Gate project would be the same.

“John (Vandyk) likes to call his company a soup-to-nuts operation,” Silver said. “They buy it; they develop it; they build it.”

Rather than solicit presales, as is the case for many planned downtown condo developments, One88 Residences will not begin sales until it completes all of its planning documents. It will construct the condominium whether or not all the units are sold, Silver said.

Silver also said this is just the beginning of Vandyk’s plans for development in the Sarasota area, and that Vandyk is already targeting several other locations throughout downtown. The company’s president is primarily passionate about mid-rise condominiums, she said, but the company could develop a mix of boutique projects.

“He really likes to use the word ‘boutique,’ because he likes unique projects, infill and downtown,” Silver said. “He loves this downtown.”

The company also has plans to develop a property at 635 S. Orange Ave. in Burns Court, though it’s not yet known what the project will be. Throughout Sarasota, Vandyk feels there’s plenty of room for growth.

“He saw the opportunity and knows it’s kind of ripe for it,” Silver said.

Contact David Conway at [email protected].