An 18-story, 73-unit condominium is the first announced piece of the 15-acre downtown Sarasota project.
| 5:03 p.m. September 27, 2017
The owner of the Quay is moving ahead with plans to build out the vacant downtown bayfront land, filing documents Friday for an 18-story condominium north of the Ritz-Carlton, Sarasota.
The project, called The Grande, is the first phase of Jacksonville-based developer GreenPointe Holdings’ plans for a 15-acre waterfront district near the intersection of Fruitville Road and U.S. 41.
The Grande is a 73-unit residential building. The project will also feature a 159-space parking garage and, in a separate building adjacent to the condo, a 9,900-square-foot restaurant.
The project will be built in collaboration with The Kolter Group, the developer of Vue Sarasota Bay and The Mark in downtown Sarasota. Kolter originally filed plans for The Mark last year, hoping to build the project on the Ritz-Carlton property.
GreenPointe President and CEO Ed Burr said Kolter approached the company about relocating the proposed development to the Quay property. Burr said the new site would still allow for access to the Ritz-Carlton, with a pedestrian bridge along the waterfront connecting the two sites.
“We have embraced connectivity for the public,” Burr said.
In 2016, the City Commission approved a development agreement with GreenPointe that divides the property into nine blocks, along with a waterfront district area and a marina. The Grande will go on Block 6, located in the southwest corner of the property.
In total, the city approved up to 695 condominiums, 175 hotel rooms, 189,050 square feet of retail space and 38,972 square feet of office space on the site. The overall cost of the project is estimated at roughly $1 billion.
GreenPointe is also preparing for significant infrastructure work on and around the Quay site. The developer agreed to construct a roundabout at U.S. 41 and Fruitville Road as part of its deal with the city. Burr said that construction would likely begin in the first quarter of 2018, and take 12 to 15 months to complete.
The plans submitted to the city list the estimated build-out date for The Grande as 2020. Burr didn’t divulge any other plans GreenPointe had for the Quay, but the developer is eager to move forward with the project.
“We can’t wait to make our next announcement,” Burr said.