- November 24, 2020
A luxury condominium project fronting the Gulf of Mexico is planned mid-island, replacing a resort that originated in 1948.
Sage Longboat Key proposes to build 16 beachfront residences at 4651 Gulf of Mexico Drive, the site of Sun 'n' Sea Cottages & Apartments. Prices will start at $4 million.
“With a 30-year history of developing exceptional luxury residences in key markets across the U.S., our firm is excited to get started in the exclusive haven of Longboat Key,” Property Markets Group Managing Partner Dan Kaplan said in a statement. “Sage Longboat Key Residences will seamlessly complement the growth of the surrounding area and provide residents an unparalleled living experience with standout service and amenities.”
PMG and Sarasota-based Floridays Development Co. are the property’s developers, while the architect is Sarasota-based Hoyt Architects.
Sun N Sea, Inc. sold the 3.4-acre resort for $13.25 million in a deal that closed this week. The Hedge Team with Premier Sotheby’s International Realty represented the seller and Coldwell Banker Realty agent Susan Repp represented the buyer.
Charlotte Hedge explained the reason for the owners of the Sun 'n' Sea wanting to sell the property.
According to the resort's website, the original buildings on the property were constructed in 1948. In 1964, about a dozen couples from Indiana purchased the property for their own use, and ultimately added accommodations through the years, opening up to the public.
The resort consists of 16 one- and two-bedroom cottages and eight one-bedroom and efficiency apartments, renting from a low of $90 a night to $325 a night, though it's been closed recently because of COVID-19 concerns. It is one of the town's 46 grandfathered vacation rentals not regulated by current rules requiring no less than 30-day stays.
“I think that what happened was as these original owners got to be grandparents and great-grandparents, their children weren’t so excited about taking the next step with the property,” Hedge said.
The four-story Sage will have units that range from 3,950 to 4,250 square feet. Each residence will have 12-foot ceilings, 8-foot entry doors, floor-to-ceiling windows, marble and wood flooring, Italian cabinetry, multiple parking spaces in their garages and a private elevator. Completion is expected in 2022.
Condos will also feature kitchens with state-of-the-art appliances, marble countertops, wine storage, walk-in closets, a bar and spa-like bathrooms.
“We are thrilled to be part of Sage Longboat Key Residences. The boutique nature of this beachfront condominium exemplifies the type of project we are known for,” said Floridays CEO Angus Rogers in a statement. “Moreover, we are extremely excited to partner with PMG – PMG’s expertise coupled with our local knowledge makes for an ideal partnership.”
Amenities will include 260 feet of direct beachfront, a wellness center, a spa, a private beach-entry saltwater pool, a fire pit, cabanas, a sedative club, a yoga promenade, a club lounge, a gaming room, a dog walking path and a nature trail.
“I think what pleased me so much about it was that it so smoothly,” Hedge said. “It was not contentious at all. Everybody was cooperating.”
Sotheby’s senior director of public relations Elise Ramer discussed the importance of the sale and how it represents Longboat Key’s growth.
“I mean that’s a big deal,” Ramer said. “Let’s just look at the progress that Longboat Key has made in regards to attracting luxury buyers and even developers who see the value and the future desire for luxury buyers to come.”
It’s unclear how quickly PMG and Floridays could redevelop the site for luxury clientele.
The high-density tourist resort zoning of Sun 'n' Sea allows for up to six residential units per acre, pending a site-plan approval by the town's Planning & Zoning Board, though no formal applications have been filed.
Preliminary meetings between the town and the property purchaser have taken place, said Allen Parsons, the town's Planning, Zoning and Building Director.