Developer plots apartments on U.S. 301

Andy Patras, the director of development management with Chicago-based GK Real Estate, sees potential for increased activity along the U.S. 301 corridor south of Fruitville Road.

GK Real Estate has filed plans with the city for a seven-story, 69-unit apartment building called Artist Court Residences at 200 S. Washington Blvd. Although the project site is located on the periphery of the downtown core, Patras sees the land and its surroundings as a fertile spot for new development as the heart of the city gets built out.

“We feel that it’s ripe for growth in that area,” Patras said.

The project team met with the city’s Development Review Committee on Sept. 2 to discuss the preliminary plans.

The proposal calls for the demolition of the northernmost commercial building on the site, leaving two other buildings on Washington Boulevard and Adams Lane to be renovated.

The apartment building would be built on what is currently a parking lot on the western end of the site. The plan proposes four levels of apartments above three levels of parking and a 4,000-square-foot ground-floor commercial space on Adams Lane. The apartments would include 46 one-bedroom units, 19 two-bedrooms and four three-bedrooms, ranging in size from 550 square feet to 1430 square feet.

Patras said GK Real Estate was drawn to the site not only because of its proximity to downtown but also its location in an opportunity zone and the presence of the nearby Towles Court art district. Patras said he hoped construction could begin by next August, with the project taking 18-20 months to build out.

GK Real Estate is the developer behind the DeMarcay project, a 39-unit, 18-story condominium at 33 S. Palm Ave.

The DeMarcay team announced last month it had secured a demolition permit from the city and would begin removing the existing structures on the property. Completion of that project is expected in summer 2022.

“There’s quite a bit of activity in Sarasota right now, and we are actively looking for those opportunities and feel it’s a great growth market,” Patras said.