Sarasota Livin'

Well it looks like we will have less of a glut on condos downtown. Too bad for me I wanted to get a "bargin" right in downtown...

Condo projects scrapped

As the market for expensive high-rises evaporates, developers are shifting to building hotel rooms.

By KATHLEEN MCLAUGHLIN

SARASOTA -- Two would-be condo builders are backing out of their plans as the market for expensive high-rises vanishes before their eyes.

Premiere at Main Plaza was supposed to be 118 units in two 16-story towers at Fruitville Road and U.S. 301. Partners Wayne Ruben and David Band, working as Theatre Associates II, have had the plans approved since March.

Now Ruben says he wants to build 238 hotel rooms and sell them to two different owner-operators.

Meanwhile, Florida Main Street LLC probably won't do anything with the BB&T Bank building at 1740 Main St., partner Christopher Brown said.

"We're all a little concerned about the condo market," Brown said.

Brown's group is building 1350 Main, the tower across from Sarasota News and Books that he called a "dream project," perhaps because almost all the 134 units sold out in 90 minutes. That was in May 2004.
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But there are still projects moving along... Benderson Development is moving forward with the redevelopment of the Bank of America property. Seems we will get more hotel rooms than condos..

Here is a press release ...

RBS, TRiTON Companies To Build Ultra Luxury Condominiums in Downtown Sarasota

[USPRwire, Fri Jul 28 2006] TRiTON Companies and RBS Companies, Inc., a partnership that purchased the former Gold Bank building earlier this year, has announced preliminary plans for the property. Going before the Sarasota City Planning Department this week, spokesperson Brent Virkus, president of TRiTON, presented plans for One Palm, a luxury residential building, which includes high-end retail stores at street level, to be built on the Palm Avenue property. This is the first step for a proposed project that will redefine the standard of luxury downtown living.

“Modeled after the chic cosmopolitan lifestyle found in the world’s most fascinating cities, One Palm will offer sophisticated living in downtown Sarasota with a host of on-site and nearby amenities that will lend cultural richness to the address,” explained Virkus.

According to Virkus, One Palm will be marketed to people who know what Sarasota has to offer and have the desire to own a residence here. “I think people are either going to make One Palm their primary residence or at least live here through the winter months because everything they could want or desire will be at their fingertips,” he said. “One Palm promises to be the ultimate expression of luxury in a private downtown residence---like living in a secluded country manor, but surrounded by cultural amenities only a city like Sarasota can offer.”

Virkus continued to say that One Palm will make a contribution to the growth and beauty of the downtown area that will be a benchmark for years to come. “We’re proud of this project and proud to be part of Sarasota’s vibrant future,” said spokesperson Virkus.