Allen Morris JV Secures $83M for Luxury Project
This Southwest Florida community will come online by fall 2026.
A joint venture between The Allen Morris Co. and the Alaska Permanent Fund Corp. has secured $83 million in construction financing for the first phase of Bayside Sarasota, a 253-unit luxury multifamily project in Sarasota, Fla. Kennedy Wilson provided the loan in a deal arranged by L&B Realty Advisors.
Construction of Phase One is already underway and scheduled for completion by fall 2026. Plans call for an additional 96-unit tower that will break ground later this year.
Development partners include general contractor Brasfield & Gorrie, architecture firm Dwell Design Studio and interior designer FlickMars. Longboat Group will oversee leasing and management at the completed property.
Bayside Sarasota, up close
Upon delivery, Phase One’s five-story building will encompass one-, two- and three-bedroom layouts, along with 2,000 square feet of ground-floor retail. Additionally, the property will feature a 50,000-square-foot amenity package, including a rooftop swimming pool with deck, fitness center with a covered yoga terrace, private courtyard with dining area and a restaurant in the lobby.
The development site is at 850 Cocoanut Ave., one block from the $200 million The Bay Park Redevelopment project. Downtown Sarasota is less than 2 miles away, while the Sarasota Commons shopping center is within 4 miles. Sarasota Bayside will also be roughly 1 mile form The Aster & Links, a 424-unit project that was announced last year.
Southwest Florida Coast’s growing multifamily sector
The Southwest Florida Coast ranked third in the latest Top 10 emerging multifamily markets list based on Yardi Matrix data, with 5,463 units coming online last year and more than 16,150 units underway at the end of 2023.
Last month, Mast Capital and BLG Capital Advisors broke ground on Hancock Bridge Square, a 320-unit community in Fort Myers, Fla. The developer financed the construction with a $65 million note from CenterBridge Partners.
Also in Fort Myers, Alliance Cos. secured a $57.3 million HUD 221(d)(4) construction loan for the 280-unit Montego Square development. The moderate-income community is expected to come online in 2026.
