Allen Morris Lands Loan for $250M Southwest Florida Project
The financing supports the second phase of a larger luxury development.
Bayside North will include more than 50,000 square feet of amenity space, including a swimming pool and a 3,000-square-foot restaurant. All renderings courtesy of Allen Morris Co. 
Courtyard view of Bayside’s second phase 
The top floor of Bayside’s second phase will feature a clubhouse 
The developers of Bayside have planned for more than 50,000 square feet of amenities across the two phases
Allen Morris Co. has secured a $43 million loan for the construction of the second phase of Bayside, its $250 million multifamily project in Sarasota, Fla. Affinius Capital and Axonic Capital provided the financing.
The second phase of the project, encompassing 96 upscale units and eight suites, is dubbed Bayside North. Initially, the phase was estimated to break ground last year and reach completion in the second quarter of 2027, according to the developer’s website.
Development partners for the whole project include Kimley-Horn, Hoyt Architects, Dwell Design Studio as interior designer and Longboat Group, which will oversee leasing and management.
Bayside North will rise at 800 Cocoanut Ave., in the city’s downtown area. Sarasota Bradenton International Airport is 4 miles away, while downtown St. Petersburg, Fla., is some 40 miles to the north.
READ ALSO: Is Southwest Florida the Next Destination for Luxury Living?
Plans call for a seven-story building. The property is set to encompass one-, two- and three-bedroom floorplans with an average unit size of 1,200 square feet, as well as 15 workforce housing units.
The upcoming building will include common-area amenities such as a clubhouse on the top floor, a swimming pool, a pickleball court and a 3,000-square-foot restaurant.
Other amenities part of the broader Bayside project—which are expected to total more than 50,000 square feet—will include multiple courtyards, retail spaces and multiple resident services such as fitness classes, events and wellness seminars.
The first, 254-unit phase of the larger development is well underway. Allen Morris Co. is developing the first phase in partnership with the Alaska Permanent Fund Corp. In April 2024, the duo secured an $83 million construction financing for this phase, with a completion date now pushed to April 2027.
Slowing deliveries in Southwest Florida
After a resounding development boom peaking last year, the area’s pipeline has been slowing down to some degree. Year-to-date through April multifamily deliveries in Southwest Florida included 13 properties totaling 2,947 units, according to Yardi Matrix information. That marks a nearly 43 percent decline when compared to the same period of 2025. Last year, developers completed 21 projects, or 5,164 units, during that time span.
Elsewhere in Florida, Allen Morris Co. is moving forward with another luxury project. The developer secured a $132.5 million loan for a 58-unit condominium project in Coral Gables. Bank OZK provided the loan for the development, dubbed Ponce Park, estimated to reach completion by 2028.
