Bank OZK Provides $130M Loan for South Tampa Project
Belpointe OZ will use the financing to build a 424-unit community in downtown Sarasota, Fla.
Belpointe OZ has secured $130 million in construction financing for The Aster & Links, a 424-unit mixed-use project in downtown Sarasota, Fla. Bank OZK originated the loan.
The development is set to incorporate two high-rise buildings with one-, two- and three-bedroom apartments, as well as four-bedroom townhome-style penthouses. Common-area amenities at The Aster & Links are slated to include a swimming pool, a fitness center, a clubroom, community rooms, rooftop gathering spaces and private dining areas, outdoor grills and a center courtyard. The 10-story buildings will also feature garages and surface parking with over 900 spaces.
Upon completion, the community will also comprise approximately 55,000 square feet of ground-floor retail space. Sprouts Farmers Market has already signed a 23,000-square-foot lease at Aster & Links, according to RE Business Online.
Located at 1991 Main St., the site is in an area with an abundance of dining options, retail centers and entertainment venues. The development will be right off Route 41, which provides direct access to both Tampa and Fort Myers. Sarasota-Bradenton International Airport, Downtown Park and Mote Marine Laboratory & Aquarium are within a 5-mile radius of the site.
Recently, Bank OZK also provided $252 million in construction financing for The Residences at 400 Central, a mixed-use tower underway in St. Petersburg, Fla. Developed by Red Apple Real Estate, the community will feature 301 luxury condominium homes.