Florida Waterfront Development Adds 2 Residential Projects

Lennar Multifamily Communities and Kolter Urban both purchased tracts at Quay Sarasota and have announced luxury development projects.
LMC Quay Sarasota rendering. Courtesy of GreenPointe Developers

Quay Sarasota, a 15-acre, mixed-use waterfront district in Sarasota, Fla., is expanding its residential offerings with two new luxury multifamily projects. Lennar Multifamily Communities will build a 12-story, 240-unit apartment tower with ground-floor retail, and Kolter Urban will develop Bayso, Sarasota, an 18-level condominium project with 149 luxury residences.

LMC and Kolter Urban purchased their sites from GreenPointe Developers, which is developing the $1 billion residential-retail-hotel and office district on Sarasota Bay along with Cross Lake Partners. LMC acquired 1.65 acres and Kolter Urban acquired 1.15 acres at Quay Sarasota. GreenPointe, based in Jacksonville, Fla., bought the Quay property in 2014. Plans call for the district to have 695 residential units, a 175-key hotel, and 220,000 square feet of commercial and retail space overlooking a yacht basin with boat slips, a waterfront park and boardwalk.

LMC will be building its first apartment community in the Sarasota market. A JLL Capital Markets team led by Manny de Zarraga, Maurice Habif and Simon Banke, represented Cross Lake Partners and GreenPointe in the sale of the site to LMC.

Project Details

LMC Quay Sarasota will have more than 13,000 square feet of ground-floor retail. Community amenities will include a top-floor wine lounge, catering kitchen, cyber café, resident lounge, golf simulator, business center, meeting rooms and fitness center. Other features include a resort-style swimming pool, outdoor cabanas, outdoor bar and grill, dog park, bike repair shop, storage and WiFi in the common areas. Construction is expected to begin in May with completion of the first units by September 2023.

Kolter Urban’s Bayso, Sarasota rendering. Courtesy of GreenPointe Developers

Kolter Urban’s Bayso, Sarasota will offer buyers their choice of 11 two- to three-bedroom plus den floorplans ranging from 1,600 to more than 2,600 square feet and seven penthouse floorplans ranging from 2,500 to nearly 4,000 square feet. Residences will have open-floorplans, European kitchens, expansive terraces with glass balcony railings and selection of designer-coordinated finishes and appliances.

Community amenities will include an elevated resort-style pool and spa deck with cabanas, entertainment areas and outdoor kitchen, fitness center with personal training and flex studio, residents’ club room with a catering kitchen and bar. The property will also have a dog park, climate-controlled storage areas and dedicated lobby staff. Condominiums will be priced from the $800,000s. Groundbreaking is planned for the second quarter of 2021 with completion expected by fall 2023.

Kolter Urban is also developing The Ritz-Carlton Residences, Sarasota, which will be adjacent to Bayso. The Delray Beach, Fla.,-based developer said only two luxury residences are still available for sale at The Ritz-Carlton Residences.