In downtown Sarasota, there have been plenty of luxury condominium developments as several towers have been constructed along the Bayfront in recent years, but new high-end apartments are rare in urban centres.
It added over 420 luxury units to Sarasota’s rental inventory last year after two skyscrapers on the eastern edge of Main Street completed construction.
Aster & Links began construction in 2022 after Bell Point, Connecticut, was based in Greenwich. In 2019, it took about five acres of eight acres, which were part of a retail center along Main Street, including Hollywood 11 cinemas.
After demolishing the retail building and years of construction, the two 10-storey apartments and a first-floor retail business – including Brussels Sprouts Farmers Market – has been open for several months.
When the project broke, apartment rents were surged faster than anywhere else in the country in the Sarasota market. However, prices for apartments have been falling in recent months as the once-red-hot rental market is moderate.
Eric Fenton, Vice President of Development at Belpointe, said the softening of the rental market is not worried about him, and Belpointe is positioned as the long-term owner of Aster & Links.
He said the property was built in a federally recognized opportunity zone, with tax benefits associated with the construction of developments that require owners to retain the property for at least 10 years.
Fenton recently offered the Herald Tribune a tour of new developments to round out the construction of the two buildings in late 2024, but Aster, located in front of Main Street, was finished with construction at the link for the second building. The unit was leased early in 2024. It is located along Link Avenue.
New complex target high-end customers
Each building has a similar layout and amenity package, allowing residents to use the facilities in either building. Many of the amenities match what other condo properties offer to residents. This is popular in many high-end projects in the region.
“Both have pools and both have rooftop amenities,” Fenton said. “The differentiator really is the aesthetics of the design.”
Named after native Florida flowers, the Aster building has a more traditional Sarasota design, but the Link building took a more modern and eclectic approach.
“The Astorville, in front of Main Street, represents more of what is usually found in Sarasota. The white building with a tropical modern façade is the place to see more bricks, reclaimed wood, and the building of Link There is,” Fenton said.
Throughout the building, the project will require more than $1 million to help the city of Sarasota contribute to the public art fund, making it possible to include a large art piece in front of the main entrance of the facility on Main Street. There is also a shared area where art decorations are displayed. Or have a public art component for your project.
Designed by Washington, DC, the “Touch” Zachary Oxman is a metallic hand 14 feet tall from Main Street, beneath the building near the welcome lobby that appears to reach towards the concrete ceiling.
“We’ve probably returned a bit from the main street sidewalk. It has brought a lot of visual interest and there’s public parking in this garage,” Fenton said.
Fenton said the city will hold a ceremony in early April to reveal the artworks of public art.
Another Oxman artwork depicting the Mable Ring ring is located inside Astorville. Oxman used glass orbs, mirrors and perception to create images of the famous Sarasota resident.
However, the six-figure art budget wasn’t all spent on DC artists as it focuses on local artists and galleries to decorate the building.
The developer also remains high in the Sarasota market after purchasing about three acres of blocks between Main Street and Ringling Boulevard, west of Osprey Avenue.
Fenton said the company plans to submit plans for future ringing projects. He noted the density bonus offered by the Sarasota City Commission and said the company will include affordable homes in its design. The density bonus offers developers more units in exchange for including achievable homes in the project.
The opening of Aster & Links last year has had several challenges, but Fenton said it is not a lack of demand to drive these issues.
“To be honest, the biggest issue was the confusion from the storm,” he said, he told Sarasota about the impact of last year’s record-breaking hurricane. “There are always periods when people are just focused on recovery and not focused on housing decisions.”
