The 60-unit luxury apartment development heads towards the Rosemary area, where there is an influx of millions of dollars in funding.
Gallery Sarasota, a mixed-use condo development on the corner of Force Street and Coconut Avenue in downtown Sarasota, will proceed with construction behind a $50 million loan from S3 Capital, the lending arm of real estate investment firm Spruce Capital Partners. In addition to 60 residential units, the development also features retail space.
The listed address at 1305 Fourth St., the complex is located in the “Edge of Downtown” zoning district, and allocates a maximum density of 75 units per acre. The complex divides 60 homes into six style collections.
The gallery’s original plan was approved by the administrative city in 2020, but the property has since changed hands. According to property records, current owners, Fourth and Coconut JV LLLP, purchased the 42,000-square-foot area in June 2023 for $3.7 million. The project is a joint venture between the Palm One Associates and the Simpson organization.
According to a press release from S3, the pre-sale is more than a third of the available units. The complex priced 97% of units under $2 million, compared to the average starting price of $3.9 million for new constructions in downtown.
Amenities include a rooftop terrace with a pool and social lounge, a private courtyard, a fitness centre and a yoga studio. The developer has not yet announced the construction or completion date.
Please contact Herald-Tribune Reporter Heather Bushman at hbushman@gannett.com. Follow her on Twitter @hmb_1013.
