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The company is finalizing approvals through the city and aim to break ground later this year. Kolter Urban’s latest project in Sarasota, The Ritz-Carlton Residences, Sarasota Bay has seen a strong wave of interest from buyers as the company expands its footprint in downtown.
Kolter, led by CEO Bobby Julien, is building a 20-story tower with 78 residences that range from three-and four-bedroom floor plans in the Quay Sarasota shopping and entertainment district. The main living areas will have 12-and 13-foot ceilings and each unit comes with terraces and built-in outdoor grills. Units will range from 3,500 to just under 6,000 square feet.
Brian Van Slyke, regional president of Kolter Urban, said they are finalizing approvals through the city and are getting ready for sales conversion in the next few weeks. They aim to break ground later this year.
Amenities include a resort-style pool, golf swing simulator room, a cafe and on-site property management services provided by The Ritz-Carlton. There is also a waterfront fitness center on the first level that includes a movement studio, a private training room and a health and wellness center.
Residents can also use private paddleboards, kayaks and bicycles. They will also have a private access parking garage with a valet at the main entry.
The project is designed by SB Architects. Kolter has not selected a general contractor for the project yet. The tower overlooks the harbor, Sarasota Bay, the Gulf of Mexico and downtown Sarasota.
Premier Sotheby’s International Realty is leading sales for the tower. The sales gallery is within the Ritz-Carlton hotel lobby, locate at1111 Ritz-Carlton Drive.
Van Slyke said they’ve had a mix of buyers. With a Ritz-Carlton brand, they attract buyers “far and wide,” and having the sales gallery within the hotel has led to several walkups from hotel guests interested in living in a branded residence.
Kolter’s first Ritz-Carlton Residences was completed in 2021—which sold out prior to completion—and this project will be just north of those initial residences, which are also near the hotel.
The initial Ritz-Carlton Residences, Sarasota was 18 stories and included 73condominiums. Van Slyke said the positioning, location and all the Ritz-Carlton brand has to offer sets the project apart and has led to a wave of initial interest following the launch of the sales gallery.
Kolter Urban’s other projects in Tampa Bay include Saltaire and Art House in downtown St. Petersburg and ONE Tampa in downtown Tampa.
Despite the national market beginning to slow Van Slyke said they feel “well-positioned” due to the demand for Florida and diversity of Kolter’s projects.
