New York developer plans boutique condos beginning at $4 million on Longboat Key
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 30, 2020

A New York developer has unveiled plans for an ultra-luxe boutique condominium project on Longboat Key.

PMG on Tuesday said that Sage Longboat Key will include 16 beachfront condos in four stories on the Gulf of Mexico, priced from $4 million to $8 million. Sarasota-based Floridays Development Co. is a partner in the project; the architect is Hoyt Architects.

PMG already owns the 3.2-acre site. A general contractor has not yet been hired, a spokeswoman for PMG said.

The four-bedroom, four-and-a-half bathroom floor plans range from 3,900 to 4,100 square feet. The residences are fully furnished, and four penthouses will have private rooftop terraces with plunge pools.

“We are thrilled to be part of Sage Longboat Key Residences. The boutique nature of this beachfront condominium exemplifies the type of project we are known for,” Angus Rogers, president and CEO of Floridays Development Co., said in a statement. “Moreover, we are extremely excited to partner with PMG — PMG’s expertise coupled with our local knowledge makes for an ideal partnership.”

The development signals confidence in Sarasota County's coastal luxury real estate market and comes just a day after a Miami group announced its $15.5 million acquisition of two St. Armands Circle retail properties.

PMG is also one of several developers pursuing the redevelopment of a prime piece of city-owned property in downtown St. Petersburg, and the developer's affordable housing arm is actively pursuing projects in Tampa. As in Longboat Key, PMG has partnered with a St. Pete developer on that project.

“With a 30-year history of developing exceptional luxury residences in key markets across the U.S., our firm is excited to get started in the exclusive haven of Longboat Key,” Dan Kaplan, managing partner of PMG, said in a statement. “Sage Longboat Key Residences will seamlessly complement the growth of the surrounding area and provide residents an unparalleled living experience with standout service and amenities.”

The new development division at Premier Sotheby's International Realty is listing the condos for sale.

“We are extremely excited to be given the opportunity to represent this prestigious community,” John Gleeson, senior vice president of development services, said in a statement. “From the myriad of exceptional features to its sophisticated amenities, Sage Longboat Key Residences will offer discerning buyers a private luxury experience in an idyllic location on Longboat Key.”