St. Pete developer to build luxury townhomes and apartments in Sarasota
By Breanne Williams
Tampa Bay Business Journal
Published: Jul 12, 2024

A St. Petersburg developer plans to build luxury townhomes and apartments on Little Sarasota Bay.

Jeff Craft of Tampa Bay City Living told the Business Journal he will soon build 57 townhomes and 325 apartments on roughly 32 acres in Sarasota. Tampa Bay City Living will build the townhomes near the water, and the apartments will be built in partnership with Birmingham-based Arlington Properties.

“We’ve owned the back 15 acres of the property for quite some time, but we were land banking it, and when the front 20 acres came available a few years ago, we decided to move forward,” Craft said. “The process to get a project ready takes a few years, but we are rocking now and expect permits by the end of the year.”

Construction is expected to begin in the first quarter of 2025.

Craft said there is a strong need for both multifamily and ownership opportunities in the area. The apartments will feature 116 one-bedroom units that average 800 square feet, 161 two-bedroom units that average 1,050 square feet and 48 three-bedroom units that average 1,225 square feet.

The townhomes will be roughly 3,500 square feet with water views.

The townhome project will also have 10 boat slips. Amenities will include a community center, common areas and a pool. Amenities at the apartments include a pool, fitness center, workspace and dog washing areas.

The townhomes will hit the market in the second quarter of 2026 and will be completed in approximately three phases. The first phase will come online in roughly a year, and the last phase will be completed within two years. Once construction begins, the apartments are expected to be completed in approximately 20 months.

Townhomes are becoming increasingly in demand as the need for housing rises throughout Florida.

“Townhomes act as a sort of middle housing and is perfect for folks who want to live in prime areas like downtowns or near water like these townhomes will be,” Craft said. “Prices for single-family homes have skyrocketed, and people — especially in the last few years — have wanted to be part of the ‘Live, Work, Play’ movement. They want to live in places they can enjoy.”