Developer has new vision for luxury tower One Park Sarasota after air rights battle
By Breanne Williams
Tampa Bay Business Journal
Published: Jan 17, 2024

Development plans for One Park Sarasota, an 18-story luxury condominium tower planned for downtown Sarasota on the Boulevard of the Arts, have changed after a legal dispute over air rights.

The tower is a joint venture between New York-based Property Markets Group and Sarasota-based MoneyShow. Dan Kaplan, managing partner at PMG, told the Tampa Bay Business Journal when they purchased the property for $37 million in October, the developers believed they had purchased the air rights between the two sites for the project.

The original development would have had them building a breezeway over Quay Commons, a bisecting street between the two parcels. A Sarasota County judge determined the airspace was not within their ownership, and the developers began to build a new vision for the project.

“This will be the nicest building in Sarasota by far,” Kaplan said. “It will have unobstructed views of [The Bay Park] and the water behind the park from almost every unit. I think the architecture we’re providing and the overall impact on the Sarasota skyline is going to be pretty significant. If you look historically at the amenity package we provide to all of our buildings, it’s for sure best in class and will knock all of our competitors out.”

Plans for the tower dropped from 123 to 86 residences and from 13,000 square feet of retail space to 5,000 square feet.

The tower will feature condominiums and penthouse residences on the top floor and townhouses on the bottom two levels of the property. The penthouse and townhouse owners will also have access to private rooftops, outdoor kitchens and plunge pools.

Amenities at the tower will include an infinity-edge pool and spa deck, a wellness spa with a Hammam spa, a dog run, fitness studio, Pilates and yoga studio, cycling rooms, private lockers, saunas and steam rooms, an owner’s lounge, hospitality suite, private theater, golf simulator and a wine room. Other services include valet parking, dog walking and package delivery.

The tower was designed by Sarasota-based Hoyt Architects. The condos have three bedrooms, 12-foot ceilings and floor-to-ceiling windows. The residences will also have expansive outdoor terraces with summer kitchens.

The price point for the condos starts at approximately $3 million, according to Kaplan. Coldwell Banker Realty is the sales team for the project.

“We launched sales to the public [Jan. 11] and just through whisper campaigns and kind of speaking to old buyers, we’re already over 40% sold [in less than a week],” Kaplan said. “That takes into account folks that had been very engaged in the last iteration of the project. They knew the finishes and the amenity packages and were very well-informed.”

The group anticipates breaking ground at the end of the fourth quarter of 2024 or the beginning of 2025, Kaplan said.

PMG’s roots began with projects in New York. The company expanded its focus to Florida in the early 2000s before expanding nationwide. Its Longboat Key project was “incredibly successful” and encouraged PMG to continue to pursue projects in the area.

“We very much believe in the west coast of Florida,” Kaplan said. “We think the population growth there is going to continue significantly. It also has the tailwinds of Florida as a state from a tax standpoint. It’s obviously a retirement capital, but you’re also getting younger folks moving to the west coast of Florida, which historically hasn’t happened as much. We really believe that pattern will continue.”