PMG announces second luxury tower in downtown Sarasota
By Breanne Williams
Tampa Bay Business Journal
Published: Jun 5, 2024

Miami-based Property Markets Group and Sarasota-based MoneyShow have announced plans to build a second condominium tower in downtown Sarasota.

The 18-story tower, called One Park West, is part of the group’s reimagined One Park project, which originally connected two towers via a breezeway over Quay Commons, the bisecting street between the two parcels. PMG and MoneyShow purchased two sites in downtown Sarasota in October 2023 for $37 million.

A Sarasota County judge determined that the airspace between the two parcels was not within their ownership, leading the owners to pivot and build two separate projects instead. One Park Sarasota — an 18-story tower with 86 residences and 5,000 square feet of retail space — was announced in January.

“We’re expecting to be in the ground for tower one (One Park Sarasota) in September or October, and we’d like to be in the ground for this project too at the same time,” Dan Kaplan, managing partner at PMG, told the Tampa Bay Business Journal.

One Park West will feature 69 fully finished condos with one- to three-bedroom floor plans. The tower will also feature a penthouse collection.

Each residence will have 10-foot ceilings and floor-to-ceiling windows with views of downtown. The units will also have outdoor terraces with glass railings.

The tower will feature various amenities, including a rooftop Sky Lounge, a fitness studio, a pickleball court, a hot and cold plunge, private lockers, saunas and steam rooms, and an infinity-edge pool with lounge areas and a grilling station. Amenities will also include an owner’s lounge, a dog run, a theater room and executive workspaces. A concierge staff will provide valet parking and a mail room with package storage spaces.

Chelsa Vahtomin and Robert Robinson of Coldwell Banker Realty are leading sales for One Park West.

Pricing will begin at $1 million at One Park West and $3 million at One Park Sarasota. Kaplan said the condos at One Park West are significantly smaller than those at One Park Sarasota, and the view corridors cover downtown more than the park and the bay.

“One Park West specifically allows folks who are looking to get into the lesser price point than One Park Sarasota and still have a high-end, highly amenitized building,” Kaplan said.

Sarasota-based Hoyt Architects designed both towers.

Kaplan said since One Park Sarasota was announced, prospective buyers have been pouring in from California, the Midwest and the Northeast, as well as local owners looking to upgrade from older condominiums.

Florida is a high-growth state, and PMG is looking to continue building its portfolio throughout the state. The Sage Longboat Key project sold out in roughly two months. According to Kaplan, the Sarasota market — and much of the West Coast — is seeing a wave of demand for new luxury construction.

He said buyers prioritize views, but the second largest demand has been amenities. Buyers want high-end finishes and to live in a building with various luxury amenity options.