18-story condo tower with rooftop pool moves forward in downtown Sarasota
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 16, 2015

An Illinois developer is moving forward with plans to build an 18-story luxury condominium tower in downtown Sarasota.

XAC Developers said Friday that the company has pulled a permit for The DeMarcay, a 39-unit tower slated for 33 S. Palm Ave. It was the last day the group could secure a permit under the existing site plan for the property.

Per the original site plan, XAC Developers will donate $50,000 to the Palm Avenue Merchant's Association. The developer and the city of Sarasota have agreed to preserve the two unique historical facades from the original buildings on the site in their current locations.

Like other cities around the Bay region, Sarasota is seeing renewed interested in its urban core. Most of the interest so far, the developer said, is from local residents who want to live downtown. Premier Sotheby's International is marketing the condos.

Downtown revitalization, in addition to the city's arts scene, has attracted more millennials and companies in recent years, which has helped it build a reputation as a cool city- one that's more than a tourist destination and retirement haven for the wealthy.

Construction is expected to begin in early 2016 and take about 18 months. XAC said it has reservations for 12 of the units, with reservations requiring a $10,000 refundable deposit.

The developers are working with Sarasota architectural firm Parker Walker Group and JKL Design Group Inc. to incorporate elements from the former cigar factory and hotel on the site into the new tower's lobby.

The condos range from 1,144 square feet to 3,106 square feet and in price from $500,000 to more than $3 million. The amenities will include a rooftop pool and fitness center with views of Sarasota Bay and the Gulf of Mexico.

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.