Atlanta developer plans mixed-use tower in downtown Sarasota
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 28, 2015

A mixed-use tower in downtown Sarasota is in the works for a prime parcel of the urban core - the corner of Second Street and Central Avenue, across the street from Whole Foods Market.

Atlanta-based Carter, which is planning a 23-story tower in downtown Tampa, on Tuesday announced a joint venture with Hunt Investment Management for the project.

Hunt is "managing the investment on behalf of an institutional client," according to a release.

It will be 10 stories and include 180 apartments and 15,000 square feet of retail space. The first three stories will be parking for the residential units. It is slated to break ground by the end of the year and wrap up construction in early 2017.

SunTrust Bank is providing the construction loan for the project. "Downtown Sarasota has experienced tremendous growth over the past several years, yet there is almost no purpose-built luxury rental multifamily housing available,” Jerome Hagley, executive vice president of Carter, said in a statement. "We are confident it will provide a unique and high quality rental option for residents seeking a downtown urban environment.”

The vast majority of new residential construction in downtown Sarasota has been condominium units, including the DeMarcay, an 18-story tower in the works.

Sarasota, traditionally a tourist destination and retirement haven for the wealthy, is seeing an influx of millennials and young families, driven by the city's arts scene and revitalized downtown.

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