ERES Capital LLCa private equity division of ERES Cos.unveiled plans for a new condominium development in downtown Sarasota, Florida. The purchase of the site has been completed and plans for the project are progressing.
The five-story development will feature more than 25 high-end condo units with sizes and prices yet to be determined.
Located at 1351 Fruitville Road, the development will be approximately one mile from downtown, Bayfront Park and the Marie Selby Botanical Gardens, providing future tenants with easy access to the city’s main green spaces. The intersection of Main Street with South Pineapple Avenue is less than half a mile from the property, providing access to dining and entertainment options.
Strong market fundamentals and an attractive location, offering walking access to three main areas of the city, made this project an ideal investment opportunity, according to remarks prepared by ERES Cos President and Co-Founder, Tom Bradley.
Florida’s southwest coast saw a strong rental performance in January, with overall rents rising 33.6% year-on-year, while Lifestyle communities’ rents hit 35.3%, according to the latest report. Yardi Matrix.
Last month, ERES Capital, in partnership with Charter Realty & Development Corp. and Capital CRECannounced plans for a 170-unit workforce housing development in Belgrade, Mt.