Greystar set to build rentals in downtown Sarasota

Downtown Sarasota
Downtown Sarasota

Charleston, South Carolina-based national developer Greystar closed a purchase of land in downtown Sarasota for a rental apartment development there.

Greystar bought the final four-acre parcel of a land assemblage for a 286-unit apartment building with one- and two-bedroom units ranging from 550 square feet to 1,811 square feet. The project includes a 448-space parking garage.

Greystar expects the four-story property in the 700 block of Lemon Avenue, called the Elan Rosemary Apartments, to open for occupancy in the first quarter of 2018.

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Lewis Stoneburner, director of development for Greystar, told the Sarasota Herald-Tribune that construction of the $33.6 million multifamily development will start within weeks.

He told the newspaper that downtown Sarasota has a shortage of Class A apartments built for renters: “It is very unusual for us to see a downtown urban core with virtually zero purpose-built apartment projects of any significant scale. We believe there are many people who currently live outside the downtown core because there are no available options for them to rent a new, Class A apartment downtown.”

Among other apartment developments in Sarasota, the 489-unit Cityside at Boulevard of the Arts is  under construction, as is the 2nd Street Apartments development with 180 units. [Sarasota Herald-Tribune] — Mike Seemuth