The Real Deal Miami

Greystar set to build rentals in downtown Sarasota

The 286-unit development is expected to open for occupancy in about two years

March 13, 2016 03:00PM

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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.

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

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