Construction expected to begin in early 2016 on 18-story condominium project
On Oct. 15, the City of Sarasota issued a permit allowing construction to move forward at The DeMarcay, which will be located at 33 S. Palm Ave. in downtown Sarasota, the City of Sarasota announced.
The project developer, XAC Developers LLC, plans to begin work early next year on “a luxuriously appointed residential project,” a news release from the developer says.
The permit was issued on the last day the developer could obtain approval under the existing site plan, the developer’s news release notes.
“We are extremely pleased that our diligence paid off,” said Greg Kveton, co-principal of XAC Developers, in the release. “This endeavor required a very stringent review process, and we were making adjustments up until the very last day. We’d like to thank the City of Sarasota for its efforts.”
Construction on the 18-story building is expected to begin in the first quarter of 2016 and take about 18 months, the release continues. Residents should be able to move in during the fall of 2017, the release adds.
In accordance with the original site plan, XAC Developers will contribute $50,000 to the Palm Avenue Merchant’s Association (PAMA), the release points out. “Additionally, under the permit, the developer and the City of Sarasota have agreed to preserve the two unique historical facades from the original buildings in their current locations,” the release says.
With 12 reservations so far, Premier Sotheby’s International Realty in Sarasota is marketing The DeMarcay, the release adds.
The contractor for the project is Naples-based BCBE, the architect is Sarasota firm Parker Walker Group, and JKL Design Group, Inc. is the designer, the release continues. “The local design firm intends to honor the site’s history by including historical elements in the new building’s lobby from the former cigar factory and hotel originally located on the site,” the release notes.
The DeMarcay will offer condominium owners “expansive waterfront views and floor plans ranging from 1,144 to 3,106 square feet,” with the ability to combine units for larger square footage,” the release says. Additionally, the building will have a rooftop pool, “the only one of its kind in the Sarasota market, showcasing magnificent views of the Gulf of Mexico and the Sarasota Bay,” the release points out.
Prices range from $500,000 to more than $3 million, and a $10,000 refundable deposit is required to reserve a spot, the release says.