DeMarcay Demonstrates Continued Demand
A final site plan still needs approval from the City of Sarasota, but interest in condo units downtown is so strong that 10 units have already been reserved at The DeMarcay at 33 South Palm Avenue. “The excitement surrounding this building, plus its ideal location in the heart of Palm Avenue, is bringing out several different buyer segments, including young professionals, families with children, empty nesters and retirees,” says Michelle Burke-Phillips, managing broker at Premier Sotheby’s International Realty.
The project should bring 39 luxury condo units in total to downtown in an 18-story building. With floor plans ranging from 1,144 to 3,106 square feet and prices ranging from $500,000 to upward of $3 million, XAC Developers expects to start construction in early 2016 and open in Spring 2017. Perry Corneau, lead sales associate for The Demarcay, says the project also includes a space suitable for a restaurant that will get leased out, though no tenant has been announced. The amenities make the project a standout, Corneau said, including what will be the highest rooftop pool in Sarasota. The building will have a historic architecture to blend in with its Palm Avenue surroundings. “We wanted it in keeping with the neighborhood,” Corneau said. To reserve a unit requires a $10,000 refundable deposit.
On a broader scale, the development is just the most recent announcing news on sales for new condos in the region. Projects like Sansara downtown, Aqua to the south, Infinity on Longboat Key and Waterfront at Main Street in Lakewood Ranch reflect an intensity in demand and evidence of a positive short in the local housing market.