ents from relatively simple residential closings for individual homeowners to working with developers ���������� �������� ���������������� �������������� ������ ���������������� ������������������ ���������������� leasing or sale. They also draft governing documents for condominium and homeowners associations and assist with board governance. As evidence of the current boom, the numbers are eye-opening with 1,631 rental apartments already on stream or in process along with 1,529 condominiums and townhouses, and 973 hotel rooms in downtown Sarasota and the Rosemary District, which is just to the north of the Fruitville Road corridor, according to data from the City of Sarasota. In addition, 131,276 square feet of commercial office space and 361,296 of retail/restaurant space are in the works. All of this ������ �������������� �������� ���������������������������� �������� �������������� ���������� ������ �������� city’s Downtown Community Redevelopment Area, which roughly stretches along the bayfront from Mound Street to 10th Street and along the Fruitville Road, Main Street and Ringling Boulevard corridors east to School Avenue. “For the past few years, not much development activity was visible. Now, we’re seeing all of these projects going up and suddenly everything is 50 percent complete,” Hoonhout said. “It’s visual proof of how everything stops during downturns and when the market changes, it just skyrockets.” Notable projects include the mammoth $120.7 million, 18-story Vue Sarasota Bay and Westin ������������ ���������������� ������ ���������������������� �������������������� �������� ���������� �������� which is scheduled for completion this summer. The Vue has 141 condos, and the hotel includes 255 rooms and 14,000 square feet of meeting space. About two blocks away at 1301 Main Street, the $19.5 million Jewel was issued a temporary certificate of occupancy in April. The 18-story tower contains 20 condos with retail space on the ground floor. On South Palm Avenue, the $20 million Echelon is underway and houses 17 residential units in the 18-story structure. Along the edge of the Rosemary District at 1401 Fruitville Road, Urban Flats is a $30 million project with 228 residential units and 3,700 square feet of retail. A host of apartment buildings are in various stages of planning and construction. CitySide, on Cocoanut Avenue in the Rosemary District, has completed a $25.7 million phase one construction of 229 units and is working through the approval process for phase two with 253 units. Also in the Rosemary District on Lemon Avenue, the $33.7 million Elan Rosemary Apartments is under construction and when complete will add 286 apartments. The $40 million DeSota is coming out of the ground on Sec- ������������������������������������������������������������������������������������������������������ apartments along with 21,000 square feet of commercial office and 15,076 square feet of retail space. “Having a vibrant downtown is important, and downtown living can be attractive,” Hoonhout said. “A friend of mine sold his condo in Central Park in Sarasota and now lives in one of the new downtown apartments. He loves it and says that instead of staying in, he walks to Main Street in the evenings to see who is out.” Other skyline-changing projects are in the works that include substantial commercial and retail space along with residences. The Mark, a $50 million project on State Street, has 157 condos along with 35,000 square feet of retail and 11,000 square feet of office space. Most significant is the former Quay property for which a city development agreement has been approved that allows up to 695 residential units and 175 hotel rooms along with 38,972 square feet of office space and 189,050 square feet of retail. Times like these with a rapidly growing real estate market that brings opportunities for investment or finding the perfect new home also require sound advice. “No matter what the market is doing and no matter what their real estate needs are, our job is to counsel clients before, during and after,” Infanti said. “That means starting with them on the front end to discuss what entity is best for taking title �������������������������������������������������������������������������������������������������� ������������ �������������� �������� ������������ ������������������������ ������ ������ ������������ �������� �������������������� ������ ���������������� ������ ���� �������� ���������� �������������������� ������������ return on investment.” Connect: Real Estate Practice Group — Eric R. Hoonhout, Peter Z. Skokos, Sam D. Norton & Michael P. Infanti Norton, Hammersley, Lopez & Skokos | 1819 Main Street, Sarasota, FL 34236 | 941-954-4691
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