As demolition of the defunct Colony Beach & Tennis Resort property advances, prospects for an exciting future for the site brighten. Not only will a 166-room, five-star St. Regis Hotel enliven island tourism, the 78 luxury residences on the amenity-rich property are expected to drive Sarasota’s burgeoning condominium market to even greater heights.
The three five-story condo buildings, dubbed the Residences at Longboat Key, will be set amid a lush tropical landscape with a lagoon, event lawn, several pools, a lazy river and other water features, fire pits, walking paths and a tennis club and fitness center.
“I think our residents very much expect a high-quality redevelopment project on this site,” said Longboat Key Town Manager Tom Harmer, “something that can complement both the former tourism uses on the site and the residential nature of the town. I think that is why the developer chose to bring the St. Regis brand and level of quality to the project.”
The developer, Chuck Whittall, president and founder of Orlando-based Unicorp National Developments, has been pursuing the redevelopment of the Colony property since 2013.
“It is such a special piece of property,” Harmer said Thursday, a sentiment long echoed by Whittall. “It is unusual to have 18 acres on the Gulf of Mexico prime for redevelopment.”
The condominiums will range in price from $3 million to $10 million and in size from 1,600 to 5,000 square feet, Whittall said Monday. He hopes to debut the property on Thanksgiving day 2021.
But residential sales will start long before then. Contact Peter if you have an interest in the Residences at Longboat Key. We will keep you updated on the latest developments and help you purchase the residence of your choice.