The Grande Sarasotan is Shelved

The proposed luxury condo tower known as The Grande Sarasotan, located at the corner of U.S. 41 and Gulfstream Avenue, has been shelved.

Kolter, the developer, officials said they intend to redesign their $210 million tower and its 144 units while the project is on "hiatus."

"If we are going to add additional units to a market ripe with condominium opportunities, they are going to represent a broader spectrum of choices and amenities for luxury-minded customers," said Bob Vail, the Kolter Tower Division president, in a statement.

Redesigning the building and condo units to lower prices sounds like a wise idea. The starting price for The Grande Sarasota was $920,000. That meant you got the bottom floor looking north with no water view and sitting very close to a busy street corner.

I visited the sales gallery some time ago and looked at the floor plans and views. The floor plans were nice and the views south looking over Marina Jack and the Sarasota bay were great. The Sarasota real estate market is going through a cleansing process right now. I believe something great will be at that location. Whatever ends up there will just have to match the conditions of the current real estate market. In today's market it is apparent that not enough people thought the condos were worth the money.

2007 will be an exciting year for downtown Sarasota

This will be an exciting year for downtown Sarasota. The Quay project planning a $1 billion revamp, the coming 12 months will be used to finalize designs for 700 residences, a hotel, upscale shops, offices and parking on the 15 acres of waterfront land. The pink Quay building itself will come down in 2007. This area will eventually be known as Sarasota Bayside instead of The Quay.

The Pineapple Square project is a $200 million mix of condos, parking and high-end stores is scheduled to start in 2007.

In mid December, the city gave the approval for the project. Two retail tenants, Brooks Brothers and Sur La Table, have committed to opening stores.

Benderson Development Co. will likely start on the overhaul of the 13-story Bank of America Building on Main Steet. They are planning to add a 332-room luxury hotel, residences and hundreds of parking spaces.

The Atrium on Ringling, a 17-story collection of condos and office space represented by SKY Sotheby's International Realty will start in 2007.

RMC Property Group Inc. and Ram Development will finish up Broadway Promenade, the new Publix supermarket and Broadway Bar & Grille.

Rivolta Group's long-awaited Rivo on Ringling, a 13-story condo tower with retail and office space ringing it.

Other downtown condos finishing up in 2007 will Kanaya, 1350 Main and Alinari.

If you want action you can find it in downtown Sarasota.