A Longboat Key vacation spot that traces its roots to the late 1940s will be torn down and replaced with a 16-unit luxury condominium.
Real estate development firm PMG just paid $13.25 million for the 3.4-acre home of the Sun ‘n Sea at 4651 Gulf of Mexico Drive.
PMG, with offices in Miami and Manhattan, is teaming with Sarasota’s Floridays Development Co. On the proposed Sage Longboat Key Residences, where units will start at more than $4 million.
The proposed project reflects the ongoing strength of the real estate market in the Sarasota-Manatee region, particularly in the high-end category, despite the economic ravages of the coronavirus pandemic.
Demolition of the 24-unit Sun ‘n Sea is planned within two months with construction to follow, according to a spokesperson for the developers.
Completion is slated in 2022. The developers declined to disclose the project cost.
Sun ‘n Sea has been closed for the past six months due to COVID-19, the manager said.
The developer has not submitted a formal application for approval, according to town Planning, Zoning and Building Director Allen Parsons. Town staff did recently meet with developer representatives, he added.
Furnished units in the four-level structure will range from 3,950 square feet to 4,250 square feet with four bedrooms and four-and-a-half baths. Four penthouses will come with private rooftops terraces and plunge pools.
A pre-construction listing for one unit is priced at $4.84 million.
“With a 30-year history of developing exceptional luxury residences in key markets across the US, our firm is excited to get started in the exclusive haven of Longboat Key,” Dan Kaplan, managing partner of PMG, said in a release.
Sun ‘n Sea was started by in 1948 with five vacation cottages by Dudley Mulholland, who continued to add more, according the the property’s website. A dozen couples from Indiana acquired the property in 1964, making improvements and adding accommodations that now total 24 cottages, duplexes and apartment units.
The property was originally listed for $15.9 million. It was sold by Sun ‘N Sea Inc., a Lafayette, Indiana, company whose president is Stephen M. Rush, state records show.
The proposed Sage will include 260 feet of Gulf beachfront; a wellness center and spa; a private beach-entry saltwater pool with lounging; and a fire pit and cabanas, according to the developers. Other amenities include a meditative garden and yoga promenade, club lounge and gaming room, private elevators to each residence, and a dog walking path and nature trail.
Floridays, headed by president/CEO Angus Rogers, has built extensively in the region with condos, hotels and restaurants.
“The boutique nature of this beachfront condominium exemplifies the type of project we are known for,” Rogers said in he release. “Moreover, we are extremely excited to partner with PMG – PMG’s expertise coupled with our local knowledge makes for an ideal partnership.”
Premier Sotheby’s International Realty New Development Division is the exclusive sales team for the project.
Charlotte Hedge of the Hedge Team at Premier Sotheby’s downtown Sarasota office had the listing for the Sun ‘n Sea property.
Susan Repp, an affiliated sales associate with Coldwell Banker Realty’s Longboat Key office, represented the buyer.
PMG, or Property Markets Group, specializes in new construction, commercial and residential projects. It says it has led the acquisition, financing, development and construction for more than 85 residential buildings and 150 real estate projects
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