SARASOTA – A new condominium project proposed for Golden Gate Point marks the second multifamily residential development planned downtown this year, a sign of developers’ renewed confidence in Southwest Florida.
Demand from retiring baby boomers and a dwindling supply of available units has spurred interest in luxury condos not seen since the Great Recession took hold seven years ago.
But with financing for multifamily projects still tight, developers have adapted their blueprints to more modest projects — through lower densities and more flexible prices.
“It’s a very tough time still,” said John Vandyk, president and chief executive of the Vandyk Group of companies, an Ontario-based real estate developer.
“Nothing has been built in Sarasota in a while. But the world has changed. People have changed. And they’re looking for something new.”
Vandyk’s firm hopes to break ground this fall on a new five-story condominium, with eight total units, along Sarasota’s bayfront. Prices and other details have yet to be finalized.
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