Area condos and townhomes may have entered the buyer’s market zone, according to the latest real estate data, but more are in the pipeline because the demand for what's new continues to persist. Add that to the oldest real estate rule in the book—location, location, location—and it makes sense why projects like Orange One, pictured above, are moving forward. 

“The reason existing condos are slowing in the market is because this year there are new engineering guidelines that soon go into effect and all those costs will be borne by residents. But new construction is in huge demand," says Frank Lambert, of Premier Sotheby's International Realty, who's representing Orange One's listings.

"Downtown Sarasota is drawing people from the islands and the keys, and from within the neighborhood where they may have [already] been renting and want to own," he continues. "The biking and walkability to restaurants, shopping and parks is unbeatable."

Orange One will be located in Gillespie Park, just east of the Rosemary District, on the corner of North Orange Avenue and Fourth Street. It will be mixed-use, with 30 units.

What’s there now is a collection of six small wood-frame structures previously owned by the Brothers of Holy Cross Inc. for staff housing. They sold back in 2022 for $3,325,000.

According to the county appraiser's website, the structures range from 46 to 100 years old, but none are designated historic. Behind a fence thick with jasmine vines, they’re hard to spot.

Orange One will not be.

The 1.4-acre site will soon be prepped to make way for 10 three-story condominium residences atop 10 retail condominiums, plus another 10 three-story townhouses along Fourth Street.

Most of the retail spaces, located on the first floor, will span 799 square feet and front onto North Orange Avenue, across from Citrus Square. (One of them will be smaller, at 522 square feet.) They'll be available in three different floor plans, and buyers will be able to finish them to their specific needs at their own expense. The intention is to attract non-restaurant-type businesses since the space won't allow for associated needs like dumpsters and loading. Retail spaces are listed for roughly $400,000. 

Lambert says interested parties include someone who wants to open an accessories shop that sells shoes and purses, an architect who wants an office, a hair salon, a real estate broker and a jeweler. 

“It’s popular to own now. When you outgrow a leased spot, you have to leave," he explains. "When you own and outgrow a shop space, you sell or rent it out to someone else." The spaces are also attracting people who want to take advantage of the live-work flexibility they offer and live upstairs. Two of the retail spaces have already sold.

The condos and townhouses will each be three levels high and come with an accessory dwelling unit, elevator, private swimming pool, two-car garage and outdoor cooking areas. The four-bedroom, four-bathroom condos, spanning 2,556 square feet, will front onto Orange Avenue and cost $2.42 million.

The townhomes, spanning 3,360 square feet, will front onto Fourth Street. They'll each have five bedrooms, three bathrooms and two half-baths, and are priced at $2,995,000.

The architect on the Orange One project is Chicago-based Thomas Bdzik, as is the developer group, which is led by Mario Dianovsky. Dianovsky is also behind nearby projects Collage on 5th and Premier on Main. 

Orange One is expected to break ground in four to five months and take roughly two years to complete, with a move-in date of spring 2026. 

One lingering question: how about the Quick Stop convenience store next door on North Orange Avenue? If you’re not familiar, it’s a bit of a hotspot for a transient crowd.

“It’s not ideal," Lambert says of the Quick Stop, which is sometimes littered with cans and bottles. "but five years ago or so, no one wanted to be in this area at all. I’ve lived here for two years and have never had problems. Now it's where people want to be."

"This neighborhood is for everyone," he continues. "I’ve been selling condos here for years and buyers are 25 years old to 80 years old. You can’t beat being downtown."

"The new Bay Sarasota Park project has been a game changer," Lambert says. "Plus the upcoming beautification of 6th and 10th streets is adding to it all. It's getting better all the time."

Interested? Contact Frank or Anita Lambert, both of Premier Sotheby’s International Realty at (941) 920-1500 or (941) 920-1501.