It's hard to remember when the Rosemary District, just north of downtown Sarasota, wasn't valuable real estate, especially since now it's one the area's trendiest destinations.
Still, just five years ago, it seemed inconceivable that million-dollar listings would move in the neighborhood—but the market has proved that wrong. And now, here comes another Rosemary District growth spurt: Collage on 5th. The condo building will offer just seven residences, ranging from 1,150 square feet to 3,135 square feet and two to four bedrooms. There will also be two two-story penthouses. Prices will range from $700,000 to $2 million for the penthouses.
Collage on 5th is designed in the style that seems to be flourishing in the vibrant neighborhood–artfully layered white boxes, complemented by warm wood details and floor-to-ceiling windows. Six of the units will have a splash pool on the patio with grilling areas; the smallest one, on the ground floor, will not. Thomas Architects, based in Des Plaines, Illinois, is designing the project.
The project is slated to break ground in about five months, with expected build time of one year.
But will Sarasota's red hot real estate market sustain that condo price point until then?
"I already have two people chomping at the bit to write a contract now. I predict we’ll sell it out before it's built," says Premier Sotheby’s broker-associate Frank Lambert, who is representing project sales. "Almost all of [the new buildings] in the area are selling out before they're complete." Reservations for Collage on 5th are expected to kick off in two weeks time.
Currently, the site is a deteriorating, 1930s wood-frame home located across the street from Fire Station No. 1, where copper sculptor Rubin Peacock once lived. Originally from Virginia, his work was displayed locally at Allyn Gallup Contemporary Art while he lived in the home. He sold it to developers in 2017 for $532,000, according to the county appraiser's website.
Collage on 5th will be located at 1469 Fifth St. in the Rosemary District. Interested? Call Frank Lambert at (941) 920-1500.