The downtown Sarasota condo boom is in full swing, although one major project is still missing—but probably not for much longer. 

The developers of luxury condo tower One Park Sarasota, which we first wrote about in 2021, closed on the $37 million deal for roughly two acres of the Quay Sarasota on Friday.

Part of the 14-and-a-half-acre bayfront revamp, it's slated for the corner of Boulevard of the Arts and North Tamiami Trail. Jebco Ventures, a local development firm led by James Bridges, which was part of the original investment group, bowed out of the project. However, Property Markets Group (PMG) and Sarasota local Kim Githler, chair and CEO of MoneyShow, are still on the team.

“When we closed, Jim exited the partnership. No reason was shared, but it wasn't acrimonious," says Dan Kaplan, managing partner of PMG. "He's working on many projects and we had taken the lead on this. Rather than doing this without sole control, he's working on projects in which he's more in charge.”

One Park Sarasota launched sales in 2021 and has since sold 65 percent of its 123 units, according to Kaplan, but has also run into legal battles along the way. Access to air rights for the $500 million project, which would see condos built over a bisecting street, called Quay Commons, creating a 77-foot wide, 22-foot tall breezeway that would join two buildings in the development. This was met with opposition.

A final decision by a Sarasota County circuit judge will soon decide whether the purchase includes the air rights. Although Kaplan says he's confident he and his partners will prevail, they won't appeal a decision that isn't in their favor. 

"If we don't have the air rights, we'll redesign our building. If we do, we'll continue working with the city to get our site plan through," he says.

A Sarasota Planning Board meeting is scheduled for Oct. 11, during which the One Park Sarasota team will ask to amend the development agreement "to explicitly state that we legally own the air and have the ability to build over it," Kaplan says. "The judge said he would do his best to get to his decision before that day."

Since sales were first announced in 2021, prices have risen along with the current real estate market. Units first started at $1.86 million. Now, they start at $1.95 million.

Designed by local firm Hoyt Architects, the two- and three-bedroom units will range from 2,460 square feet to 4,2019 square feet. The project will also have roughly 13,000 square feet of retail space on the ground floor.

Amenities include a 120-foot-long pool, a 14,000-square-foot fitness studio, staffed executive office suites, a private theater, a golf simulator room, a lounge area, a wine room, a children’s playroom and guest suites and a spa. Once ground breaks, construction will take roughly 24 months.