Remember when we wrote about the 2023 sale of the former Michael Saunders & Co. buildings on the corner of Osprey Avenue and Main Street in downtown Sarasota?

Well, we've got news on what might happen to the space. The buyers, who purchased the site for $5.7 million, are planning to replace the single-story buildings with an 11-storied mixed-use project. Built to Sarasota’s Downtown Core (DTC) zoning, The High Line project will make use of the city’s bonus density provisions, allowing for a mix of 126 market-rate and 16 much-needed attainable units. The market-rate units will be for purchase, with the attainable units most likely slated for long-term rent. 

The project, called The High Line, is spearheaded by Jebco Ventures/JBCC and Omnium Real Estate and will combine the 142 residential units with 6,660 square feet of retail space on the ground floor. 

The property, which comprises 32 and 40 N. Osprey Ave., was purchased by Jebcore Group (which includes Jebco Ventures) in partnership with the Kauffman Family Partnership. James Bridges is CEO of Jebco Ventures, a nearly 50-year-old company that has developed a broad range of local high-profile projects, including One Park (in a partnership with PMG), The Strand, The Beacon, Embassy Suites and more to come. 

The Kauffman Family Partnership is connected to Sarasota commercial real estate mogul Dr. Mark Kauffman, who sold the historic Mira Mar plaza for $17.3 million in 2023. He also sold a throng of single-story businesses at 1260 through 1274 N. Palm Ave. for $3.79 million in 2022, and owns the site of the new location for Caragiulos restaurant on Ringling Boulevard.

“Historically, there was not enough density on any site to build smaller units at scale, so most projects required larger-sized units," says Sadek Omar, CEO of Omnium Real Estate. "This adds attainable units to the market and allows developers to build smaller units, which typically comes with more approachable price points." 

The site will feature a parking garage exceeding code requirements, with additional on-street parking along Osprey Avenue to serve both residents and retail visitors. A sidewalk easement is also planned along Osprey Avenue to increase pedestrian accessibility.

At The High Line, the average unit size will be 1,250 square feet, with a large rooftop amenity deck with a pool, fitness and gathering areas. “We’re aiming to provide a luxurious experience at a compelling price point," Omar says. "We’re going to be the most competitive in the market, offering a lot of value for our future residents."

While Omar maintains that it's too early to share pricing, he says market-rate units will range from "substantially under $1 million" to "substantially under $2 million" for one- to three-bedroom residences—a rarity for new construction residences on Main Street. 

While the project is still in the City of Sarasota Development Review Committee (DRC) submission phase, Omar anticipates a smooth approval process. “The project is still working through submittals, so it's unclear exactly when we’ll break ground," he says. "We’re not anticipating the need for any special exceptions or zoning amendments, so we’re  hoping it should move along relatively smoothly.”

He adds that the retail floor will probably house a restaurant and shops.

The attainable component is a standout feature in a downtown studded by mostly high priced, luxe only residences.

The city's Downtown Attainable Housing Density Bonus Program requires that 15 percent of bonus units above the base density for a development, in this case, 50 units per acre, must be designated as attainable, accounting for the 16 attainable units.

They must be priced for households earning 80 percent or less, 100 percent or less or 120 percent or less of the Area Median Income (AMI) for the North Port-Sarasota-Bradenton Metropolitan Statistical Area (MSA) for a minimum of 30 years. By applying the bonus, the density is increased up to 200 units an acre. This site is .71 acres.

According to current numbers, targeting 80 percent AMI households means charging no more than $1,508 a month for a one-bedroom; $1,810 a month for a two-bedroom; and no more than $2,091 a month for a three-bedroom.

The affordable units must be divided equally among those three tiers, share common access and amenities, be spread out among the entire project and be the same as the market-rate units.

The only other Main Street project in the pipeline to include attainable units is at 1718 Main St., slated for 25 attainable units and 201 market-rate units.

“Growth in special places like Sarasota is inevitable," Omar says. "But it’s about doing it responsibly. We’re local, and this is home. Our ethos is to add long-term value for our city by providing the right mix of products."