With the $29 million loan in place, developer GK Real Estate anticipates The DeMarcay building will be complete in fall 2021.
The condo project will mark the beginning of the process for preserving the two historic façades and selected interior materials from the former hotel and cigar factory situated on the current site.
The showroom and sales gallery for The DeMarcay recently opened at 32 S. Palm Ave., Sarasota.
Sales of condos in DeMarcay, a new luxury project set to be built at 33 S. Palm Ave., Sarasota, will begin in January.
The DeMarcay is a neglected architectural treasure.