Quay project moves forward

Quay project moves forward

Development by Roger Drouin | Contributing Writer

The developer still plans to build a $1 billion mixed-use complex on 14.5 acres in downtown Sarasota.

Despite a soft real estate market, Irish American Properties Inc., the Dublin-based company planning a $1 billion redevelopment of the former Quay in downtown Sarasota, hopes to begin construction by the beginning of 2008.

The timeline was outlined in the most recent site plans submitted by Irish developer Patrick Kelly, who is planning a November appearance before the Sarasota City Commission to get approval to begin demolition and building.

In the meantime, the developer's architect has completed a scale model to show city officials and residents how the finished project would look. Plans outline 701 condominium units in three 18-story towers, plus 189,000 square feet of commercial and 39,000 square feet of office space. Kelley's plans also include a 175-room hotel.

The model will be the centerpiece at a series of neighborhood meetings where developer representatives will present plans to downtown neighborhood groups, says Bruce Franklin, president of The ADP Group, one of Irish American's local planning and design consultants.

Irish American Properties purchased the Quay development's 14.5 acres, on the west side of U.S. 41 and south of Boulevard of the Arts, for more than $50 million in January 2004.

From the start, Kelly planned to demolish the struggling complex, which consists of just less than 125,000 square feet of retail space and 75,000 square feet of office space.

According to plans submitted to city planning staff in July, the developer also plans to move the historic Belle Haven building, a circa-1920s hotel. Franklin says the Belle Haven would likely be converted to a restaurant on the first floor with office space above.

Bayside will be competing with the $180 million Pineapple Square mixed used development in downtown Sarasota, both in selling condominiums and in leasing commercial space.

Pineapple Square, which appears to be a step ahead of Bayside in the process and in sales, is planning 157 condos in a 13-story building, plus 86,000 square feet of upscale retail space in the heart of downtown. The plan includes closing a portion of State Street to create a pedestrian plaza.

Pineapple Square representatives say that more than one-third of the condos are already reserved.