Downtown Sarasota condo market hits new echelon

SARASOTA — The downtown Sarasota condo market revival has another example of its staying power: Echelon on Palm.

Officials with the project say 50% of the residences have been reserved, after only being on the market four weeks. The Ronto Group, based in Naples, is the lead developer. Greenwich, Conn.-based Wheelock Street Capital is the developer's equity partner.

“The Sarasota market is experiencing a resurgence of interest and excitement in 2015 so it's the perfect time to create this one-of-a-kind community to complement our development portfolio,” The Ronto Group Executive Vice President Anthony Solomon says in a release.

Echelon on Palm, just off Main Street near the Palm Avenue art galleries, is an 18-story tower with 15 full-floor residences, one half-floor unit and one two-level townhome, according to a release. Each residence will have a private elevator entry and garage parking. Amenities include summer kitchens, a fitness center, a yoga terrace, a residents' clubroom, a pool area with a spa and a rooftop terrace. Prices range from $2.1 million to $3.975 million.

The early reservations success at Echelon on Palm echoes another project, The Vue Sarasota Bay. That development, which consists of a 144-unit condo building and a 275-room hotel on U.S. 41 and North Gulfstream Avenue, recently announced that 50% of its residences were under contract. That equals $85 million in advance sales.