Kolter unveils Ritz-Carlton Sarasota residences

Capping nearly a year of negotiations with Kansas-based resort owner SLAB LLC, the Kolter Group has unveiled plans for an 18-story residential tower adjacent to the Ritz-Carlton Sarasota hotel.

The Grande, as the West Palm Beach-based developer's latest Sarasota offering is being called, will feature 86 luxury residences priced from $2 million to $5 million.

The project will contain a series of three- and four-bedroom units with amenities ranging from a rooftop swimming pool to a modern fitness center.

Kolter expects to begin construction a year from now on the project, which is being designed by San Francisco architect SB Architects and marketed by Sarasota-based realty firm Michael Saunders & Co.

“We are committed to providing an unprecedented residential opportunity that will reflect the extraordinary standards of the world's finest hospitality brand,” says Kolter President and CEO Bobby Julien.

Like other Ritz-Carlton-related residences, Grande buyers will be able to access amenities and services tied to the Marriott International hotel brand.

Kolter's Grande announcement comes as it is finishing one Sarasota project and embarking on a pair of other Gulf Coast mixed-use towers. Of the more than 140 units in Vue Sarasota Bay, a $300 million, twin-towered project that also contains a 255-room upscale hotel near the Ritz-Carlton, only about two dozen remain for sale.

Also in downtown Sarasota, Kolter has begun selling units in The Mark, a 12-story complex slated to contain residences, retail and office space. The company hopes to complete that project by the end of 2018.