Hitting the Mark

If Kolter Group's reservations for its latest Sarasota condominium project are any indication, the downtown residential market in Southwest Florida is healthy — and then some.

Since starting sales in late March, Palm Beach-based Kolter and Michael Saunders & Co., the Sarasota brokerage marketing the 157-unit complex, has taken $33 million in reservations.

Units in the Mark, which is being developed on a site downtown where the former Pineapple Square was envisioned, are being priced from $700,000 to $2 million.

Kolter hopes to break ground on the 12-story Mark later this summer and complete it by 2018, says Bob Vail, the head of Kolter's urban division. In addition to the condos, the project is being designed to contain 46,000 square feet of office and retail space.

Along with The Mark, Kolter is also developing the twin-towered Vue Sarasota Bay in Sarasota; the 41-story One St. Petersburg in Pinellas County; and The Grande, an exclusive condo tower adjacent to the Ritz-Carlton Sarasota hotel.