- December 4, 2024
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Commercial and residential tenants are starting to move into a new mixed-use development in downtown Sarasota, with more to follow. Those behind the project — Aster & Links on Main Street at Links Avenue — say they hope to invigorate this part of downtown, which lacks the vibrancy and plentiful eating options as the lower end of Main.
“This side of Main Street was not the most energetic side,” says Eric Fenton, vice president of development for Belpointe, which is handling commercial leasing for Aster & Links.
His company aims to change that dynamic and is “bullish” about its efforts there, he says. In addition to working on Aster & Links, Belpointe is developing another residential project nearby he says will help transform this part of Main Street into a home for more residents, which will in turn contribute to the success of its businesses.
Greenwich, Connecticut based-Belpointe, a private equity company formed in 2019, acquired 8.6 acres for the Aster & Links project — the former Main Plaza site — in December 2019 for $20 million. That was Belpointe's first acquisition since its creation and IPO earlier that year. The lead contractor on the project, for which Belpointe secured $130 million in construction financing in 2023 through Bank OZK, is Suffolk Construction.
Aster & Links consists of two residential towers with 51,000 square feet of commercial space on the ground floor. Fenton and his team have been busy working on lease deals with various businesses there.
Grocery store Sprouts, which opened in early September on the Fruitville-facing side of the Links apartment tower, is “thriving,” according to Fenton.
In early 2025, Fenton says there will be more dining options in the area.
The owners of OfKors Bakery — which has a location on the busier part of main, closer to the bay — will launch a cafe in the Aster & Links building, according to Fenton, who says the lease is signed and the plan is to open in the first quarter of 2025.
Leasing officials are also talking to a number of restaurant groups about the 5,000-square-foot space at the corner of the Aster building and Links Avenue, he says. The discussions involve local groups as well as operators from St. Petersburg to Long Island, New York, according to Fenton, who suggests one concept is for a daytime cafe that transitions to a wine bar at night.
Other tenants have moved into the commercial space on the ground floor of Aster & Links.
ServisFirst Bank is in business along Links Avenue.
And Isabel, a women's clothing boutique, opened in late September.
Isabel Lacy, the owner of Isabel, says the experience so far has been positive.
“I just loved this location, because I got to fully build it out and bring my vision,” Lacy says, surrounded by women’s fashion and accessories inside her store on Main Street. “I looked for a community that I wanted to be in.”
Since opening in September, she says business at Isabel has “definitely gotten busier” due to the season.
“Foot traffic has been good,” Lacy says.
A few commercial spaces remain available for lease on both Main Street and Links Avenue at the bottom of the residential towers. In early December, high-end med-spa SkinSpirit signed a lease for the Links building.
One challenge for potential tenants is cost, Fenton says, with construction prices still high. Financing “can be a barrier” to making leases work, he adds.
Meanwhile, the two apartment towers on Main Street and Links Avenue — Aster & Links — are at varying stages of filling up.
Aster began welcoming tenants over the summer and is 25% occupied, Fenton says in a mid-November interview.
Links is opening to its first residents by mid-December.
Together the pair of apartment buildings contain 424 apartments. Some feature water views, Fenton says.
A number of those who have rented apartments are coming from the keys in the aftermath of the hurricanes, according to Fenton. The buildings “have been able to offer a sanctuary,” he says.
In addition, a number of units were rented “site unseen,” he adds.
Sarasota is still a seasonal market, though Fenton says it is getting to be more year-round and this project is designed for those potentially permanent residents.
“You can have this lifestyle here and not have to purchase,” Fenton says, adding Aster & Links appeals to those who do not necessarily want to buy a $2 million condo.
One draw is the size of the units, according to Fenton, who says tenants can bring furniture from their houses and fit it into the apartments at Aster & Links
An Aster penthouse unit, designed like a two-story townhouse, spans more than 2,600 square feet, with rent upwards of $9,800 a month for the 3-bedroom, 3.5-bath apartment.
On the less costly side, a 1-bedroom, 1-bath unit with 800-plus square feet in Links starts at more than $2,800 a month.
