- April 5, 2025
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A prominent Naples developer has bought five downtown Sarasota parcels along Ringling Boulevard, between Palm and Pineapple avenues, and intends to build a luxury development on the space.
The buyer is an LLC tied to The Lutgert Cos. and includes The U.S. Garage building at 330 S. Pineapple Ave. and a parking lot belonging to the Church of the Redeemer.
According to Sarasota County property records, Lutgert paid $11 million for the U.S. Garage property at 330 S. Pineapple Ave. and $15 million for the church-owned parking lots at 301 and 303 S. Palm Ave. and 1360 Ringling Blvd.
Lutgert did not respond to a request for comment for this story. A Church of the Redeemer spokesperson says the church is not commenting on the transaction.
According to documents submitted for a pre-application conference, Lutgert is planning one nine-story tower and one 18-story tower.
There will be 100 condominiums in the building on the west side of the development and 67 rental units in the tower on the eastern side.
It's also planning for 18,584 square feet of commercial and retail space.
In the documents, the developer which is marketing the property as luxury residences is invoking the Live Local Act to gain approval.
The act was passed in 2023 to spur the development of affordable housing in the state. It mandated that local governments authorize multifamily developments on properties zoned as mixed-use residential, commercial or industrial if at least 40% of the units are set aside as affordable for people making up to 120% of the local area median income.
The idea is to make it easier for projects to clear regulatory hurdles and to eliminate roadblocks put up by neighbors who opposed affordable projects with higher density near their homes.
A consultant for the project says in a letter to the city's auditor and clerk that the 67 "attainable units" will meet the requirements for Live Local.
While not much information is being shared, signage on the site reads Adagio Sarasota Luxury Residences and includes a QR code and the tagline, “The show is about to begin.”
A website for the project repeats the tagline and adds: “Downtown Sarasota luxury is building up to a new crescendo. Like a captivating concerto, the culmination of artistic design and dynamic downtown living will converge to create a living masterpiece. Be among the first to experience a symphonic life at Adagio.”
There are no further details though there is a sign up for people who want to reserve a seat for a grand premier.
The development team also includes the Barron Collier Cos. and R&P Holdings, according to a separate blog post on the project.
Mike Hoyt, senior vice president at Lutgert says in the blog post that “It’s not often that a property as unique as this comes along in Florida.”
The property Hoyt is referring to includes five separate addresses Lutgert paid $26 million for in separate transactions, one in July and one in January.
Lutgert was founded in 1964, when, according to its website, it broke ground on the development of a 760-acre beachfront parcel in Naples now called Park Shore. The company has since developed 17 luxury high-rise towers on Park Shore. Other Lutgert projects range from the Blue Ridge Mountains in North Carolina and, in Florida, in Vero Beach.
Divisions of the Lutgert Cos. include Lutgert Construction; Lutgert Title; Premier Commercial; residential brokerage Premier Sotheby's International Realty; and Premier Concierge Insurance.
This story has been updated to include details on the development plans.
