Sarasota condo project gets $208 million construction loan

A condominium project being built in downtown Sarasota has secured $208 million in construction financing. Commercial real estate lender RMWC is providing the loan for One Park Sarasota to developers Property Markets Group (PMG) and MoneyShow. Terms of the loan were not disclosed.

One Park Sarasota, which broke ground within The Quay bayside community in October 2024, will be an 18-story luxury condominium tower at the corner of Boulevard of the Arts and Quay Commons.

“We are thrilled to ... receive the support of RMWC as we advance on bringing this premier resort-style destination to downtown Sarasota,” Dan Kaplan, managing partner at PMG, says in a statement. He describes One Park Sarasota as a “high-caliber development we are confident will make a lasting positive impact.”

Designed by Hoyt Architects of Sarasota, the condominium will feature three-bedroom residences with 12-foot ceilings, outdoor terraces with glass railings and summer kitchens, smart home technology and a midnight bar in primary bedrooms. Each condo will have floor-to-ceiling windows with views of the Sarasota Bay, downtown skyline and the Bay Park.

Courtesy image

One Park Sarasota will consist of 86 condominiums, with typical residences ranging from $2.7 to $6.6 million, a representative for the project says. Townhouse-style units from $3.9 to $4.3 million will be available on the first two floors. The top floor will feature penthouses starting at $12.5 million, according to YourObserver.com. Coldwell Banker Realty is handling sales.

Residents at One Park Sarasota will have access to amenities including an infinity-edge pool; wellness spa with saunas, steam rooms and locker rooms; dog walking services; fitness center with yoga studio and cycling rooms; hospitality suites; club room and owner’s lounge; wine room; and private theater.

“The quality of One Park Sarasota’s upscale residences and resort-style amenities will ensure all future residents receive an unmatched lifestyle worthy of its incredible location,” Kim Githler, chair and CEO of MoneyShow, says in a statement.

“We look forward to continuing to work alongside PMG to create a dynamic community where residents can experience a blend of elegance, comfort and convenience in the heart of the city’s waterfront district,” Githler says. “Securing this financing for One Park Sarasota once again demonstrates our commitment to delivering exceptional residences to downtown Sarasota.”

PMG, which has a main office in Miami, is an investment, development and asset management firm focused on large scale mixed-use residential projects. Its multi-billion-dollar portfolio includes more than 8,500 residential units and over 16 million square feet in various stages of development.

Juneau Construction Company, based in Atlanta, is the builder for the project.

Construction of One Park Sarasota is due to be complete in the second quarter of 2027.

The construction financing transaction was led by PMG's Capital Markets team, including Andrew Warman, Jon Blank and Paton Marion along with in-house counsels Lowell Plotkin, Lindsay Davis and Scott Buscemi. Wayne S. Cook Jr. and Jack Conboy at Windels Marx Lane & Mittendorf, LLP and Sandra E. Krumbein at Shutts & Bowen LLP represented the lender. Randy Barcelo at Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. served as the borrower’s lead transactional counsel, while G. Matthew Brockway and William Merrill of Icard Merrill served as land use counsel; Evan Wagowski at Greenberg, Trager & Herbst, LLP served as construction counsel; and Edward Vogler at Vogler, Ashton, PLLC provided counsel on organizational structure, according to a statement.