SARASOTA — Developer Kolter Urban has secured a $220 million construction loan from New York Life Investment Management for One Park Sarasota, a 20-story luxury condominium tower planned for downtown Sarasota’s bayfront arts district, according to county property records filed Tuesday.

The 122-unit tower at 1401 Boulevard of the Arts will feature residences ranging from 2,100 to 5,800 square feet, with prices starting at $2.4 million. Pre-sales have reached 78 percent of units, Kolter officials said.

Palm Beach-based Kolter Urban selected Suffolk Construction as general contractor. The project will break ground in June 2026 with an estimated 30-month construction timeline.

“Downtown Sarasota has evolved into one of Florida’s premier urban lifestyle markets,” said Kolter Urban President Bob Vail. “One Park will set a new standard for residential architecture in the region.”

The 335-foot tower will be designed by Miami-based Arquitectonica with interiors by New York’s Meyer Davis Studio. The building includes a 60-foot rooftop pool, private marina access, wine storage vaults, and a full-floor amenity level at the 12th floor.

Sarasota County approved the project’s site plan in October 2025 after a two-year review that included an agreement to fund $4.2 million in public waterfront improvements along the adjacent bayfront park.

The project will generate an estimated 820 construction jobs and add $9.6 million per year in property taxes to Sarasota County’s tax rolls at completion, according to an analysis by Fishkind & Associates.

Author: Daniel Ochoa

Development Reporter. Covers residential construction, mixed-use projects, and real estate development across South and Central Florida. Previously managed planning and zoning coverage for a regional trade publication.