Grande Sarasotan Not Such A Grand Idea After All
Another condo bites the dust in Sarasota, Florida. At least temporarily. The latest project to be shelved is the Grande Sarasotan, a 17-story luxury residential tower overlooking the water. The Grande Sarasotan was to have 144 units costing an average of $1.5 million and over $4 million for the penthouses. According to an article in the Herald-Tribune, Kolter, the developer has decided to redesign the $210 project and wait for an uptick in the market. The Grande Sarasotan had received 40 reservations from buyers who had put 20% down but Kolter would have been required to have contracts for at least 70 units before being able to drawing on a loan to start construction.