The redevelopment of Sarasota Square on South Tamiami Trail continues to gain momentum after developers announced Whole Foods and several other retailers and restaurants as tenants and moved forward with the project’s first apartment complex.
Woodfield Development recently announced that it had secured construction financing for a 355-unit apartment complex, the first residential project planned for Sarasota Square.
“We expect within the next 60 days to be breaking ground,” Ryan Studzinski, a partner at Woodfield Development, told the Herald-Tribune on June 26.
The complex will consist of a mix of one-, two-, and three-bedroom residences ranging from approximately 768 to 1,626 square feet on a 4.5-acre parcel.
Financed by PNC Bank, it is part of the ambitious plan to redevelop a mixed-use community on the roughly 95-acre site of the former Sarasota Square Mall that is being led by Torburn Partners.
Torburn’s overall goal is to create a walkable mix of residential, retail, dining, office, and entertainment uses to the site, which is minutes from Siesta Key.
“What really sealed it for us was just the super exciting redevelopment plans for Sarasota Square itself that we’re excited to be a part of,” Studzinski said. “We’re really pleased with the way Torburn has pulled together the master plan for Sarasota Square and I think the project is just going to be top-notch, all across the board.”
What is the overall plan for Sarasota Square?
The first commercial phase of Sarasota Square — which will ultimately include 1,200 residences — is 88% pre-leased and will include a Whole Foods Market, and is projected to start opening in the first quarter of 2027.
In addition to the Austin, Texas-based grocer known for fresh and local produce, organic ingredients and high-quality items, several other familiar businesses were revealed in Phase One, including Chipotle Mexican Grill, CAVA, Charles Schwab, HomeSense, and Joe & the Juice.
Popular American eyewear brand and retailer Warby Parker signed a lease on a 2,040-square-foot space next to Whole Foods, a move that pushed preleasing of the 90,000 square feet of space to 88%.
Those businesses will join existing retailers JCPenney and Costco on the southern portion of the parcel.
What other shopping districts are planned?
In May, Torburn Partners showcased renderings for the next phase that consists of 160,000 square feet of street-oriented retail, dining and community-focused outdoor space.
That’s where Sarasota Square will showcase a sense of place with activities and retailers that will help define the mixed-use lifestyle center.
The renderings show a careful balance of Mediterranean-influenced architecture and lush landscaping defining open gathering spaces connected by shaded pedestrian walkways.
That phase is designed around a central lawn built for hosting events, outdoor dining, and everyday gathering.
It is expected to open at the end of 2028.
Merchants will include premier fashion, while restaurants will showcase notable chefs and their cuisine.
For more information on the overall project, visit https://www.sarasotasquare.com.
What will Woodfield Development’s apartments be like?
“We’re repositioning this to be a true luxury asset which will be on par with some of the nicer locations downtown,” Studzinski said.
The five- and six-story buildings will be all concrete block construction.
The one-, two-, and three-bedroom residences will feature quartz countertops, energy-efficient stainless steel appliances, wood-style luxury vinyl plank flooring, tiled kitchen backsplashes, frameless glass shower enclosures, walk-in closets, and in-unit washers and dryers.
Select floor plans will also offer private patios or balconies, while integrated smart home technology will include smart locks, digital thermostats, and gigabit Wi-Fi connectivity.
Amenities are built around a resort-style pool with cabanas and outdoor entertainment areas.
The complex also will feature a coworking lounge, resident clubhouse, fitness center, wellness spa, golf simulator, and sky lounge, along with gated parking and electric vehicle charging stations.
The current plan calls for units to be rented once they are completed, Studzinski said.
There is an overall 30-month construction schedule, with the first units available roughly two years after they break ground.
Rental rates have not yet been established.
Who is Woodfield Development?
Woodfield Development, based in Charleston, South Carolina, was established in 2005 as Woodfield Investments by Mike Underwood and Greg Bonfield.
Its first Florida project, Oversea at Flagler Banyan Square in West Palm Beach, was finished in 2020.
Since then, the firm has expanded its footprint across the state, commencing or completing construction on more than 3,000 residential units, representing over $1 billion in development over the past five years.
The company is currently working on a project in Estero and recently completed Ridley at Waterset in Apollo Beach.
The project team for the Sarasota Square project includes Charlan Brock as the architect of record, Books & Freund as general contractor, and Shelton Taylor overseeing interior design.
“We’re very committed in Florida,” Studzinski said. “This is our first project in the Sarasota Florida metro area. We’re very excited to be moving forward on this one.”
For more information, visit woodfielddevelopment.com.
Earle Kimel primarily covers local governments in Sarasota County as well as land development and environmental issues for the Herald-Tribune. Follow him on Facebook, and X. He can be reached by email at earle.kimel@heraldtribune.com. Support local journalism by subscribing.
This article originally appeared on Sarasota Herald-Tribune: Sarasota Square lands luxury apartments after Whole Foods deal
Reporting by Earle Kimel, Sarasota Herald-Tribune / Sarasota Herald-Tribune
USA TODAY Network via Reuters Connect
By Earle Kimel, Sarasota Herald-Tribune | USA TODAY Network
