The Allen Morris Company, and its partner, the Alaska Permanent Fund Corporation, advised by L&B Realty Advisors, has closed on an $83 million construction loan and commenced construction on its signature Bayside Sarasota development. The loan was provided by Kennedy Wilson. Longboat Group will oversee leasing and management once complete.
Located in Sarasota, Florida, one of the State’s fastest growing areas, Bayside Sarasota is the initial phase of a broader mixed-use project in the Rosemary District, one block off of Sarasota Bay. This phase includes a 253-unit luxury rental community, along with 2,000 square feet of ground floor retail, and a future 96-unit tower with bay views that will commence later in the year.
The Allen Morris Company commenced construction on the project, with an anticipated completion date of Fall 2026. Brasfield & Gorrie is the General Contractor.
The resort-inspired community features a mix of one, two and three-bedroom residences with open floor plans, chef-inspired kitchens, and contemporary finishes, both within the units and the building itself.
The Dwell-designed building features 50,000 square feet of private amenities including a rooftop pool deck, Michelin recognized restaurant located in the lobby, state-of-the-art fitness center with a covered yoga terrace, 24-hour concierge, and is pet friendly. The private courtyard will feature a 60-foot tall native ficus tree and outdoor private dining for residents. It is a true coastal community, adjacent to Sarasota’s waterfront and designed with both indoor and outdoor amenities to take advantage of its location. FlickMars, a luxury hospitality firm, is the interior designer.
The development’s idyllic location within the City’s Rosemary District, known for its artisan cafes, antique shops and art galleries adds to the community’s already-strong appeal. Bayside Sarasota sits one block away from the city’s $200 million The Bay Park Redevelopment project which has completed its first phase and will commence on the second phase this year. The project includes the redesign of the waterfront park and performing arts center. The City’s Bay Park Redevelopment project, which includes a recreational pier and enhanced waterfront access, among other amenities, makes Bayside Sarasota one of Florida’s most desirable residential communities.
“We’re excited to partner with APFC on another best-in-class residential asset. With Bayside Sarasota, we will deliver an unparalleled residential experience with a resort-style rooftop pool, a Michelin recognized restaurant and thoughtfully appointed condo-quality residences,” says Spencer Morris, President of The Allen Morris Company.
“We are thrilled to expand our long-standing relationship with The Allen Morris Company as well as build new ones with APFC and Longboat. This dynamic location is well positioned to benefit from the positive growth and improvement happening across Downtown Sarasota and we are excited to play a role in the continued progress of Sarasota” adds Kennedy Wilson Debt Investment Group head, Thomas Whitsell.
The Allen Morris Company’s developments provide residents with the opportunity to indulge in modern living spaces in proximity to unique and evolving locations, such as Sarasota’s Bayside. The company has active developments throughout Florida and Georgia.
For additional information visit www.allenmorris.com
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About The Allen Morris Company:
The Allen Morris Company is one of the largest real estate firms in the Southeast U.S., with more than 90 development projects and specializing in office buildings, multi-family residential, hotels, mixed-use developments, leasing and brokerage, and property management. With offices in Miami, Coral Gables, Orlando, and Atlanta, The Allen Morris Company has served its business and investment clients for more than 65 years. For more information, please visit www.allenmorris.com, or follow us on Instagram at @allenmorrisco or Facebook at www.facebook.com/TheAllenMorrisCompany.
About the Alaska Permanent Fund:
The Alaska Permanent Fund Corporation (APFC) is the largest sovereign wealth fund in the United States, with nearly $80 billion of assets under management. The APFC seeks to create positive economic impact and long-term value for its Alaskan constituents, the companies they invest in, and the partners with whom they work. They achieve this by partnering with extraordinary managers, prioritizing deal flow, and providing stable, long-term flexible capital to help companies scale and grow. For more information visit https://apfc.org
About L&B Realty Advisors:
L&B Realty Advisors is an employee-owned, SEC-registered real estate investment advisor offering real estate investment management services to institutional investors. Founded in 1965, L&B has earned a track record of successfully acquiring, operating, developing and selling institutional quality office, retail, industrial and multifamily properties. L&B manages a national portfolio of approximately 30 million square feet of properties valued in excess of $10 billion. For more information visit www.lbrealty.com.
About Kennedy Wilson:Kennedy Wilson is a leading global real estate investment company. The company owns, operates, and invests in real estate through the balance sheet and through an investment management platform in the United States, United Kingdom, and Ireland. Kennedy Wilson primarily focuses on multifamily and office properties as well as industrial and debt investments in the investment management business. For more information on Kennedy Wilson, please visit: www.kennedywilson.com.
