Building a place to live just isn't enough. Nowadays, you have to build a place for people to live, eat, shop, and work, all in one spot, according to Ram Real Estate in Palm Beach Gardens, Fla.
One project does just that. Broadway Promenade, a 186-unit condominium project in Sarasota, Fla., will include a six-story building with 15,000 square feet of retail, 4,000 square feet of office space, and a 28,000-square foot grocery store. The project is being jointly developed by Ram Real Estate and Tampa, Fla.-based RMC Properties.
“There is definitely a strong demand from the condo buyer who wants to be near downtown and near a walkable environment with access to retail, restaurants, and nightlife,” says Uri Man, Ram's vice president of residential development. “We are seeing a lot of people who are moving to downtown cities in South Florida.”
The demand was so strong that all of the one- to three- bedroom floor plans sold out in seven months, adds Man.
With prices ranging from $200,000 to $700,000, buyers can choose from 865- to 2,000-square foot units in a condominium complex that will include everything from a billiards room to his-and-her saunas.
The project's “urban Mediterranean” architecture was the product of necessity, says Marc Weiner, an architect based in Boca Raton, Fla. “The city has very strict design guidelines, and we had a lot of pieces to put together,” Weiner says.
Construction of the 3.6-acre site—formerly old houses and a boat dealership—began in April and should take 18 months, Man says.