A new luxury condominium project is moving forward on Lido Beach, under development by a Naples-based company, and now, with the involvement of an international hotel chain as well.
Naples-based The Ronto Group and Wheellock Street Capital have partnered with Rosewood Hotels & Resorts to build Rosewood Residences Lido Key at 930 and 1008 Benjamin Franklin Dr.
The two parcels total 3.89 acres on Lido Beach that had previously been used by two different hotels. Coquina on the Beach was built in 1946 and the Gulf Beach Resort Motel was built in 1955, according to Sarasota city documents.
The Ronto Group purchased both properties through a series of transactions in late January to buy out several owners in the Gulf Beach Resort Motel. Those transactions totaled $23.5 million.
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The Coquina on the Beach had one owner. The Ronto Group purchased that property for $15 million in June, bringing the developers’ total land costs to $38.5 million.
In the announcement of The Rosewood Hotel Group’s involvement in the Lido Key condo, the developers said they plan to build 65 units in the project.
The Rosewood Hotel Group owns 26 “one-of-a-kind hotels and residences in 15 countries, with 26 new properties under development.” The company owns hotels in New York, Dallas, Paris and Hong Kong among other locations. This will be the group’s first standalone residence project.
“This project marks a major milestone for Rosewood Hotels & Resorts, a brand that has redefined the concept of ‘residential hospitality’ since it first launched over 40 years ago with the transformation of a mansion in Dallas into an ultra-luxury hotel and restaurant,” Brad Berry, vice president of Global Residential Development at Rosewood Hotel Group, said in a news release. “We have been carefully considering how best to build upon the growth of our residential segment with our first stand-alone Rosewood Residences and are thrilled to have this opportunity to do so in partnership with The Ronto Group and Wheelock Street Capital.”
The property cannot operate as a hotel as one of the conditions for Sarasota City Commission’s approval of the rezone of the property prevents rentals for less than 30 days.
The City Commission approved the rezone from residential multifamily to waterfront resort zoning on June 8 as developers sought additional height in the property to allow for larger units and additional amenities.
In the rezone application, the developers planned for eight floors of residences over two floors of parking for a total of 11 stories.
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A site plan has not yet been submitted and the City Commission has not had a second reading on the rezone application, as one of the proffers requires the two existing motels to be demolished before that can happen.
The project is being designed to be a “ultra luxury” property, including several onsite amenities.
“Rosewood Residences Lido Key will be meticulously designed to offer the ultimate in luxury residential experiences,” a news release reads. “With architecture by Miami-based Swedroe Architecture and interiors by New York-based Lillian Wu Studio, the development will feature 65-units as well as a full range of exclusive amenities including a private restaurant and chef services, world-class fitness center, outdoor pools, massage rooms and a 24-hour concierge all managed by Rosewood.”
The average unit for sale in the condominium will be 4,200 square feet and “showcase state of the art finishes and features.”
Rosewood will manage the property.
Sales reservations will launch in December with the project completed in 2025, according to the news release.