A new modern apartment complex in downtown Sarasota's Rosemary District is welcoming new residents, blending luxury and affordability for renters.
Aspire on 10th is a 157-unit luxury apartment development, which hosted its grand opening Sept. 24, launching leasing with 12 residents already moved in, according to management. The complex offers various expansive and "dynamic" layouts, including studios and one-bedroom units, as well as two- and three-bedroom units.
The size of the different units ranges from 573 square feet to more than 1,500 square feet, depending on floor plan. Pricing starts at $2,031 per month for standard studio apartments, with one-bedroom units starting at $2,189. However, as indicated on Aspire's website, pricing is subject
to change depending on availability and demand.
All of the apartments, though unfurnished, feature in-unit laundry and appliances as well as quartz countertops. In terms of amenities, the complex features a resort-style pool and cabana, fitness center, pickleball court, yoga lawn and coffee bar. The apartments are also pet-friendly, even offering a pet spa and dog park for the furry friends of residents.
Gregg Fusaro, regional partner of Capital Investments Group, the owner and developer of the project, said at the opening that the development represented a milestone in bringing "boutique living to downtown Sarasota." Fusaro said that the property will be managed by real estate firm Coastal Ridge.
Located at 1313 10th St., Aspire on 10th is nestled in the center of the Rosemary District, with walkability to downtown Sarasota’s cafés, restaurants and waterfront parks.
How the attainable units work
Aspire on 10th offers workforce incentive housing under Florida's Live Local Act and the city of Sarasota's attainable housing bonus density program. More than 45 of the 157 units are designated "attainable" housing, according to the developer, for those living and working in Sarasota making anywhere from 80% to 120% of the median area income.
Kyle Battie, city commissioner for District 1, said at the ceremony that the complex was a "labor of love" and the impact the development will have by implementing affordability aspects is something that all developers should aspire to do.
The apartment is "helping address the need for accessible, quality housing for Sarasota's local workforce. The community blends creativity, convenience and the vibe of its surrounding city," according to a news release about the property.
One-bedroom and studio apartments designated as "attainable units" are listed on the complex's website under A3.2 and S1.2, respectively. Discounts on these units range from $30 to $200 less per month than standard pricing.
Additionally, the apartment complex participates in a Preferred Employer Program, in which employees of partnered Sarasota organizations receive a $250 one-time move-in credit, a waived administration fee and a waived application fee. The apartment is also offering a move-in special, offering 10 weeks of free rent on all standard units.
For more information about the new apartment development, visit AspireOn10.com or @AspireOn10th on Instagram.
The state of affordable housing
Median rent in downtown Sarasota tops $4,775 a month, which is a 6.11% year-over-year increase, according to a September market report from Realtor.com. This indicator is 13% more expensive than the national average. More specifically, RentHop reports that median rent for a one-bedroom apartment is roughly $2,900 with studios at $1,965.
As previously reported by the Herald-Tribune, the Sarasota Housing Action Plan outlines the scale and scope of a housing emergency that is pricing out seniors as well as teachers, nurses, and restaurant workers.
A recent report released by the Florida Housing Coalition showed that Sarasota County is behind on provision of affordable housing units, estimating that 15,000 new affordable housing units must be built in the next decade to meet current and future needs.
Kendal Asbury is the real estate and development reporter for the Sarasota Herald-Tribune. Have an idea, tip or question about development? Send her an email at kasbury@usatodayco.com. Connect with her on LinkedIn or follow her on Instagram @wordsbykendal, and support local journalism by subscribing to the Herald-Tribune.
This article originally appeared on Sarasota Herald-Tribune: New downtown Sarasota apartments pair luxury with lower-priced units
