In what would be its sixth submittal to the city, a partially approved condominium development in downtown Sarasota emerged earlier this month as an entirely different project under a new name — and one with 67 fewer attainable apartments.
The developers behind Adagio, a housing project that utilized Florida's Live Local act, reappeared before Sarasota's Development Review Committee on Oct. 7. However, the team was no longer seeking the statute arrangement and presented what they referred to as a "little different project," called Lumora.
Adagio received partial sign-off from the staff planners just months earlier, for a collection of 113 market-rate condominiums and 76 rental apartments designated as attainable units. To be classified as attainable,
rental units are priced 80% to 120% of the area median income — and the Adagio proposed units were aimed at 120%.
While Lumora uses a similar footprint and concept as Adagio, it has vastly different components. The new plans include 169 condominiums and only nine attainable units, deferring to the city's affordable housing bonus density program instead and reducing the affordable housing included by 88%.
The project was also condensed to one building, down from the two-tower design, with the height reduced to 10 stories rather than 18. The height was a source of controversy for the previous plan in the downtown area, especially among local residents at neighboring complexes.
New plans designate the condominiums as "Independent Living" residential units for older adults. While these luxury condos at Lumora will be for sale, the few attainable units will be for rent. According to comments made at the most recent DRC meeting, while the exterior of the units will be indistinguishable, the amenities at Lumora will be for only the condominium owners.
Lumora will feature a range of floorplans, with the Independent Living units being two- or three-bedroom units averaging 2,385 square feet. In terms of attainable units, there will be five one-bedroom apartments averaging 900 square feet and four two-bedroom around 1,185 square feet.
According to site plans submitted to the city, the building will still include the four-level podium for 562 parking spaces as well as the mixed-use construction. A combined 32,740 square feet is to be designated for retail and office space, inhabited by a fine dining restaurant, coffee shop and other general retail.
The project site remains located at the intersection of Palm Avenue and Ringling Boulevard, just off the roundabout north of the Burns Court area. Its listed addresses of 1360 Ringling Blvd., 330 S. Pineapple Ave. and 301 and 303 S. Palm Ave. total 2.2 acres valued at $5.6 million, according to Sarasota County property records.
The property is located within the Downtown Core Zone District and Downtown Core Future Land Use Designation, according to city documents. The previous iteration of the project could have exceeded the 10-story and density limits in place in the zoning area, along with bypassing local approval, as a Live Local development.
TheLive Local Act includes incentives aimed at increasing affordable housing in Florida and requires local governments to allow qualifying multifamily developments in certain commercial, industrial or mixed-use areas when at least 40% of the residential units meet the law’s affordable housing requirements.
However, the previous project did run into issues with the city relating to zoning, water utilities, tree protections, neighborhood planning and traffic concurrency, as previously reported by the Herald-Tribune.
Adagio was among the first projects in Sarasota to use provisions in the Live Local Act to increase density, as well as provide homes that would be attainable for families who earn up to 120% of the area median income.
A loss of affordable housing
The drastic cut to the number of attainable units included in the proposed development comes as Sarasota County is behind on provision of affordable housing units. A recent report released by the Florida Housing Coalition estimated that 15,000 new affordable housing units must be built in Sarasota in the next decade to meet current and future needs.
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.
Median rent in downtown Sarasota is $4,775 a month, up 6.11% year over year, 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.
Meanwhile, cost of living has soared for local residents in recent years, pushing the survival budget for a family of four to more than $104,000 in Sarasota County. According to the U.S. Census Bureau, the median income in the area was $83,367 in 2024.
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. Support local journalism by subscribing to the Herald-Tribune.
This article originally appeared on Sarasota Herald-Tribune: Downtown Sarasota condo project back with new name, 67 fewer rentals
