A luxury condominium project on Lido Key is nearing completion, with a Southwest Florida developer bringing an internationally recognized concept to Sarasota.
Rosewood Residences Lido Key – a luxury condominium development featuring 65 beachfront residences on the barrier island – is slated for completion late 2026 or early 2027. The new residential development, located at 930 and 1008 Benjamin Franklin Drive, has been under construction for several years.
The Ronto Group, a real estate company based in Naples, partnered with Connecticut-based investment firm Wheelock Street Capital and five-star hospitality company Rosewood Hotels and Resorts to bring the luxury concept to the Sarasota market.
The local developer has been involved in the construction
of upscale homes across Florida, including additional high-end condos overlooking Sarasota Bay at Golden Gate Point with Amara and The Owen.
The company acquired two parcels on Lido Beach for the project in a series of transactions in 2021. The purchase totaled 3.89 acres and reflected an initial land cost investment of $38.5 million, as previously reported by the Herald-Tribune.
Anthony Solomon, owner of The Ronto Group, said in a prepared statement that Rosewood Residences Lido Key would be a "legacy project" for the local development company.
“We are honored to bring the first stand-alone Rosewood Residences to the United States and to welcome the unparalleled Rosewood service and design to Florida," Solomon said.
Rosewood Residences is best known for its luxury, high-end accommodations that blend ultra-luxury, five-star hospitality services with private home living. Well-known resorts include the company's property in Beverly Hills, California, where units range from $10 million to $45 million.
However, Rosewood Residences has several luxury developments along Florida's coast, including its 92-unit Hillsboro Beach property along “Millionaire's Mile” in Broward County as well as residences in Naples, Miami Beach and more.
The luxury condominium development will mainly comprise three- and four-bedroom units, with signature spacious terraces, 11-foot ceilings, designer flooring, expansive floor-to-ceiling windows and more, according to marketing materials. Additional community amenities include bespoke services like a concierge, staffed beach club and more than 250 feet of private beach space.
Brad Berry, vice president of global residential development at Rosewood Hotel Group, said in a prepared statement that the Sarasota development represents the brand’s next phase of residential expansion.
“We have been carefully considering how best to build upon the growth of our residential segment with our first stand-alone Rosewood Residences," Berry said. "Especially now, as lifestyle preferences continue to shift and thereby create an increased demand for the experience that Rosewood Residences provides, we’re proud to bring this offering to the market.”
While the firm did not disclose the average price for its Sarasota units, research and cross-referenced data from real estate firm Buy Sarasota and Sarasota Homes Group indicated that prices range from nearly $7 million to more than $14.5 million.
According to prior Herald-Tribune reporting, the average unit for sale at the condominium complex on Lido Key will be 4,200 square feet and "showcase state-of-the-art finishes and features." The residences are “artful, elegantly understated,” as stated in marketing materials.
Award-winning interior designer Lillian Wu curated the style and finishing of the shared spaces at the residence, as well as the club-level amenities and owner-guest suites. The internationally recognized designer has also worked on various other projects, including AMARA on Sarasota Bay, another luxury building development.
The luxury development on Lido Key will occupy 3.5 acres of beachfront real estate. Rosewood Residences Lido Key is one of two branded projects that the Ronto Group and Wheelock Street Capital are building in Southwest Florida, in addition to the 42-unit Naples development on Gulf Shore Boulevard.
“Rosewood Residences Lido Key will be an iconic addition to the city of Sarasota, and we look forward to watching its progress,” said Hunter Jones, managing director of Wheelock Street Capital.
The growing market for condos in the Sarasota area
The two properties acquired for Rosewood Residences Lido Key were formerly used by two different hotels, including the Gulf Beach Resort Motel and The Coquina on the Beach. The project continues a trend of growth in the Sarasota market for condominium development and the conversion of short-term rentals to resort-style residences.
The city of Sarasota previously approved the rezoning request from Residential Multiple Family to Waterfront Residential to allow for the development, as a previous rezoning decision by the city commission prevented the use of the property for hotel rentals lasting less than 30 days.
This approval and construction reflect recent market trends. A recent report from the Florida Realtors Association showed that condominium and townhome sales rose in July, up 11.0% from a year ago.
In Sarasota County, closed sales on condos and townhouses increased by 33.1% year-over-year, while the average sale price rose 62.7% to $610,513. Available inventory also declined in both Sarasota and Manatee counties in July, continuing a trend seen in the past several months, bringing the condominium market to more balanced conditions and tightening the single-family supply.
Condominium conditions remain nuanced in the area, as sales experienced a spike last month, despite an increase in the average time that buyers take before committing to the property. Key trends included pending activity remaining positive across most of the local market, indicating high demand heading into late summer.
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: Luxury Lido Key condos near completion with prices up to $14.5 million
