Sarasota is set to get another luxury car garage condominium complex fueled by demand from automotive collectors, as a storage unit project broke ground earlier this month.
Car Bank SRQ is revving its Sarasota portfolio with the construction of its second luxury car garage storage community in Palmer Ranch. The new development, located at 5864 Derek Avenue, is set to feature 26 individually owned units ranging from 1,008 to 1,320 square feet, according to a news release.
The concept, created by Sarasota entrepreneurs Todd Segal and Tom Bury because of a lack of residential garage space, provides automotive collectors and owners with a place to store exotic or luxury cars, RVs, boats, or other vehicles in a secure, climate-controlled environment.
“Car Bank 2.0 represents everything we’ve learned from our first development, with expanded opportunities for owners to protect their investments while building a community around their shared passion,” Segal said.
The condominium community will offer various options for unit storage, including customizable spaces with vehicle lifts, mezzanines, upgraded lighting, custom cabinetry and additional electrical service. Each unit comes with a half bathroom, HVAC system and utility sink. The spaces can also be used as a workspace.
The complex boasts safety features like solid concrete tilt-wall construction designed to withstand hurricane-force winds up to 150 mph. The gated community also provides 24-hour electronic access and monitored surveillance cameras.
The original Car Bank facility, located at 6562 Palmer Park Circle, consists of 18 units. The additional development will help meet the growing demand from car connoisseurs. Despite its in-progress status, the new complex has only nine units still available, as 17 have been sold or are under contract, according to a news release.
Though the company did not provide direct pricing information, available listings on Zillow, credited to Joanne Benante, a sales representative associated with the project, show a range of prices for the units. Cost, depending on size, ranges from $415,000 to $899,000 for a double unit.
Condominium owners will be responsible for the electricity and HVAC usage costs. There is additionally a monthly Garage Owner Association fee of $239 to help maintain complex amenities, according to the property listing.
Palmetto-based Calusa Construction & Development is constructing the project, while real estate firm Michael Saunders & Company is managing the sales and marketing.
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 luxury car storage condos coming to Sarasota, priced up to $900K
