A new luxury condominium project is emerging on Lido Beach, being developed by a Naples-based company and now with the participation of an international hotel chain.
Naples-based The Ronto Group and Wheellock Street Capital have partnered with Rosewood Hotels & Resorts to create Rosewood Residences Lido Key at 930 and 1008 Benjamin Franklin Dr.
The two parcels cover a total of 3.89 hectares on Lido Beach, which were previously 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 bought both properties in a series of transactions in late January to buy 18 owners of the Gulf Beach Resort Motel. These transactions totaled $ 18.53 million.
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The Coquina on the Beach had one owner. Ronto Group bought this property in June for $ 15 million, bringing the total cost of the developers’ land to $ 33.5 million.
In announcing the Rosewood Hotel Group’s stake in the Lido Key condominium, developers said they plan to build 65 units for the project.
The Rosewood Hotel Group owns 26 “unique 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 others. This will be the group’s first standalone residential project.
“This project marks a major milestone for Rosewood Hotels & Resorts, a brand that has redefined the concept of ‘residential hospitality’ since its inception over 40 years ago with the conversion of a Dallas mansion into an ultra-luxurious hotel and restaurant. “Said Brad Berry, vice president of global residential development for Rosewood Hotel Group, in a press release. “We have carefully considered how we can best build on the growth of our residential segment with our first stand-alone Rosewood Residences, and we are excited to have this opportunity to do so in partnership with The Ronto Group and Wheelock Street Capital.”
The property cannot be operated as a hotel because one of the conditions for the Sarasota City Commission to approve the perimeter of the property prevents less than 30 days of letting.
The city commission approved the rededication of apartment buildings in waterfront resort zones on June 8 as developers looked for additional height of the property to allow for larger units and additional amenities.
In the Rezone application, the developers planned eight residential floors on two parking decks with a total of 11 floors.
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A site plan has not yet been submitted and the city commission has not carried out a second reading of the application for rededication as one of the offers calls for the demolition of the two existing motels before this can be done.
The project is being conceived as an “ultra-luxury” property with multiple on-site amenities.
“Rosewood Residences Lido Key is carefully designed to provide the ultimate luxury living experience,” said a press release. “With the architecture of Miami-based Swedroe Architecture and the interiors of New York-based Lillian Wu Studio, the development will include 65 units and a full range of exclusive amenities, including a private restaurant and cooking services, a world-class fitness center, outdoor pools, massage rooms and a 24th floor -Hourly Concierge, all managed by Rosewood. “
The average unit for sale in the condo will be 4,200 square feet and will “showcase state-of-the-art finishes and features”.
Rosewood will manage the property.
According to the press release, sales reservations will begin in December, with the project completed in 2025.
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