Developer Revises Plans, Changes Name of Proposed Condominium Tower in Downtown Sarasota

Developer MK Equity Corporation has revised plans for a planned 18-story condominium tower in downtown Sarasota and changed the name from Obsidian Residences to 1260 North Palm Residences. The new plans have reduced the height of the building from 342 to 327 square feet and include additional setbacks on the lower floors to create more separation from the adjacent Bay Plaza. In January 2024, the Planning Board voted 4-1 against the project, citing street level retail and commercial space does not comply with the zoning district. In the Downtown Bayfront zoning district, the zoning requires 100% of the street frontage in new developments to be utilized for commercial or retail space. There is 6,350 square feet of existing retail space on the site, the revised plans show 6,227 square feet of retail space, which is 97% of the existing space. The plans must be approved by the Planning Board in order for the project to move forward. In June 2023, the development received partial approval from the Sarasota Development Review Committee, however the zoning code exceptions were later rejected. Obsidian Residences would feature only 14 residences, each one will occupy its own floor. Amenities will include a rooftop pool, fire pit, spa, and lounge, wine tasting room, card and game lounge, humidor – cigar lounge, bocce ball court, golf simulator experience, full guest suite, state of the art fitness center, indoor/outdoor yoga and meditation studio, hot tub, sauna, steam room, and cold plunge, massage/physical therapy room, and meeting & club room. The location is within walking distance of shopping and dining venues.

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