One Park West condo prices to top out at $3 million

The developer of One Park plans to offer an opportunity to buy a residence in The Quay at a comparatively bargain price of $1.1 million and topping out at about $3 million.

Or less.

Property Markets Group and Sarasota-based MoneyShow are developing plans for One Park West, which will be built on Block 9, across Quay Commons from One Park, which is currently working its way through the city’s approval process.

Plans for One Park West have yet to be submitted, but PMG Managing Partner Dan Kaplan said that should occur in the coming weeks. Combined, the two buildings will replace the original One Park plan, which was proposed to be built across Quay Commons, joining both lots in a single building above a breezeway. That plan was abandoned with the 12th Judicial Circuit Court ruled PMG could not acquire the air rights above Quay Commons, the primary street through The Quay.

One Park will offer 86 condominiums and One Park West 75 — combined that's seven more units than the original One Park plan. In addition to separate buildings, the plan allows PMG to offer two different price structures.

“We are looking at a top price of about $3 million,” Kaplan said, adding that he expects both buildings to break ground this fall and be completed in about 18 months. Breaking with its normal business model, PMG is taking reservations for one Park West as it also goes to contract on One Park units. 

“We want to be selling same time just because they offer different things to different people,” Kaplan said. “If someone comes in to look at One Park and they decided it’s more than they want to spend, we have another product offering. Or, if they want to go from a lesser expensive unit to a more grand unit with better views, we offer those as well. This allows us to diversify our prior product offering.”

Blocks 1 and 9 are currently being used as staging for construction of Cordelia by Lennar, a luxury rental apartment development on blocks 2 and 3 along U.S. 41. 

The Quay is being developed in 10 blocks, with only Ritz-Carlton Residences on Block 6 and Bayso on Blocks 4 and 5 currently completed. Kolter Urban recently announced plans to build Ritz-Carlton Residences II on Blocks 7 and 8 and under construction is Ocean Prime restaurant on Block 10.