One Park marks the start of construction

With little fanfare, no sweaty hardhats, no golden shovels and no conspicuously located pile of dirt, the developer of One Park held a party to celebrate the start of construction across the street from its site at the Sarasota Garden Club.

Instead there were mimosas, strolling hors d'oeuvre servers, a jazz combo and brief comments by leaders of the project's development team.

The formerly controversial condominium tower was first proposed on blocks 1 and 9 in The Quay, spanning Quay Commons in the process. A robust legal challenge over the air rights above Quay Commons mounted by residents of the Ritz-Carlton Residences, which stands on Block 6, prompted developer Property Markets Group of Miami and its local partner, MoneyShow, to go back to the drawing board and separate One Park into two.

Now, One Park will stand on Block 1 at the corner of Boulevard of the Arts and Quay Commons. Still in planning is One Park West, which will occupy Block 9 on the west side of Quay Commons.

Despite the prior complications, Tuesday was a day of celebration for the 18-story, 86-unit tower ranging in prices from $3.5 million to penthouses at $12.5 million.

Property Markets Group CEO and Founder Kevin Maloney told the gathering of unit buyers and local dignitaries that the project had no problem finding interested lenders.

Photo by Andrew Warfield

“We had a great deal of interest, unlike Miami or in other locations that we're building where we typically have one lender,” Maloney said. "We had four lenders bidding on this project. There is a lot of interest in the West Coast, specifically in Sarasota, so we're very excited and we're off to the races.”

Designed by Hoyt Architects of Sarasota, One Park will feature three-bedroom residences equipped with 12-foot ceilings, and floor-to-ceiling windows with views of Sarasota Bay, the downtown skyline, and of The Bay Park. Highlights include outdoor terraces with glass railing and summer kitchens, a midnight bar in primary bedrooms and smart home technology.

“Developing a luxury condominium is a true art form,” said MoneyShow CEO Kim Githler. “PMG is known for their passion to deliver the most exclusive residents in the United States, and we are grateful they are now here in Sarasota.”

One Park will soon be joined in construction by its sister tower, One Park West, whose 69 condominiums will be offered at a lower price point starting in the low $1 million to $3 million range. 

Property Markets Group’s current multi-billion dollar portfolio includes assets across pre-development, construction, lease-up and sell-out, totaling more than 8,500 residential units and more than 16 million square feet of development.