Developer shelves luxury condo project [South Florida]
Developer decides now is not the time for its luxury condo project.
Faced with continued sluggishness in the high-end condominium market and little reason for short-term optimism, the owner of the land at U.S. 41 and Gulf Stream Avenue downtown has shelved plans for a 17-story luxury residential tower.
Kolter Communities’ decision to suspend its Grande Sarasotan project marks the biggest casualty to date for Southwest Florida’s slumping real estate market.
Though other notable condo towers — including a 15-story high-rise planned for 1740 Main St. and a pair of 16-story towers proposed for the parking lot behind Main Plaza and the Hollywood 20 movie theater — have failed to reach fruition, the Grande Sarasotan represents a higher stratum.