An 18-story condominium tower has begun selling units for a downtown Sarasota project at The Quay that could reshape the city's skyline, with plans to start construction in the fall of 2022 once sales targets are met.

One Park Sarasota will be near Sarasota Bay along Boulevard of the Arts and is being developed by national real estate company Property Markets Group in partnership with Sarasota-based JEBCO Ventures.

The project includes construction of 149 residences in an 18-story building with condominiums starting at $1.86 million.

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The units will be fully finished one, two, three and four-bedroom residences ranging from 2,460 to 4,100 square feet, according to a news release.

The penthouse floor will consist of six condominiums.

"The one-of-a-kind One Park Penthouse Collection comprised of just six residences ranging from 5,480 to 7,180 square feet will feature private rooftops with summer kitchens and plunge pools," the release stated. "Each unit provides 10- to 12-foot floor-to-ceiling windows, a contemporary lighting package with recessed lighting, dimmers, and lighting control, fully built-out closets and a midnight bar in select primary bedrooms, expansive outdoor terraces with glass railing and summer kitchens, and an unprecedented level of efficiency through PMG smart home technology experience for a seamless personalization with a touch of a button."

A price point for the penthouses was not released.

Sarasota-based Hoyt Architects is the architect for the building.

Chelsa Vahtomin and Robert Robinson, with Coldwell Banker Realty in downtown Sarasota, exclusively represent the sales of One Park, which is the latest sign of Sarasota's strengthening luxury market.

“One Park will be an outstanding addition to the Sarasota real estate market, which continues to grow and elevate luxury and resort-style living on the Gulf Coast,” Matthew Day, managing broker of the Coldwell Banker Realty Downtown Sarasota office, said in the news release.

Luxury condo projects on the move in Sarasota area

In recent months, the Sarasota-area has seen several condominium projects move toward construction or in some begin work.

On Longboat Key, the long-awaited St. Regis Hotel and Residences received final approval from the Town of Longboat Key. That $800 million project will see 67 condos built along side a 166-room hotel on the site of the former Colony and Tennis Resort.

Luxury projects on Lido Beach, Golden Gate Pointe and at other locations in downtown Sarasota have also been announced.

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Dan Kaplan, managing partner at PMG, said the company plans to file for building permits in February or March with approval expected sometime in the summer.

The project has already received development rights when GreenPointe Holdings LLC had them approved through the City Commission several years ago. Unless the property requires variances to those plans, it will not need to go back to the City Commission.

Building permits will be approved administratively through city staff.

Kaplan said they have the property under contract from GreenPointe and are expect to close on the property when they start construction.

Kim Githler, managing partner of JEBCO Ventures, brings local knowledge to the development team. She said she sought out PMG for their expertise in large-scale projects and expects a fast construction time table.

"Our goal is to be in construction in the fall and we will finish within a 28- to 30-month cycle, once the construction starts," she said.

Kaplan said the company is building 400-unit multifamily projects in Atlanta and Nashville and also has started construction of Sage Residences on Longboat Key, another luxury condominium property.

They also have projects in Miami and New York. Supply chain issues should not be a concern, he said, as the construction pipeline they have developed allows greater purchasing ability.

Kaplan said he sees the Sarasota luxury condominium market as in its infancy and "better than anywhere along the Gulf Coast."

Calling the area "sophisticated" and pointing to the numerous cultural amenities, he said that the appeal of Sarasota has started to draw a larger audience from locations that had previously sought other Florida cities when looking to purchase property.

Gilther said her market research shows that condo sales in the $2.5 million to $3 million range have strong velocity in Sarasota.

"Forty percent of this building is in that range," she said.

As the luxury condo market matures in Sarasota, Kaplan expects people that buy property now will not be disappointed.

"We believe that in five years, people will look back and think they got a really good deal," he said.

This article originally appeared on Sarasota Herald-Tribune: Sarasota luxury real estate market gets jolt as Quay condo sales start