The 21st-century condominium developer is learning that bigger is not necessarily better. For its first U.S. project, the Vandyk development company of Toronto is going small.
But that doesn’t mean cheap.
Vandyk executives came to Sarasota last week to unveil One88, a modernist project of just eight residences on Golden Gate Point.
“It’s a boutique-y type of development,” said Dominic Zita, executive vice-president of the Vandyk group of companies. “It caters to a style of living without a huge building and the masses.”
The units — two to a floor and 40 feet wide — will have about 3,030 square feet of air-conditioned space; terraces will add at least 756 square feet to each unit.
Prices range from $2.6 million to $3 million on floors one through three. The two penthouses, which also have rooftop terraces of 1,657 square feet each, are $3.9 million. The small size of the parcel limited the height of the building to 50 feet, and parking was another factor. The footprint allows for only 16 cars — two per unit, Zita said.
“We tried to design the layout to get the best efficiency out of the square footage,” Zita said, “and put the most into it.”
But One88’s cost per square foot, including the terraces, is about $680. Most new luxury homes in Sarasota start at $1,000 per square foot.
“Based on the level of finish and the design, the product is correctly priced,” Zita said.
Purchasers will receive a social membership at the Sarasota Yacht Club, which is where the opening reception was held Wednesday.
The building will be at 188 Golden Gate Point, with direct views of the John Ringling Bridge. A terrace, separated from the interior space by sliding walls of glass, spans the west side of each unit.
“We are excited about being here,” Zita said. “We have been in Toronto for 30 years as real estate developers. Over the past 12 months, we decided to come into the U.S. Sarasota is our first stepping point.
“Culturally, we like Sarasota better” than Naples or Miami, Zita said. “There is the right balance of culture and amenities.
“We believe the Gulf side of Florida is better than the Atlantic side. To us, it is a diamond in the rough, a hidden jewel, here. It is primed for people like us. There is pent-up demand here.”
Company president John Vandyk has visited Sarasota “many times” for pleasure. “There is a lot of art and culture, and the people are very kind,” he said. “It’s a different lifestyle, a beautiful lifestyle.”
Vandyk said he is not taking reservations, but is instead going “direct to contract.” Construction will begin this spring.
Sultana, of DSDG Architects, said modern architecture, like that planned for One88, is catching on in the market, both with condos and houses.
“I do everything — modern, Mediterranean, West Indies,” Sultana said. “In the last three years, I have done two Mediterranean projects, but I have done a dozen modern. People like the fact that it is not stark, cold modern.”
