Construction on the 450-unit CitySide apartments is set to begin in April in Sarasota's long blighted by rapidly improving Rosemary District.
Rosalyne Holdings, headed by Bruce Weiner of Longboat Key, is developing the project with Ascentia Development Group (ADG). The team expects to have a building permit by March.
CitySide is a four-story complex designed with urban contemporary architecture. Phase 1 will have 228 units on 2.9 acres at the northeast corner of Boulevard of the Arts and Cocoanut Avenue. Phase 2 will have about 250 units on 3.6 acres directly across May Lane from Phase 1; construction will not begin until Phase 1 is complete.
"CitySide will address the growing demand for rentals in or near downtown Sarasota," said Weiner. "It will also bring new vitality to the area, while maintaining the rich culture that makes the 128-year-old Rosemary District the unique place it is."
Rents, described by Weiner as "market-rate," are expected to range from $1,000 to $2,000 a month. CitySide residences will have one and two bedrooms, or two bedrooms and a den. They will range in size from 700 to 1,200 square feet.
Rosalyne Holdings purchased the 6.5-acre parcel on April 1, 2013, for $4.5 million.
