With more than half of the units spoken for in the Sage Longboat Key condominium development and still more in the upcoming Residences at St. Regis Longboat Key, sales and prices of condos on Longboat Key are surpassing some of the region s record gains made in 2020.
Demolition was approved last week at the site of the former Sea n Sun Resort at 4651 Gulf of Mexico Drive, making way for a spring groundbreaking on Sage. The 16-unit luxury condominium is expected to be ready for occupancy in the fourth quarter of 2022.
At least nine of the four-bedroom units are under contract, including all four penthouses that sold for between $5.8 million and $6.3 million each. Lower-floor unit prices range from mid-$4 million to about $5.5 million. Sales are being handled by Premier Sotheby s International.
The Longboat Planning and Zoning Board on Tuesday unanimously approved a special exception and site development plan for the proposed Sage Longboat Key Residences.
The plan is to build beachfront luxury condominiums at 4651 Gulf of Mexico Drive, the former site of the Sun n Sea Cottages & Apartments. Prices will start at $4 million.
Exceptions approved by P&Z Board
Units per acre: 5.0 units per acre/16 units proposed, 6.0 units per acre/ 19 units permitted
Maximum building coverage: 20.9% proposed, 30% permissible in the zoning code
Minimum open space: 53% proposed, 50% minimum is required
Minimum street yard setback: 150 feet proposed, at least 128 feet required
Minimum side yard setback: 40-foot minimum/80 feet total proposed, 30-foot minimum/ 80 feet total required