S3 Capital has arranged a $50 million construction loan for The Gallery Sarasota, a six-story mixed-use condominium project, in the city’s Rosemary District.
The development, a joint venture between Palm One Associates and The Simpson Organization, will be located at the corner of 4th Street and Cocoanut Avenue and will include 60 condominium units, along with retail space. The project will offer amenities such as a rooftop terrace with a pool and social lounge, a fitness center with a yoga studio and private courtyards.
The building is located just three blocks from Sarasota Bay and is near local attractions including the new 53-acre Bayfront Park, Sarasota Farmers Market and the Sarasota Opera House. According to the release, 97% of the units are priced below $2 million, substantially lower than the average starting price of about $3.9 million, for new construction in downtown Sarasota. Pre-sales have exceeded one-third of the available units.
S3 Capital, the lending arm of Spruce Capital Partners, has financed nearly $1 billion in Florida, since 2020, according to a statement.