$37 million Aqua condominium project on Golden Gate Point in Sarasota, killed

$37 million Aqua condominium project on Golden Gate Point in Sarasota, killed

Picture via Michael Adams
Picture via Michael Adams

By Josh Salman

SARASOTA – One of the first — and most luxurious — condominium towers proposed for downtown since the Great Recession has been scratched by its developers.

Aqua, a $37 million project comprising nine stories on Golden Gate Point, ran into “unforeseen zoning challenges” that will prevent it from moving forward, according to a joint statement from the project’s developers and the brokerage firm hired to market the property.

“We are disappointed to inform you that due to unforeseen zoning challenges, we will not be able to continue building this project as currently designed,” the statement from Premier Sotheby’s International Realty noted.

“As you can imagine, we are all unhappy with this recent turn of events. However, we feel strongly that 280 Golden Gate Point is an exceptional piece of property with amazing views, gracious size, privacy and proximity to downtown,” the statement said.

“On that note, we ask you to stay tuned until further notice. . . . We look forward to working collaboratively to bring this property to fruition in the future.”

With home sales softening throughout the area this year, it is possible the decision to shelve Aqua could ripple through other planned residential developments.

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