In a significant development for Sarasota’s real estate scene, The Edge Sarasota, a luxury condominium project, has obtained a substantial $46.49 million construction loan from Centennial Bank. This financial backing marks a crucial step towards the completion of the 27-unit tower, slated for early 2026.
The Edge Sarasota is set to rise at 290 Cocoanut Ave., strategically positioned at Fruitville Road in downtown Sarasota. The development is spearheaded by Jebco Edge, a collaboration between Jebco Ventures and Omnium Real Estate. This ambitious 10-story tower will offer its residents stunning views of both Sarasota Bay and the city itself.
Upon completion, the condominium will feature 27 luxurious units, each with private terraces, including expansive penthouse units boasting 600-square-foot rooftop spaces. Additionally, the project promises upscale amenities such as a resort-style pool, a spa, concierge services, and a fine-dining restaurant located on the ground floor.
According to Centennial Bank, which facilitated the loan, half of the units have already been pre-sold, demonstrating robust demand for high-end residential properties in the area. A full sellout is projected to generate around $109 million in revenue.
Construction on the tower began this month and is expected to take approximately 16 months. Jebco Ventures, under the leadership of founder Jim Bridges, has a notable portfolio of local projects, including The Embassy Suites Hotel and other luxury condominiums in Sarasota.
Jeffrey Woodin, a senior vice president at Centennial Bank, orchestrated the financing package, reflecting the bank’s longstanding relationship with Jebco Ventures. This partnership dates back to 2017 during the financing of another luxury condominium project, The Strand.
The Edge Sarasota is poised to become a landmark residential development, backed by significant financial investment and driven by a team with a strong track record in luxury real estate projects. As construction progresses, the project underscores Sarasota’s appeal as a desirable location for upscale living.
Source: Businessobserverfl
