Joint Venture Secures $83M Loan for Sarasota Venture

The Allen Morris Co. and the Alaska Permanent Fund Corp. are joining forces on a 253-unit multifamily project in Sarasota. The duo secured an $83 million construction loan for the Bayside Sarasota from Kennedy Wilson. The project, which will be at 850 Cocoanut Avenue, is scheduled for two phases. The second phase will include a 96-unit tower that will break ground this fall. Phase I construction has started the is expected to be delivered in the fall of 2026.

Phase One’s five-story building will include one-,two- and three bedroom units with ground floor retail. Amenities will include a rooftop pool, fitness center and a restaurant. Development partners include general contractor Brasfield & Gorrie, architecture firm Dwell Design Studio.

The location is close to downtown Sarasota as well as shopping and dining venues. It’s one block from the $200 million The Bay Park Redevelopment project.