XAC Developers has pulled its building permit on the last day the group could secure a permit under the existing site plan to build The DeMarcay, a condominium tower in downtown Sarasota. The 39 unit 18 story tower will be located at 33 S. Palm Ave. with units ranging from 1,144 square feet to 3,106 square feet. Prices start at $500,000 but the most expensive units will cost more than $3 million. The project will feature a rooftop pool and fitness center with views of Sarasota Bay and the Gulf of Mexico. Construction should begin by early 2016 and wrap up in about 18 months.
The Illinois developer and the city of Sarasota have agreed to preserve the two unique historical facades from the original buildings. XAC Developers is working with Sarasota architectural firm Parker Walker Group and JKL Design Group Inc. to incorporate elements from a former cigar factory and hotel on the site into the new tower’s lobby. The developer will also donate $50,000 to the Palm Avenue Merchants Association.
