Sarasota’s growth continues to accelerate as a major new luxury apartment development officially moves into the construction phase near downtown. The project, known as Bayside North, recently secured a $43 million construction loan, clearing the way for development to begin at 1250 10th Street.
The financing was provided through a partnership between Affinius Capital and Axonic Capital, signaling strong investor confidence in Sarasota’s rapidly expanding residential market. The project is being developed by Allen Morris Company, a firm well known throughout Florida and the Southeast for creating upscale mixed use communities in high demand locations.
The seven story luxury apartment building will bring 96 new residences to the Rosemary District area, one of Sarasota’s fastest growing and most desirable urban neighborhoods. Located just minutes from downtown Sarasota, Sarasota Bay, and the city’s vibrant arts and dining scene, Bayside North is expected to attract professionals, seasonal residents, and long term renters seeking a walkable luxury lifestyle.
According to the developer, the project is designed to deliver a “condo grade” living experience, offering a higher level of finishes, amenities, and architectural detail than traditional apartment communities. Floor plans will range from one to three bedrooms, with residences averaging approximately 1,200 square feet. Spacious layouts, modern interiors, and upscale design elements are expected throughout the building.
One unique feature of the development will be eight dedicated guest suites available for visiting friends and family, a rare amenity that reflects the project’s focus on luxury convenience and hospitality style living. In addition, Bayside North will include 15 workforce housing units, helping address the growing need for attainable housing options within Sarasota’s urban core.
Residents will also enjoy a wide range of amenities designed to complement Sarasota’s active and social lifestyle. Plans include a rooftop clubhouse with sweeping views of Sarasota Bay and the downtown skyline, creating a gathering space for relaxation and entertainment. On the ground floor, the property will feature a pickleball court, catering to one of Florida’s fastest growing recreational trends, along with a 3,000 square foot restaurant intended to enhance the walkability and neighborhood appeal of the development.
The site itself spans just under one acre. Property records show that an LLC tied to Allen Morris Company purchased the land in early May for approximately $1.2 million. With financing now secured, construction activity is expected to ramp up quickly.
Bayside North is not the only major investment Allen Morris Company is making in Sarasota. The developer is also currently constructing Bayside, a separate 254 unit luxury apartment community located at 850 North Cocoanut Avenue. That larger development is expected to be completed in April 2027 and sits on a 3.5 acre site acquired in 2024 for $15.5 million.
Combined, the Bayside and Bayside North developments represent approximately $250 million in investment into Sarasota’s residential market. The scale of these projects highlights the continued demand for high quality housing in the city as population growth, job creation, and lifestyle migration continue driving interest in the Gulf Coast region.
Sarasota has become one of Florida’s most sought after real estate markets in recent years, attracting buyers and renters from across the country thanks to its waterfront lifestyle, cultural attractions, thriving restaurant scene, and strong economic growth. New developments like Bayside North are helping reshape the downtown area while bringing additional housing inventory to meet rising demand.
With a development pipeline totaling more than $3.35 billion and approximately 4,700 residential units across the Southeast, Allen Morris Company continues to position itself as a major player in the region’s luxury development landscape. As construction begins on Bayside North, the project marks yet another milestone in Sarasota’s ongoing transformation into one of Florida’s premier live work play destinations.
