In the November issue of Sarasota Magazine, Kim Hackett has an interesting article about Pineapple Square.
Apparently funding from the project bankers requires 99 paid condo reservations before the project can begin (financed). At press time for the magazine, Simon was "only a third of the way there."
While the project is scheduled to begin construction in January, Simon has indicated that if residential units are not sold, construction may be delayed.
Many new condos are under construction and not many buyers are available. Added into the mix are the Benderson proposal on Main, the Sarasota Bayside (Quay) project, the Grande Sarasotan (recently opened their sales office) and the DeMarcay on Palm, all of which are in the planning approval or pre-sales process. Following close behind is Michael Saunders' project on Orange. A number of townhouse projects are also under construction in Burns Court and Laurel Park. And we should not forget the 5 unsold units at Marquee en Ville on Fruitville.
Lots of competition for Pineapple Square.
In today's declining real estate market (with the speculators back in the closet) the competition for real buyers is getting tougher and tougher each day.
Mr. Simon has a tough row to hoe,
in order to get his Pineapple to grow.