SteeleHarbour Capital Secures Key Financing for Downtown Sarasota Site — A Signal the Urban Core Still Has Momentum
Downtown Sarasota continues to prove its resilience as a high-confidence urban market, even amid tighter capital conditions nationwide.
This week, SteeleHarbour Capital Partners secured a $20.5 million construction loan from Bank OZK, positioning the firm to move forward with pre-development on a prominent downtown site at 1520 Ringling Boulevard — a location just steps from Main Street and the city’s most active commercial and cultural corridors.
The financing was arranged by Berkadia, a national commercial mortgage banking firm, and represents a meaningful vote of confidence in Sarasota’s long-term fundamentals.
Why This Site Matters
The roughly 3.3-acre parcel sits within one of Sarasota’s most strategic downtown pockets — close enough to Main Street to benefit from foot traffic and lifestyle demand, while still offering the scale developers need for meaningful mixed-use density.
Importantly, the site benefits from as-of-right zoning, giving SteeleHarbour flexibility to respond to market conditions without lengthy entitlement risk. That alone makes the property notable in a downtown environment where entitlement complexity often slows projects before they begin.
While final plans have not yet been publicly disclosed, the project — internally referred to as Fifteen20 — is expected to be positioned as a high-end mixed-use or residential development, consistent with the broader evolution of downtown Sarasota toward luxury living, walkability, and experiential retail.
A Larger Signal for Sarasota’s Urban Core
What makes this deal especially noteworthy isn’t just the location — it’s the timing.
Across Florida and the broader Southeast, many urban projects have stalled as lenders tighten underwriting and construction costs remain elevated. In that environment, Bank OZK’s participation signals continued lender appetite for well-located, well-capitalized downtown deals with strong demographic tailwinds.
Sarasota checks those boxes:
- Sustained population and wealth migration
- Limited supply of downtown development sites
- Strong demand for luxury residential product
- A proven lifestyle draw that continues to attract capital
This transaction reinforces what many in the CRE community already understand: downtown Sarasota remains one of Florida’s most durable urban submarkets.
What Comes Next
With financing now in place, SteeleHarbour can advance design, site work, and pre-construction planning — positioning the project to move vertically as market conditions align.
For brokers, investors, and developers watching Sarasota closely, this deal is another data point confirming that institutional and regional capital still sees long-term value in the city’s urban core, even as other markets pause.
“If you’re going to build, then do it in an area that was already developed and/or become obsolete or dilapidated. This location of building is always better then tearing down some forest or open land. I call this responsible and thank whoever is doing this.” – Mike Doyle on Social Media
For locals, this is a positive development because it does not take land away from conservation and instead enhances already developed downtown areas. The project will support local businesses, shops, and restaurants by bringing in new high-income residents.
Downtown Sarasota isn’t slowing — it’s selectively moving forward.
