The name Cordelia has multiple meanings, including "daughter of the sea" and “heart of a lion.” For the Quay Sarasota project in downtown Sarasota, it’s Cordelia means "unique proposition in a strip dominated by condominium projects."

Located at 468 Quay Commons—or, as most locals will probably say, on North Tamiami Trail—Cordelia is poised to bring 240 long-term rental units comprised of studios, two-, and three-bedroom apartments to the market. It’s the latest addition to the Quay Sarasota, a 14-acre waterfront district that will have both retail and residential spaces overlooking Sarasota Bay.

Cordelia's units are expected to be move-in ready next month, and the whole mixed-use project is expected to be wrapped up by the end of the year. 

Cordelia is a project by Quarterra, a subsidiary of Lennar, previously known as Lennar Multifamily Communities. The company purchased the land on the Quay Commons site in 2020 for $11.5 million, marking its first project in Sarasota under the Quarterra brand. Cameron Palm, senior development manager for Quarterra, is overseeing the project.

The building will be 12 stories high and, in addition to its apartments, include  14,000 square feet of retail space on the ground floor, with plans for three commercial spaces and one large restaurant space. According to Palm, there is a focus on securing established brands for the retail spaces, particularly for a fine dining establishment in the restaurant space.

Although it’s still too early to release retail tenant names, Palm says there are some “strong contenders,” and Quarterra also would like to see a small coffee shop space at the corner of Dockview Place and North Tamiami Trail. Palm adds that the company is excited about being close to high-profile seafood and steakhouse Ocean Prime, which is going up directly west of Cordelia. 

Palm also says he’s excited about the look of the building, since, “there’s a lot of white going up around it,” and that Cordelia’s black and brown color scheme and more traditional architecture “create a transition between old and new.”

The building will have a six-level parking garage, with 150 spaces designated for the public. The seventh floor will be home to the complex's amenities, including a pool with cabanas and a sky lounge with a terrace and outdoor fireplace. The fitness center will include a yoga studio; there will also be a pet park and a pet spa, cow-working spaces and a business center, as well as package lockers with cold storage. There will also be a gaming room with a golf simulator, a clubhouse with a catering kitchen and game room, and an outdoor terrace with a bar and grills. Not to mention a DIY space, private dining area and tasting room.

Above the seventh floor, there will be 12,558 square-foot studio apartments, 80,742-square-foot one-bedroom units, 119 1,133-square-foot two-bedroom units; and 29, 1,480-square-foot three-bedroom units. Some units on the north side will have water views of Sarasota Bay; others, on the west side, will overlook the charming, historic Belle Haven. 

Cordelia's rental model contrasts with the predominant condo trend in Sarasota's luxury housing market. The addition of rental units like Cordelia's addresses a growing demand for flexible living arrangements in Sarasota—especially in light of recent legislative changes affecting condo associations. In 2022, following the fatal Surfside condo collapse, new safety measures were put in place that spiked costs for condo owners. Those measures include more thorough inspections and increased reserves for costly repairs. However, new HOA laws took effect earlier this month and aim to reign in some practices, like fining residents for leaving garbage cans at the curb within 24 hours of trash collection or banning vegetable gardens or clotheslines if they can't be seen. HOA directors must be trained, and bribes are now a felony.

“Lots of people don’t want to deal with a homeowner's association [HOA]," Palm says. "[Rentals] give lots of flexibility for moving in and out. People often buy a condo and have to wait a year or two until it’s built. Meanwhile, here they can come and enjoy the area and be part of the community without having to be locked in. For people downsizing or moving in from a different city, long-term class-A renting is a nice option to have."

"We see the demand, especially with Florida’s transitions with condo laws and the high costs of homeowner's insurance,” he continues.

The prices at Cordelia haven't been revealed, but an annual two-bedroom, three-bathroom rental unit at the brand-new, super-sleek Bayso next door goes for $7,000 per month. On the lower end of the spectrum, a two-bedroom, two-bathroom unit at Condo on the Bay, which was built in 1982, is listed online for $3,850. The Quay Sarasota rentals have an average monthly price of $7,269.

Construction on Cordelia began in May 2022, following delays related to the redevelopment of Tamiami Trail. The project is expected to open in early August, with construction wrapping up by the end of the year. Next up in the neighborhood is One Park and One Park West.

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