SARASOTA, Fla. — The United Group of Cos. has started vertical construction on The Alloro at University Groves, an active adult community in Sarasota.
The community will feature 183 one- and two-bedroom apartments, including seven two-bedroom penthouse suites in two residential buildings above covered parking. Units will range from 708 square feet to 2,228 square feet. The property will also boast a 15,210 square foot clubhouse.
Development costs are estimated at $64.5 million.
Project partners include Current Builders and Trez Capital. Adam Horowitz of Cooper Horowitz LLC out of New York City brokered the construction loan.
United Plus Property Management (UPPM), the management arm of United Group, will oversee day-to-day operations at The Alloro. A timeline for completion was not disclosed.