Centennial Bank Lends $46M on Luxury Condo in Sarasota, Florida

A joint venture between Jebco Ventures and Omnium Real Estate has secured $46.4 million in construction financing to build The Edge Sarasota, a 10-story, 27-unit luxury condominium in Sarasota, Fla. 

Centennial Bank provided the financing, with Jeffrey Woodin, senior vice president of the commercial banking team at Centennial Bank, managing the deal. The loan from Centennial Bank was provided to Jebco Edge, a subsidiary entity owned by James Bridges, owner and CEO of Jebco Ventures. 

Construction is set to begin this month, and the project has already presold half of the 27 condominium units. The development team projects a total sellout valued at $109 million. 

Sadek Omar, CEO of Omnium Real Estate and lead developer of the project, said in a statement that his team is “thrilled to partner with Centennial Bank” on the new development. 

“This partnership reflects our commitment to delivering an exceptional living experience, and Centennial Bank’s support underscores their confidence in the vision and quality of this project,” added Omar. 

Located at 290 Cocoanut Avenue in Sarasota, The Edge Sarasota sits in the city’s Rosemary District, a historical district that is home to the “Boulevard of the Arts” and includes the Van Wezel Performing Arts Hall and the Sarasota Opera House. Hotels in the neighborhood include The Ritz-Carlton Sarasota and Hyatt Regency Sarasota. 

Construction of The Edge Sarasota is expected to take 16 months, with the final product boasting a resort-style pool, a spa, a fitness center, climate-controlled private parking garages for tenants, and ground-floor retail featuring fine dining. 

“This development represents a new standard for urban luxury living in Sarasota,” said Centennial Bank’s Woodin. “Our partnership with Jebco Ventures and Omnium Real Estate reflects our shared commitment to excellence and community growth.”

Brian Pascus can be reached at bpascus@commercialobserver.com