Sarasota condo project The Edge secures loan, breaks ground

A 10-story luxury condo project in downtown has received a $46.5 million construction loan from Centennial Bank, marking a major milestone in the Sarasota development project, according to a news release.

The Edge Sarasota, located at 290 Cocoanut Ave., is being developed by Jebco Edge LLC — a joint venture between Jebco Ventures Inc. and Omnium Real Estate.

Jim Bridges, CEO of Jebco Ventures, has completed several downtown projects, including Embassy Suites and The Strand. Centennial Bank highlighted Bridge’s involvement in the project, noting the relationship with his company dating back to the 2017 financing of another Sarasota project.

A Bridges-led development company originally bought the about half-acre site in 2013 for about $1 million, according to property records and Herald-Tribune archives.

Previous coverage:Downtown Sarasota boom: $780 million of construction projects in development

The Edge Sarasota will include 27 residences, each built with 12- to 14-foot ceilings and floor-to-ceiling impact windows to capture what a news release described as “panoramic views of Sarasota Bay and the city skyline.”

Already half the units have been sold, according to the release, with the estimated sell-out of the project achieving $109 million in sales.