The owner of Sarasota Bayside said this week it will be at least 2012 before the first of four towers is completed at the $1 billion development.
Under its revised timetable, Irish American Management Services Ltd.'s first 18-story building at Bayside would not be finished until seven years after its originally scheduled date of completion.
Moreover, when tower one is eventually ready for people to move in, Irish American might have to charge hundreds of thousands of dollars more that it had planned for each condo. That extra cost could stem from large carrying costs for land and a redesign that may shave hundreds of residential units off the 700 that were approved in February 2007.
At the same time, Bayside could be facing stiff competition from new projects.
The Proscenium, a nearly $1 billion project planned for seven acres across U.S. 41 from Bayside, is slated to contain a 225-room Waldorf-Astoria Hotel, more than 200 luxury condos, 450,000 square feet of upscale office and retail space, and an 800-seat performing arts hall. If approved by the city later this year, it could open in 2011.
Last month, Longboat Key Club owner Loeb Partners Realty of New York unveiled plans to invest $500 million in its resort. Improvements there, beginning in 2009 and running through 2014, would include a new 222-room hotel; 261 new condominiums and nearly 32,000 square feet of meeting space; and a dramatically refurbished golf course.
Even without added competition, delays already have been costly to Bayside.