Developers are hoping to build an $20 million condo development near the intersection of Interstate 4 and Sarasota Bay in a project called Sarasota Development Projects.

The project, called Sarasotte Development, would consist of three towers and a hotel, said Robert McQuillan, who is working with Sarasotte to secure the site for the project.

“The project has been around for several years and we have done several iterations.

We have gone from an existing condo tower on a residential lot to a new tower that will include a hotel and a condominium tower that we think will be a lot of fun for the community,” McQuinn said.

He said the project would cost about $20.2 million.

The developer plans to construct the first tower in the first phase in the fall of 2019.

A new condominium would be built on the site, which has been vacant since 2010.

A portion of the site is zoned for commercial development and the city of Sarasota has been negotiating with the developer for some time.

A site survey for the condominium project was done in July.

McQuinn declined to say when the project will be finished.

He said the hotel would be a conditional occupancy facility.

McSquinn said he hopes to sell the condos at the condo development and use the proceeds to help the community.

He did not provide a dollar figure.

“I want to make sure that we do not make the mistakes that I see from the condo developers,” he said.

“I want them to do what I want them do, which is to do it for the right reasons.”

The project is being led by Sarasotte developer Bob Hockett.

He is a partner in the company.

McQuann said Hocketts is in talks with Sarasota to get financing to build the project on the property.

He would not say how much he thinks the project could bring in.

The development is the second major project in the area that will require new permits.

The first was the new hotel and condo project.

That project was approved in April 2018 and McQuunn said he expects that project to go through in 2019.