Luxury Car Storage Condo Development Breaks Ground in Sarasota

• Car Bank 2.0 is a new 26-unit luxury garage condominium development underway at 5864 Derek Avenue in Palmer Ranch, Sarasota.
• The project is being developed by Sarasota entrepreneurs Todd Segal and Tom Bury and is designed for car collectors, RV owners and other enthusiasts seeking private, customizable storage.
• Units are offered in different sizes, with options reaching approximately 1,375 square feet and larger configurations available for vehicle collections and specialty uses.
• The development will include a private owners' clubhouse and lounge, along with secure access and spaces that can be customized with lifts, cabinetry, mezzanines and entertainment areas.

What Is Planned for Car Bank 2.0

Construction is underway on Car Bank 2.0, a 26-unit private garage condominium community at 5864 Derek Avenue in Palmer Ranch, Sarasota. Unlike traditional residential condominiums, the development is designed around privately owned garage spaces where owners can store and customize facilities for valuable vehicles, collections and other specialty possessions. The project follows the original Car Bank SRQ facility at 6562 Palmer Park Circle, which opened in 2024. The second development expands the concept with a larger community and additional shared spaces for owners.

 

 

What Owners Can Do With the Units

Car Bank 2.0 is designed as a flexible space rather than a standard storage facility. Owners can customize their units with features such as vehicle lifts, custom cabinetry, premium flooring, mezzanines and entertainment areas. The units can accommodate car collections as well as larger vehicles, including RVs. Current listings show units of approximately 1,008 square feet, while larger configurations can reach about 1,375 square feet. Some spaces offer ceiling heights of roughly 21.5 feet, providing room for lifts, mezzanines and additional storage.

 

 

What Amenities the Development Will Offer

The project will include a private Clubhouse and Owners' Lounge where owners can gather for car club meetings, private parties, social events and enthusiast gatherings. The shared spaces give the project more of a private automotive community feel than a conventional storage property. The garage units are individually owned, allowing buyers to treat their spaces as privately owned assets rather than simply paying for access to a traditional storage facility. The development is also marketed around security, customization and convenient access to Sarasota's surrounding attractions.

 

 

What the Development Team Brings to Sarasota

Car Bank SRQ was created by Sarasota entrepreneurs Todd Segal and Tom Bury. The idea came from Segal's own need for additional garage space for his car collection and evolved into a larger concept for collectors looking for secure, privately owned storage. According to Car Bank SRQ's project team, Tom Bury serves as co-founder and managing partner, overseeing financial operations and the company's growth. Florida corporate records also list Bury and Segal as managers of Car Bank SRQ LLC. Calusa Construction is associated with construction of the Car Bank projects, while Michael Saunders & Company is handling sales, including agents such as Joanna Benante.

 

 

What This Means for Sarasota's Luxury Market

Car Bank 2.0 reflects a niche but growing real estate concept in which owners purchase dedicated spaces for vehicles, hobbies and other high-value possessions. In a market such as Sarasota, where luxury residential development and high-end second-home ownership are significant parts of the real estate landscape, the project offers an alternative way to add private storage without expanding a residence. Located in Palmer Ranch with access to I-75, Downtown Sarasota, Siesta Key and Casey Key, the project is positioned as a destination for collectors who want secure space close to where they live.