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Downtown Community Redevelopment Authority Area 1

CITY OF SARASOTA

DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS – June 15, 2016

This monthly report tracks real estate development projects with construction values of over $500,000 each that are taking place within and

adjacent to the Downtown Community Redevelopment Authority (CRA) boundary, an area of approximately one square mile. Changes since

last month’s report are highlighted in red.


Page #

CRA Boundary New Construction / Renovation Project Name

Anticipated Completion

Bldg. Permit Issued

Rental Apartments

Condominiums & Townhomes

Hotel Rooms

Commercial Office

Sq. Ft. Retail / Restaurant

1500 State Street Summer 2017 20 5,040

7 Lemon Ave. Pad Site Fall 2017 4,310 4,310

The Mark (formerly City Place) Fall 2018 157 11,000 35,000

One Palm Avenue (Aloft Hotel) Feb. 5 Hotel Opened Yes 139 138 8,175

Dolphin Tower (Renovation) Summer 2016 Yes 117

8 *The DeMarcay* Not Known Yes 39 2,890

The Jewel Spring 2016 Yes 19 Unavailable

*2nd St. Apartment (United Way)* Summer 2017 Yes 180 21,000 17,410

Hotel Sarasota Spring 2017 Yes 163

9 Embassy Suites & Spa Spring / Summer 2017 Yes 200

The Vue (Westin & Residential) Fall / Winter 2016 Yes 141 255

Sarasota Bayside (Quay) 695 175 38,972 189,000

Valencia at Rosemary Place Winter 2016 thru 2017 Yes 30

10 Cityside 228 units / 2016 Yes 489

Vanguard Lofts 2017 Yes 6

Risdon on 5th April 2017 22 7,000

The Sarasota Modern 83

Rosemary Square January 2017 Yes 30 30,000

Florida Studio Theatre 5

11 BOTA Center Fall / Winter 2016 19,900

Elan Rosemary Winter 2018 Yes 286

Citrus Square Phase II & III 18 4,200

Urban Flats (formerly Sarasota Flats) April thru Oct. 2017 228 3,700

1515 Fruitville Rd. (Renovation) 2016 Yes 15,058

12 School Ave. Townhomes 38

2101 Main St. 3,260 3,260

Centerplex Office Bldg. 2017 28,660

The “Q” Partially Occupied Yes 39

13 Sansara 2016 Yes 17 2,632

Orange Club March 2017 24 3,174

711 S. Palm Avenue 15

14 Echleon (624 S. Palm Avenue) Summer 2017 Yes 17

Vengroff Village 393

15 Enclave at Laurel Park 17

SUB TOTAL 1,715 1,466 1,014 117,376+ 340,575+


Page #

CRA Boundary New Construction / Renovation Project Name


Bldg. Permit Issued

Rental Apartments


Hotel Rooms

Commercial Office

Sq. Ft. Retail/Rest.

15 & 16

Golden Gate Point Projects 34

16 Completed Projects 2015/2016 8,295 13,873+

TOTAL 1,715 1,500 972 150,671+ 340,948+

GOLDEN GATE POINT

Page #

New Construction Project Name


Bldg. Permit Issued


Allure 10

15 609 Golden Gate Point 8

ONE88 Golden Gate Point Yes 8

16 Aqua Yes 8

TOTAL UNITS 34

17 Hotels Map Existing Hotels and New Hotel Projects within the CRA Boundary

18 Downtown Office Vacancy 4th Quarter 2015 Summary

POPULATION

Residential Units (not hotel) People Household Size

Existing 4,099 (within CRA boundary) 6,554

New Construction 3,207 (within CRA boundary) 5,740* *Based on 2010 U.S. Census of 1.79 people per household within the CRA boundary.

Adjacent to CRA 34 61*

TOTAL 7,340 12,355 Estimated


PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT ISSUED?

1500 State Street Proposed for 5,040 sq. ft. retail & 20 residential units.

State Street Partners SRQ LTD

$4.2m City property recently sold. Bldg. Permit applied for. Construction anticipated to begin Summer 2016.

No

Lemon Ave. Pad Site 4,310 sq. ft. Retail / Restaurant 4,310 sq. ft. office

State Street Partners SRQ LTD

N/A Sale of City right-of-way closed June 6th.

No

The Mark (formerly City Place at Pineapple Square) 1400 State St. Proposed 11 story bldg. w/ 35,000 sq. ft. retail, 11,000 sq. ft. office. 157 condominium units.

Kolter Group N/A Development Agreement expires December 2020. Foundation Permit applied for. Start-Date Jan. 2017

No

1 N. Palm Avenue (Palm Ave. at Ringling Blvd.) 138 Hotel Rooms 139 Apts. 6,000 sq. ft. restaurant 2,175 retail

JWM Management $31,147,000 Certificate of Occupancy (CO) issued 5/18/16. Retail / restaurant to be constructed along Palm Avenue.

Yes


PROJECT IMAGE PROJECT / LOCATION DEVELOPER CONST. VALUE STATUS PERMIT

Dolphin Tower Condos 101 S. Gulfstream Blvd. Structural Repairs. 117 Unit Condo

Dolphin Tower Condo Association

$9,000,000 Individual units being renovated by contractors. Temporary Certificates of Occupancy Issued. Some tenants have moved in.

Yes

DeMarcay 33 S. Palm 39 Residential Units 2,890 Sq. Ft. Restaurant

XAC Developers $23,744,000 Site Plan Approved within DROD** Building permit issued. Demo Permit applied for.

Yes

The Jewel 1301 Main St. 18 story – residential condos/with retail

Main Street J Development

$19,468,259 Building permit issued 4/3/14.

Yes

2nd Street Apartments 1401-1445 2nd St. 180 Apartments, 9 accessory guest units, 17,410 sq. ft. ground floor retail, 21,000 sq. ft. office space.

Carter Acquisitions LLC

$40,000,000 Building permits issued 12/08/15. Under Construction

Yes


PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT

Hotel Sarasota 1255 N. Palm Ave. Adjacent to Palm Ave. garage. 163 Rooms, 10,000 sq. ft. ballroom; Restaurant.

Floridays Development Corp.

$13,000,000 Foundation Permit issued 2/10/16. Vertical permit issued 4/8/16. Under Construction.

Yes

Embassy Suites & Spa 202 N. Tamiami Trail. Approx. 180 rooms by JEBCO Ventures.

JEBCO Ventures $40,000,000 Building construction permit issued. Under Construction.

Yes

Vue 1 N. Tamaimi 141 unit Residential tower 255 room Westin hotel. 14,000 sq. ft. ballroom 2-jr. ballrooms @ 5-6k sq. ft. each.

Kolter Group $120,712,600 Under Construction Completion Date: Westin = Fall 2016 Residences = Winter 2016

Yes

Quay – (Bayside) City Development Agreement allows up to 695 residences, 175 hotel rooms, 38,972 sq. ft. Office, and 189, sq. ft. retail.

GreenPoint Communities LLC

N/A Revised master plan and Development Agreement submitted.

No



Valencia at Rosemary Place (Renaissance Phase II) 601 Cocoanut. 30 townhomes at Coconut & Blvd. of the Arts

Icon Residential $2,250,000 for 1st 12 units.

Under Construction. Yes

Cityside Blvd. of the Arts between Cocoanut St. & Florida Ave. 489 Residential apartments. 229 Units in Phase 1. 260 Units in Phase 2.

Rosalyn Holdings LLC $25,700,000 for Phase 1.

Phase 1 under construction.

Yes

Vanguard Lofts 1343 4th Street 6 Residential Townhomes

Tetra Terra Development

$2,400,000 Under Construction. Yes

Risdon on 5th 1350 5th St. 22 Residential Condos 7,000 sq. ft. office or retail commercial in 6 ground floor units.

Steven Bradley $6,000,000 Building Permit applied for 1/19/16.

No

The Sarasota Modern 591 Cocoanut Ave. 5-Story 83 room hotel

Cocoanut Arts LLC N/A Project being reviewed via zoning code confirmation.

No



Rosemary Square 1440 Blvd. of the Arts/Central Ave. 39 Residential apartments 30,000 sq. ft. retail & office 4 buildings

Rosemary Square LLC Property sold by the City Nov. 2, 2015

$20,000,000 includes $3,500,000 for Bldg. 1 & $2.7M for Bldg. 2 & Bldg. 3.

Bldg. 1 (1440 Blvd. of the Arts) under construction. Bldg. 2 (550 Central Ave.) & Bldg. 3 foundation permits applied for.

Yes

Florida Studio Theatre 751 Cohen Way 5 Residential units for performers.

Florida Studio Theatre

$1,000,000 Planning Board approval required for adjustments. Building undergoing redesign.

No

BOTA Center 1570 Blvd. of the Arts 19,900 Sq. Ft. Commercial

Howard Davis $850,000 Interior & Exterior renovation permit applied for April 1.

No

Image Unavailable

Elan Rosemary Apartments 710 N. Lemon Ave. 286 Residential apartments

Greystar GB II, LLC $33,677,600 Demolition completed. Foundation permit issued 4/21/16.

Yes

Image Unavailable

Citrus Square Phase II & III 505 N. Orange Ave. (Phase II / 8 Residential Condos. 555 N.Orange Ave. ( Phase III / 10 residential condos Over 4,200 sq. ft. commercial

MBFC LLC $1,943,250 for Phase II foundation.

Foundation permit for Phase II issued. Phase III foundation permit applied for.

No



Urban Flats (formerly Sarasota Flats) 1401 Fruitville Rd. 228 Residential Units 3,700 Sq. Ft. Retail

Framework Group, LLC

$30,000,000 Alley vacation approved. Under Construction.

Yes

1515 Fruitville Retail Center w/6 First Class Retail spaces. 15,058 Sq. Ft. Total Retail

KGJ Properties Management LLC

$847,500 Under Construction Yes

School Ave. Townhomes 41 School Ave. 4 Buildings with 37 Residential dwelling units averaging 2,100 sq. ft. each. Bldg. 3 = 7 Residential units Bldg. 4 = 7 Residential units

Icon Residential $2.4M for Bldg. 3 $1.4 for Bldg. 4

City Commission approved vacating right-of-way May 16th. Bldg. permit applied for.

No

2101 Main St. 2-story building 3,370 sq. ft. Retail/Rest. 3,370 Office

The Schimberg Group N/A Pre-Application Held No

Centerplex 1936 Ringling Blvd. (at Golf St.) 4-story office building 28,660 sq. ft. Commercial

Mark Kauffman $5,000,000 Building Permit Applied for 2/8/16.

No



The “Q” 1750 Ringling Blvd. 41 Residential townhomes in 7 buildings.

JEBCO Ventures $8,437,839 All phases are under construction. Certificates of Occupancy issued for 27 Units.

Yes

Sansara 300 S. Pineapple 17 Residential Units 2,632 Sq. Ft. Ground Floor Commercial

MK Equity Corp. $11,000,000 Under Construction Yes

Orange Club 635 S. Orange Ave. 3 separate buildings with 24 total residential dwelling units. 15 condos / 9 townhomes. 2 retail/office units that total 3,174 Sq. Ft. combined.

Vandyk USA $8,799,500 Bldg. 2 permit ready to be picked up. Buildings 1 & 3 permits issued. Easement vacation approved by City Commission.

Yes



Azure on Palm 711 S. Palm Ave. 15 Residential dwelling units plus 2 guest suites (no kitchens) in a 5-story building.

Thirty-Four-Seventy-Five LLC

$9,465,000 Applied for Building Permit 12/30/15.

No

Echelon 624 S. Palm Ave. (Formerly 621 Gulfstream Ave.) 17 Residential dwellings units in an 18-story building

The Ronto Group $20,000,000 Bldg. permit issued 11/9/15.

Yes

PROJECTS REQUIRING A COMPREHENSIVE PLAN AMENDMENT

NAME DEVELOPER Const. Value

STATUS

Vengroff Village 2211 Fruitville Rd. 393 Residential Apartments A portion of this project falls within the Downtown CRA boundary.

S.S. Sasquatch N/A Comp. Plan change approved by City Commission May 16th. Applications for rezone, site plan, and street vacation could then be submitted 31 days after adoption. These applications typically take 4-6 months (involves community workshop, Development Review Committee appearance(s), Planning Board then City Commission approvals.


PROJECTS REQUIRING A COMPREHENSIVE PLAN AMENDMENT

NAME DEVELOPER Const. Value

STATUS

Image not available Enclave at Laurel Park 1938 Laurel St. 17 Single-Family & Attached

Comprehensive Plan change approved on 4/18/16. Site Plan, Rezone, Street Vacation, Subdivision, and Adjustments set for 5/16/16 Approved. 2nd City Comission reading scheduled 7/5/16

GOLDEN GATE POINT


Allure 111 Golden Gate Point 10 Residential townhome units in 3 bldgs.

JEBCO Ventures $7,000,000 Bldg. Permit to be issued shortly.

No

609 Golden Gate Point 8 Residential units in a 4 story building.

Golden Gate Point Ventures LLC

N/A Applied for Site Plan approval 3/16/16. Reviewed by Development Review Committee 4/6/16. Approved by planning board 6/8/16.

No

ONE88 Golden Gate Point 8 Residential units

Vandyk Sarasota - Golden Gate Point LLC

$8,641,611 Under Construction Yes


GOLDEN GATE POINT


Aqua 280 Golden Gate Point 8 Residential Units

280 Golden Gate Point, LLC

$11,043,654 Under Construction Yes

COMPLETED PROJECTS 2015/2016 NAME DEVELOPER CONST. VALUE CERTIFICATE OF OCCUPANCY

Payne Park Plaza 242 S. Washington 8,295 sq. ft. office.

Mark Kauffman $1,500,000 Issued

State Street Garage w/Ground Floor Retail 1538 State St. 395 parking spaces 13,873 sq. ft. retail condo under garage. Sidewalk Improvements

Garage = City of Sarasota Ground Floor Retail Condo = WMR Consulting

$11,379,459 Garage N/A

Issued for Garage. Issued for @6,873 sq. ft. Dimmitt Auto Salon. Application for adjacent @7,000 sq. ft. ground floor tenant space not yet submitted.

1548/1560 Main St. Demo & new construction for new retail spaces. Complete Renovation for Pho Cali, Drunken Poet and Melange restaurants.

Landhole LLC $1,010,000 Certificate of Occupancy issued for Evie’s, Pho Cali, Melange, and Drunken Poet. One space remains to be completed for new tenant.


*Constructed with CRA Funding Participation.


This monthly report has been a joint collaboration between the City of Sarasota, the Greater

Sarasota Chamber of Commerce and the Downtown Improvement District.

Information Subject To Change.

Project information provided by: City of Sarasota Neighborhood & Development Services Division (NDS). Information reflects projects in various stages of the city development process and/or projects with a city development agreement in place.

* Denotes grandfathered projects within the former DROD designation (Downtown Residential Overlay District).

For Further Information Contact:

Gretchen Schneider General Manager, NDS

365-2200 ext.4355

This report and other economic studies are available online at: www.sarasotaeconomy.com

city of sarasota downtown real estate development · pdf filecity of sarasota downtown real...

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