city of sarasota downtown real estate development … · project image project/location developer...
TRANSCRIPT
Downtown Community Redevelopment Authority Area 1
CITY OF SARASOTA
DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS – MARCH 18, 2016
This monthly report tracks real estate development projects with construction values of over $500,000 each that are taking place within the
Downtown Community Redevelopment Authority (CRA) boundary, an area of approximately one square mile. Changes since last month’s
report are highlighted in red text beginning on page 2.
Downtown Community Redevelopment Authority Area 2
Page #
New Construction Project Name
Anticipated Completion
Bldg. Permit Issued
Rental Apartments
Condominiums & Townhomes
Hotel Rooms
Commercial Sq. Ft.
1500 State Street Summer 2017 20 10,000
6 Lemon Ave. Pad Site Fall 2017 8,620
The Mark (formerly City Place) Fall 2018 157 46,000
One Palm Avenue (Aloft Hotel) Feb. 5 Hotel Opened Yes 139 138 6,000
**The DeMarcay** Not Known Yes 39 Restaurant
7 The Jewel Spring 2016 Yes 19 6,900
2nd St. Apartment (United Way) Summer 2017 180 17,410
Hotel Sarasota Spring 2017 163 15,000
8 Embassy Suites & Spa Spring / Summer 2017 Yes 200 -
The Vue (Westin & Residential) Fall / Winter 2016 Yes 141 255 -
Valencia at Rosemary Place Winter 2016 thru 2017 Yes 30 -
9 Cityside 228 units / 2016 Yes 489 -
Vanguard Lofts 2017 Yes 6 -
Risdon on 5th April 2017 22 7,000
The Sarasota Modern 41 -
Rosemary Square January 2017 Yes 30 30,000
10 Florida Studio Theatre 5 -
Elan Rosemary (former 7th St. Apt) Winter 2018 286 -
Citrus Square Phase II 10 4,200
Sarasota Flats April thru Oct. 2017 228 3,700
School Ave. Townhomes 38 -
2101 Main St. 6,740
Centerplex Office Bldg. 2017 28,660
The “Q” Partially Occupied Yes 39 -
12 Sansara 2016 Yes 17
Women’s Exchange Expansion 6,400
Orange Club March 2017 24 3,500
711 S. Palm Avenue 15 -
13 Echleon (624 S. Palm Avenue) Summer 2017 Yes 17 -
Vengroff Village 393 -
SUB TOTAL 1,715 657 797 200,130
8 Quay 695 175 189,050
Major Renovation
7 Dolphin Tower Yes 117 Yes
11 1515 Fruitville Rd. Yes 19,522
Completed Projects 2015/2016 25,300+
TOTAL UNITS 1,715 1,469 972 430,870+
Projected New Residential Population Utilizing 2010 U.S. Census of 1.79 people per household within CRA = 5,699
Downtown Community Redevelopment Authority Area 6
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT ISSUED?
1500 State Street Proposed for 5,040 sq. ft. retail & up to 25,000 sq. ft. office and/or residential above.
State Street Partners SRQ LTD
N/A City property recently sold. Construction anticipated to begin Spring 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 approved.
No
The Mark (formerly City Place at Pineapple Square) Proposed 11 story bldg. w/ 35,000 sq. ft. retail, 11,000 sq. ft. office. 157 condominium units. Development Agreement in place with City.
Kolter Group N/A Development Agreement expires December 2020. Start-Date Jan. 2017
No
1 N. Palm Avenue One Palm Avenue (Palm Ave. at Ringling Blvd.) 138 Hotel Rooms 139 Apts. /Restaurant & 6,000 sq. ft. and Retail
JWM Management $31,147,000 Hotel has Temporary Certificate of Occupancy (CO). Apartments have partial CO. Retail/restaurant to expand along Palm Avenue
Yes
Downtown Community Redevelopment Authority Area 7
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 Project is nearing completion. Individual units being renovated by tenants. Certificate of Occupancy not yet issued.
Yes
DeMarcay 33 S. Palm 39 Residential Units & 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
$19,281,259 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 Planning Board and City Commission approved. (DROD**) Demo & Foundation permits issued.
Yes
Downtown Community Redevelopment Authority Area 8
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 for foundation & site work.
Land sale by City completed 12/16/15. Staging and Demo plans approved. Foundation Permit issued 2/10/16.
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 $120,000,000 Foundation & Vertical permits issued. Completion Date: Westin = Fall 2016 Residences = Winter 2016
Yes
Quay City Development Agreement allows up to 695 residences, 175 hotel rooms, 38,972 sq. ft. Office, and 189, sq. ft. retail. Required completion date of 9/28/17 or concurrency will expire.
GreenPoint Communities LLC
N/A Revised master plan and Development Agreement being drafted.
No
Downtown Community Redevelopment Authority Area 9
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT
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. 26 1 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
Downtown Community Redevelopment Authority Area 10
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT
The Sarasota Modern 591 Cocoanut Ave. 5-Story 41 room hotel
Cocoanut Arts LLC N/A Project being reviewed via zoning code confirmation.
No
Rosemary Square 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
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.
No
Image Unavailable
Elan Rosemary Apartments 710 N. Lemon Ave. 286 Residential apartments
Greystar GB II, LLC $33,677,600 City Commission approved vacating utility easement Oct. 19th. Foundation permit applied for.
No
Image Unavailable Citrus Square Phase II 505 N. Orange Ave. 10 Residential condos 4,200 sq. ft. commercial
MBFC LLC N/A Applied for Foundation permit.
No
Downtown Community Redevelopment Authority Area 11
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT
Sarasota Flats 1401 Fruitville Rd. 228 Residential Units 3,700 Sq. Ft. Retail
Framework Group, LLC
$30,000,000 Alley vacation approved. Construction targeted to begin 4/16.
No
1515 Fruitville Retail Center w/6 First Class Retail spaces. 15,058 Sq. Ft. Total Retail
KGJ Properties Management LLC
$650,000 Under Construction Yes
School Ave. Townhomes 41 School Ave. 37 Residential dwelling units averaging 2,100 sq. ft. each.
Icon Residential N/A Site Plan approval received from Planning Board on 3/9/16.
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
Downtown Community Redevelopment Authority Area 12
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT
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 20 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
Image Unavailable
Women’s Exchange 539 S. Orange Ave. 6,400 sq. ft. new addition to existing bldg. & partial demo.
Women’s Exchange Inc.
$1,300,000 Bldg. permit issued. Appeal by Laurel Park Neighborhood Assoc. scheduled for 4/4/16 City Commission.
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 $7,159,700
Bldg. 1 and 2 permits ready to be picked up. Bldg. 3 permit issued. Easement vacation approved by City Commission.
Yes
Downtown Community Redevelopment Authority Area 13
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT
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 Demo Permit Issued. Bldg. permit issued 11/9/15.
Yes
PROJECTS REQUIRING A COMPREHENSIVE PLAN AMENDMENT
NAME DEVELOPER STATUS
Vengroff Village Bob’s Place 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 Planning Board 3/9/16. City Clerk’s office then schedules it for a City Commission adoption decision sometime in May. 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.
Downtown Community Redevelopment Authority Area 14
COMPLETED PROJECTS 2015 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. Included State Street sewer line and north side of State Street 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.
COMPLETED PROJECTS 2016
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. 1 unfinished 3,132 sq. ft. interior commercial space remaining.
Residential Units (not hotel) People Household Size
Existing 4,099 6,554 1.79 people per household in CRA based on 2010 U.S. Census
New Const. 3,184 5,699
Total 6,890 12,253
Downtown Community Redevelopment Authority Area 17
This monthly report is 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:
Norman Gollub
Downtown Economic Development Coordinator (941) 556-4053
Or
Gretchen Schneider General Manager, NDS
365-2200 ext.4355
This report and other studies are available online at: www.sarasotaeconomy.com