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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.


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 Residents Utilizing 2010 U.S. Census of 1.79 people per household within CRA = 5,699


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


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


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



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 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



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



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



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.


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.

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


*Constructed with CRA Funding Participation.


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

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