CITY OF SARASOTA DOWNTOWN REAL ESTATE ......CITY OF SARASOTA DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS – October 26, 2016 This report tracks real estate development projects with

Downtown Community Redevelopment Authority Area 1

CITY OF SARASOTA

DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS – October 26, 2016

This 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 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

Dolphin Tower (Renovation) Summer 2016 Yes 117

The Jewel Spring 2016 Yes 19 Unavailable

8 *2nd St. Apartment (United Way)* Summer 2017 Yes 180 21,000 17,410

Hotel Sarasota Spring 2017 Yes 163

Embassy Suites & Spa Spring / Summer 2017 Yes 180

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

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

Valencia at Rosemary Place Winter 2016 thru 2017 Yes 30

Cityside 229 units / 2016 Yes 489

Vanguard Lofts 2017 Yes 6

10 Risdon on 5th April 2017 Yes 22 7,000

The Sarasota Modern 81

Rosemary Square January 2017 Yes 39 30,000

Florida Studio Theatre 5

BOTA Center Fall / Winter 2016 19,900

11 Elan Rosemary Winter 2018 Yes 286

Citrus Square Phase II & III Yes 18 4,200

Zaharada 6 5,150

DRAPAC No 62 2,820

Urban Flats (formerly Sarasota Flats)

April thru Oct. 2017 Yes 228 3,700

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

12 School Ave. Townhomes 37

2101 Main St. 3.370 3.370

Centerplex Office Bldg. 2017 Yes 28,660

The “Q” Partially Occupied Yes 41

13 Sansara 2016 Yes 17 2,632

Orange Club March 2017 Yes 24 3,174

Azure on Palm -711 S. Palm Avenue

15

Echelon (624 S. Palm Avenue) Summer 2017 Yes 17

14 Enclave at Laurel Park 17

The HUB Building 97 6,271

15 Vengroff Village 393


Total 1638 1540 854 126,577 334,770

GOLDEN GATE POINT

Page #

New Construction Project Name

Anticipated Completion

Bldg. Permit Issued

Condominiums & Townhomes

Allure 10

15 609 Golden Gate Point 8

ONE88 Golden Gate Point Yes 8

Aqua Yes 8

TOTAL UNITS 34

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

*last updated June, 2016





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

1500 State Street Proposed for 4699 office and 3708 sq. ft. retail & 20 residential units.

State Street Partners SRQ LTD

$4.2m City property recently sold. Bldg. Permit issued 9/16

Yes

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.

No

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


PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT

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

Main Street J Development

$19,468,259 $520,000

Building permit issued 4/3/14. TCO issued for residential units. 4 tenant buildout permits.

Yes

The DeSota (formerly 2nd Street Apartments) 1401-1445 2nd St. 180 Apartments, 2 accessory guest units, 15,000 sq. ft. ground floor retail

Carter Acquisitions LLC

$40,000,000 $120,000

Building permits issued 12/08/15. Under Construction Pool permit.

Yes

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 / Westin 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 = Spring 2017 Residences = Spring 2017

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. Planning Board 8.17 Commission 10.17

No

Valencia at Rosemary Place (Renaissance Phase II) 661 Cocoanut. Phase III 1294 May Lane 30 townhomes at Coconut & Blvd. of the Arts

Icon Residential $2,250,000 for 1st 12 units. Phase III $1,138,000 for 6 units

Under Construction. Phase III permit pending

Yes

Cityside Blvd. of the Arts between Cocoanut St. & Florida Ave. 489 Residential apartments. 229 Units in Phase 1. 253 Units and 8700 sq. ft. commercial in Phase 2.

Rosalyn Holdings LLC $25,700,000 for Phase 1. Phase II no amount shown

Phase 1 under construction. Administrative site plan applied for DRC 11/2

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 issued 7.11.16. Under construction

Yes

The Sarasota Modern 1242 Boulevard of the Arts 5-Story 81 room hotel

Cocoanut Arts LLC $17,000,000 Permit applied for 6.24.16.

No

Rosemary Square 1440 Blvd. of the Arts/ 1430 Blvd of the Arts/ 550 Central Avenue 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 issued 6.3.16.

Yes



Image not available DRAPAC 1329 4th Street 62 residential units 2820 sq. ft. commercial

$4.2 mil Submitted Administrative Site DRC 11/2

No

Image not available Zaharada 1542 4th Street 6 condos and 5150 sq. ft. retail

Rosemary District Development LLC

$4.8 mil Applied for an adjustment

No

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

Florida Studio Theatre

$1,000,000 Planning Board approved. City Commission scheduled 10.17.16

No

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

Howard Davis $850,000 Permit issued 9/28 for interior renovations

Yes

Image Unavailable

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

Greystar GB II, LLC $33,677,600 Foundation permit issued 4/21/16. Vertical permit issued 9/30

Yes

Citrus Square Phase II & III Phase II 505 N. Orange Ave. 10 Residential Condos. Phase III 555 N.Orange Ave. 18 residential condos Over 4,200 sq. ft. commercial

MBFC LLC $1,943,250 for Phase II foundation. $2,539,125

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

Yes


PROJECT IMAGE

PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT

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 $2,126,675 $1,579,200 $673,000

City Commission approved vacating right-of-way May 16th. Bldg. permits applied for waiting for completion of site work. 3d permit for sitework applied for.

No

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

The Schimberg Group $760,000 Permit applied for (foundation only)

No



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

Mark Kauffman $5,000,000 Building Permit issued 7.12.16. Under construction

Yes

The “Q” 1750 Ringling Blvd. 39 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 issued 9/14 Buildings 1 & 3 permits issued. Easement vacation approved by City Commission.

Yes



Image not available Fruitville Hotel 1351 & 1365 Fruitville Road 118 rooms

Choice Hotels International

Administrative Site Plan application applied for 10/26

No

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 response to staff comments.

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

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

$1,200,000 Building permit applied 7.26.16 (1 bldng/4 units) waiting for site work to be done or bonded.

No

Image not available HUB Building 1697 2nd Street Demolition of existing parking garage and construction of a mixed use building (97 residential units, 6,271 sq ft office, 247 parking)

Biter Idea Vault $14,900,000 Permit applied for 8/29

No


PROJECTS REQUIRING A COMPREHENSIVE PLAN AMENDMENT

NAME DEVELOPER Const. Value

STATUS

Sarasota Station 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. Pre-Application on DRC 11/2/16


GOLDEN GATE POINT


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

JEBCO Ventures $7,000,000 Bldg. Permit ready to be issued 6.24.16.

No

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

Golden Gate Point Ventures LLC

N/A Permit applied for 8.26.16.

No

ONE88 Golden Gate Point 8 Residential units

Vandyk Sarasota - Golden Gate Point LLC

$8,641,611 Under Construction Yes

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 Cask & Ale.

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.



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

Documents

CITY OF SARASOTA DOWNTOWN REAL ESTATE ......CITY OF SARASOTA DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS – October 26, 2016 This report tracks real estate development projects with