CITY OF SARASOTA DOWNTOWN REAL ESTATE DEVELOPMENT … · Icon Real Estate Ventures $2,250,000 for 1st 12 units. Final plat approved. Building permit waiting to be picked up for first

Downtown Community Redevelopment Authority Area 1

CITY OF SARASOTA

DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS – November 20, 2015

Economic Development is thriving in Sarasota with many real estate development projects under construction and in the pipeline. This

monthly report tracks 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.


Page #

Project Name New Construction

Anticipated Completion

Bldg. Permit Issued

Rental Apartments

Condominiums & Townhomes

Hotel Rooms

Commercial Sq. Ft.

State Street Garage Retail Yes 13,885

3 State Street Garage “Pad” Site N/A 20 10,000

City Place (Pineapple Sq.) 157 50,000

One Palm Avenue (Aloft Hotel) Nov./Dec. 2015 Yes 139 138 6,000

**The DeMarcay** Yes 39 Restaurant

4 The Jewel Fall 2015 Yes 19 6,900

2nd St. Apartment (United Way) 180 17,410

Hotel Sarasota 163 15,000

5 Embassy Suites & Spa Yes 200

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

6 Valencia at Rosemary Place Yes 32

Cityside 228 units / 2016 Yes 489

Vanguard Lofts 2017 Yes 6

Risdon on 5th 22

Rosemary Square 8/2016 Yes 30 30,000

7 Florida Studio Theatre 5

Elan Rosemary (former 7th St. Apt) 295

Citrus Square Phase II 10 4,200

Sarasota Flats 228 3,700

School Ave. Townhomes 38

8 1st & Audubon Townhomes 37

2101 Main St. 6,740

Centerplex Office Bldg. 2017

The “Q” Partially Occupied Yes 39

1548, 1560 Main St. 2015 Yes Yes

9 Sansara 2016 Yes 17

Women’s Exchange 6,400

Orange Club 15 3,500

10 711 S. Palm Avenue 15

Echleon (624 Palm Avenue) Yes 17

SUB TOTAL 1,331 659 756 173,735

5 Quay 695 175 189,050

Major Renovation

4 Dolphin Tower Yes 117 Yes

8 1515 Fruitville Rd. 2015 Yes 19,522

1578, 1572 Main Street 2016 Yes

TOTAL 1,331 1,471 931 382,307+


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

State Street Garage Retail 1538 State St. 13,873 sq. ft. retail condo under garage. …………..

WMR Consulting N/A Garage Open Auto Style Center open. Adjacent tenant space not finalized

Yes

Pad Site on West end of State Street Garage. Proposed for 5,040 sq. ft. retail & up to 25,000 sq. ft. office and/or residential above.

Hembree & Associates Inc.

N/A City property recently sold. Construction anticipated to begin Spring 2016.

No

City Place at Pineapple Square Proposed 11 story bldg. w/ 50,000 sq. ft. retail, 157 dwelling units. Development Agreement in place with City.

IGH 1400 State LLC N/A Development Agreement expires December 2020. Start-Date Unknown.

No

One Palm Avenue NE Corner of Palm Ave. at Ringling Blvd. 138 Hotel Rooms 139 Apts. /Restaurant & 6,000 sq. ft. and Retail

JWM Management $31,147,000 Under construction. Framing & Cladding complete. Interior underway.

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 Building permit issued. Project is nearing completion.

Yes

DeMarcay 33 S. Palm 39 Residential Units & Restaurant

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

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. Completion Fall 2015.

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. City owned property to be sold to Floridays Dev. Corp. per Development Agreement.

Floridays Development Corp.

$13,000,000 for foundation & site work.

Foundation Permit ready to be issued once sale is completed prior to Dec. 17th. Const. required to begin no later than 30 days after closing.

No

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

JEBCO Ventures $40,000,000 Site cleared. Building construction permit issued. Transportation Study completed.

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 being developed.

No



Valencia at Rosemary Place (Rennaisance Phase II) 601-649 Cocoanut. 32 lot townhomes at Coconut & Blvd. of the Arts

Icon Real Estate Ventures

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

Final plat approved. Building permit waiting to be picked up for first 12 units.

No

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 Building permit issued.

Yes

Risdon on 5th 1350 5th St. 22 Residential Condos 6 Offices

WLS 5th St. Lofts $5,000,000 Appeared before Development Review Committee on August 19.

No



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

Rosemary Square LLC $20,000,000 includes $3,500,000 for Bldg. 1

Property sold by the city Nov. 2, 2015. Bldg. 1 construction permit issued. Bldg. 2 & 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 (formerly named 7th St. Apartments) 627 N. Lemon Ave. 295 Residential apartments

Greystar GB II, LLC N/A City Commission approved vacating utility easement Oct. 19th.

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

$35,000,000 Alley vacation approved.

Administrative Site Plan Approved.

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. 38 Residential dwelling units.

Icon Residential N/A Subdivision & adjustments need to go before Planning Board.

No

Image Unavailable 1st & Audubon Avenue Townhomes 37 Residential dwelling units.

Icon Real Estate Ventures

N/A Pre-Application Submitted

No

Image Unavailable 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. 4-story office building Ringling Blvd. at Golf St.

Mark Kauffman $4,700,000 Approved by Planning Board. City Commission approved stormwater & major encroachments.

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 18 Units.

Yes

1548/1560 Main St. Demo & new construction for new retail, including Evie’s. Complete Renovation for Pho Cali and Drunken Poet restaurants.

Landhole LLC $1,010,000 Under Construction. Evie’s (1560 Main) Certificate of Occupancy and Sidewalk Dining Permits issued.

Yes

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

MK Equity Corp. $11,000,000 Foundation permit issued. Vertical permit issued.

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 Project does not include previously proposed addition.

Yes



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

Vandyk USA $7,159,700

Approved by the Planning Board. Easement vacation approved by City Commission. Bldg. permits applied for 3 buildings.

No

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

Thirty-Four-Seventy-Five LLC

N/A Appeared twice before the Development Review Committee for comments.

No

Echelon 624 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

Bob’s Place 2211 Fruitville Rd. 400 Residential Apartments (To be included in the page 2 total apartment unit count once the Comp. Plan amendment is approved)

S.S. Sasquatch N/A State Approval Required for Comp. Plan Amendments. Pre-App. and Community Workshop Held. A portion of the project boundary falls within the Downtown CRA.

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 1538 State St. 395 parking spaces 13,873 sq. ft. retail condo under garage. Included State Street sewer line and north side sidewalk improvements.

City of Sarasota. $11,379,459

Issued






*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.

Project information provided by: City of Sarasota Neighborhood & Development Services Division (NDS).

Information Subject To Change.

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

Documents

CITY OF SARASOTA DOWNTOWN REAL ESTATE DEVELOPMENT … · Icon Real Estate Ventures $2,250,000 for 1st 12 units. Final plat approved. Building permit waiting to be picked up for first