Downtown Sarasota Construction Guide – Downtown Sarasota Real Estate

January 15, 2017 by

downtown sarasota construction guideYour Downtown Sarasota Construction Guide. Completed, underway or planned construction projects.

Call it the billion-dollar boom. Construction is completed, underway or planned on projects that will bring more than 4,200 new apartments, condominiums and hotel rooms in and around downtown Sarasota.

Developers and their lenders are betting heavily that Sarasota is ready to handle such an eruption of growth, which also includes new office and retail spaces.

Dozens of projects, some spanning the maximum 18 stories, will permanently change the appearance of the city, a post-recession surge of building fueled by pent-up demand and confidence in the future.

The city has issued building permits valued at more than $1 billion in the past three years. While that total includes all types of construction, such as repairs and renovations, the new projects are the top-dollar draws.

In the 2016 fiscal year alone, the city processed $442 million worth of permits.

The Elan Rosemary apartment, at $33.6 million, the Embassy Suites hotel, at $25 million, and the DeMarcay condo and retail, at $23.7 million, were among the largest.

Grab a drink and settle in. This is quite a list.

UNDER CONSTRUCTION

1500 State Street

1500 State St. – 20 condominiums, 4,699 square feet office space, 3,708 square feet retail space

$4.2 million/State Street Partners SRQ LTD.

The Jewel

1301 Main St. – 19 condominiums, retail space

$19.4 million/Main Street J Development

The DeSota

1401-1445 Second St. – 180 apartments, 15,000 square feet retail space

$40 million/Carter Acquisitions LLC

Hotel Sarasota

1255 N. Palm Ave. – 163 rooms, 10,000 square foot ballroom, restaurant

$13 million/Floridays Development Corp.

Embassy Suites & Spa

202 N. Tamiami Trail – 180 rooms

$40 million/JEBCO Ventures

VUE/Westin

1 N. Tamiami Trail – 141 condominiums, 255 hotel rooms, 14,000 square foot ballroom

$120.7 million/Kolter Group

Valencia at Rosemary Place

Cocoanut Avenue – 30 townhomes

$3.38 million (first 18 units)/Icon Residential

Cityside

700 Cocoanut Ave. – 489 apartments, 8,700 square feet commercial space

$25.7 million (phase 1 of 229 units)/Rosalyn Holdings LLC

Vanguard Lofts

1343 Fourth St. – Six townhomes

$2.4 million/Tetra Terra Development

Risdon on 5th

1350 Fifth St. – 22 condominiums, 7,000 square feet office and retail space

$6 million/Steven Bradley

Rosemary Square

1440 Blvd. of the Arts – 39 apartments, 30,000 square feet retail and office space

$6.2 million/Rosemary Square LLC

Elan Rosemary Apartments

710 N. Lemon Ave. – 286 apartments

$33.6 million/Greystar GB II LLC

Citrus Square, phases 2 and 3

505-555 N. Orange Ave. – 28 condos, 4,200 square feet commercial space

$4.4 million/MBFC LLC

Urban Flats

1401 Fruitville Road – 228 apartments, 3,700 square feet retail space

$30 million/Framework Group LLC

School Avenue Townhomes

41 School Ave. – 37 residential units

$4.3 million/Icon Residential

Sabal Palm Plaza

1936 Ringling Blvd. – 28,660 square feet office space

$5 million/Mark Kauffman

The “Q”

1750 Ringling Blvd. – 39 townhomes

$8.4 million/JEBCO Ventures

Sansara

300 S. Pineapple Ave. – 17 condominiums, 2,632 square feet commercial space

$11 million/MK Equity Corp.

Orange Club

635 S. Orange Ave. – 15 condos, nine townhomes

$8.7 million/Vandyk USA

Echelon

624 S. Palm Ave. – 17 condominiums

$20 million/The Ronto Group

One88

688 Golden Gate Point –  Eight condominiums

$8.6 million/Vandyk Sarasota-Golden Gate Point LLC

PLANNED

Lemon Avenue Pad Site

Lemon Avenue at Pineapple – 4,310 square feet of retail/restaurant, 4,310 square feet office space

State Street Partners SRQ Ltd.

The Mark

1400 State St. – 157 condominiums, 35,000 square feet of retail, 11,000 square feet office space.

Kolter Group

DeMarcay

33 S. Palm Ave. – 39 residential units, 2,400 square feet retail space

$23.7 million/XAC Developers

Quay Sarasota

Tamiami Trail – 695 residences, 175 hotel rooms, 38,972 square feet office space, 189,000 square feet retail space

$1 billion/GreenPoint Communities LLC

The Sarasota Modern

1242 Blvd. of the Arts – 81 hotel rooms

$17 million/Cocoanut Arts LLC

DRAPAC

1329 Fourth St. – 62 residential units, 2,820 square feet commercial space

$4.2 million/DRAPAC Capital Partners

Zaharada

1542 Fourth St. – Six condos, 5,150 square feet retail space

$4.8 million/Rosemary District Development LLC

Florida Studio Theatre

751 Cohen Way – Five residential units

$1.2 million/Florida Studio Theatre

Office building

2010 Main St. – 3,370 square feet retail/restaurant space, 3,370 square feet office space

$760,000/The Schimberg Group

Fruitville Hotel

1351-1365 Fruitville Road – 118 rooms

Choice Hotels International

Azure on Palm

711 S. Palm Ave. – 15 residential units, two guest suites

$9.4 million/Thirty-Four-Seventy-Five LLC

Enclave at Laurel Park

1938 Laurel St.- 17 single-family and attached homes

$1.2 million/David Weekley Homes

HUB Building

1697 Second St. – 97 residential units, 6,271 square feet office space

$14.9 million/Biter Idea Vault

Sarasota Station

2211 Fruitville Road – 393 apartments

S.S. Sasquatch (Vengroff)

Allure

111 Golden Gate Point – 10 townhomes

$7 million/JEBCO Ventures

609 Golden Gate Point

609 Golden Gate Point – 8 condominiums

Golden Gate Point Ventures LLC

Aqua

280 Golden Gate Point – Eight condominiums

$11.0 million/280 Golden Gate Point LLC

Hampton Inn & Suites

1330 Fruitville Road – 162 rooms

JEBCO Ventures

Payne Park Village

295, 301, 325 and 601 South School Ave. – 135 townhomes

David Weekly Homes

COMPLETED

State Street Garage

1538 State St. – 395 parking spaces, 13,873 square feet retail space

$11.3 million/Garage by city of Sarasota, retail by WMR Consulting

Aloft Hotel and Apartments

1 N. Palm Ave. – 138 hotel rooms, 139 apartments, 6,000 square feet restaurant, 2,175 square feet retail space

$31.1 million/JWM Management

 

 Sarasota Herald Tribune, January 14, 2017

Filed Under: Downtown Sarasota Condos, Downtown Sarasota Construction Tagged With: , ,

More Hotel Rooms Planned for Downtown Sarasota

September 1, 2016 by

Developers aren’t losing their interest in building hotels in downtown Sarasota, for a Maryland woman has filed preliminary plans for a 118-room hotel on Fruitville Road.

On Aug. 16, Nancy Vu submitted an application for a meeting with the city’s Development Review Committee regarding a hotel project on a 0.67-acre site between Central and Cocoanut Avenues. Vu, who is listed as the contract purchaser for the properties at 1351 and 1365 Fruitville Road, declined multiple requests for comment.

A LinkedIn profile lists Nancy Vu as the senior director of asset management for Choice Hotels International. The company owns several hotel brands, including Comfort Inn & Suites, Quality Inn and Econo Lodge. The plans do not list a specific hotel flag.

Downtown Sarasota New Construction Choice Hotels

The proposal is the latest in a series of hotels planned for downtown. The site is across the street from where Jebco Ventures intends to build a 163-room Hampton Inn & Suites. Starting with the 138-room Aloft hotel on Ringling Boulevard, nearly 1,300 new hotel rooms have been proposed for the heart of the city.

That’s not to say all of those rooms will come to fruition. Already, plans for a 120-room Kimpton hotel at U.S. 301 and Main Street have fallen through. Other projects, such as the redevelopment of the former Quay site, are awaiting city approval.

Virginia Haley, president of Visit Sarasota County, said financing for hotel projects is starting to tighten nationally — though that doesn’t necessarily reflect the market conditions in Sarasota.

It’s impossible to know how full those new hotel rooms will be once they’re all built. Right now, Haley said, Sarasota has a 78% occupancy rate through June — an all-time high, putting the county in a position to improve on 2015’s 73% occupancy rate.

Still, the visitors’ bureau is already working to ensure the hotel market doesn’t take a dip once the new rooms come on line.

“We’re really expanding our meeting and group sales efforts,” Haley said. “What we really need to do is focus on that business during the week.”

Sarasota Observer August 26, 2016

Filed Under: Downtown Sarasota Construction, Downtown Sarasota Real Estate, Sarasota Tourism Tagged With: , ,

Introducing THE GRANDE Sarasota

August 25, 2016 by

Introducing THE GRANDE
New Luxury Residences – DowntownSarasota

The GrandeThe Ritz-Carlton is synonymous with a lifestyle of singular style and grace. Now, the latest evolution of that lifestyle is making its debut on the glistening shores of Sarasota Bay.

A masterful blend of waterfront vistas, elegant architecture and unparalleled personal services, life at The Grande comes complete with private rooftop amenities, a dedicated staff, and the legendary resort pleasures of The Ritz-Carlton, Sarasota, including its celebrated beach and golf clubs, waterfront dining, and full-service spa and salon.

The Grande at The Ritz-Carlton Residences, Sarasota fulfills a vision for the next generation of contemporary condominium living. An exclusive collection of 86 modern, ultra-luxury residences. Where open floor plans showcase the finest appointments and expansive great rooms feature gourmet kitchens that flow into gracious living and dining areas. Where intimate owners’ suites, spacious terraces and endless waterfront views set the stage for life without limitation.  View the Brochure

A PRIVATE WORLD. Ready to revolve around you.

Elegant new waterfront residences fulfill a vision for the ultimate in contemporary condominium living. Designed to engage all the senses, open floor plans and floor-to-ceiling windows frame dramatic city and water views. Expansive great room’s feature gourmet kitchens that flow into gracious living and dining areas. Intimate master suites, spacious terraces and endless vistas set the stage for life without limits.

Each day dawns with infinite possibilities at your fingertips and the impeccable services of a dedicated staff close at hand. Start with a morning workout or yoga in state-of-the-art fitness facilities. Take an invigorating swim in The Grande’s own stunning rooftop pool. Reserve an early tee time at the award-winning Ritz-Carlton Golf Club. Or schedule a rejuvenating massage at the hotel’s exquisite Spa & Salon, followed by breakfast with friends at the elegant Terrace Café.

The Grande’s unrivaled services are provided with a knowing personal touch that makes each moment unique and every day a celebration of the best that life has to offer. Your cabana at the Gulf front Beach Club awaits. Your favorite table overlooking the water at Jack Dusty is reserved for dinner. And when you’re ready to step into in Sarasota’s world-renowned nightlife, arts and culture, your car is valeted to your doorstep.

As the sun sets over the bay, the nightlife awakens. The Grande at The Ritz-Carlton, Sarasota is mere steps away from cultivating entertainment and fine dining in historic Sarasota, FL. Enjoy exquisite dining at Zagat rated restaurants, take in the performing arts at the historic Van Wezel Performing Arts Hall or enjoy a glass of wine at one of Sarasota’s many lounges.

Life. Served to Perfection.

SB Architects commissioned to create The Grande’s striking new waterfront design. Based in Miami and San Francisco, the award-winning international firm is known for its dedication to site-sensitive, contextually appropriate architectural design. SB Architects has designed other Ritz-Carlton properties, including a Ritz-Carlton Reserve, and has been responsible for design renovations at several Ritz-Carlton locations.

Filed Under: Downtown Sarasota Condos, Downtown Sarasota Real Estate, Sarasota New Construction Tagged With: , , ,

The Grande – Downtown Sarasota Condos

April 27, 2016 by

the grandeThe Kolter Group will continue its sweeping changes along Sarasota’s bayfront with The Grande, an 18-story luxury condominium next to the Ritz-Carlton hotel.

The development company plans to break ground in spring 2017, with 86 residences that will offer services managed by the Ritz-Carlton.

Prices for three- and four-bedroom units, including penthouses, will run from $2 million to more than $5 million.

The tower will be built over the Ritz’s support facility, just east of the hotel. Kolter acquired air rights from Ritz-Carlton developer Slab LLC in February, court records show.

The building will run north and south, and residents will have views facing east and west, Kolter said.

“Our market research and recent experience have confirmed that there is strong demand for contemporary luxury residences, and we believe The Grande’s combination of unique architecture, unparalleled amenities and exceptional service standards will satisfy the needs of the discriminating Sarasota buyer,” Kolter Group president/CEO Bobby Julien said in a statement.

Kolter expects to complete the building in about 26 months.

Along the bayfront, the West Palm Beach-based company is building Vue Sarasota Bay, an 18-story, 141-unit condo, and a 255-room Westin Hotel at Tamiami Trail and Gulfstream Avenue.

It will also begin construction this summer on The Mark, a mixed-use 12-story tower with 157 residences, on State Street between Pineapple and Lemon avenues.

The Grande joins a number of new condominiums that are going up in the city after years of recession-era slumber. But most are smaller than the Kolter projects, ranging from six to 40 units each.

Amenities at The Grande will include a rooftop pool, fitness center and “The News Room,” a casual lounge.

Residents will have access to Ritz in-home dining and use of the restaurants, salon and spa at the hotel.

The 17-story hotel, which opened in November 2001, already includes more than 200 Ritz residences that utilize those services.

Herald Tribune April 15, 2016

Filed Under: Downtown Sarasota Condos, Downtown Sarasota Real Estate, Sarasota New Construction Tagged With: , ,

New Development Continues – Rosemary District

August 27, 2015 by

Work Begins on the Rosemary Square Development

SARASOTA – Construction is underway on the Rosemary Square mixed-use project, the latest new development in the long-blighted Rosemary District north of downtown.

The $20 million project, 1440 Boulevard of the Arts, will include 50 condominium units and 30,000 square feet of retail and office space in four buildings, city documents show.

Opera HousingThirty of the residential units will be used by the Sarasota Opera to house its artists, a boutique theater and fine arts, according to contractor Gilbane Building Co.

“Rosemary Square’s convenient location to downtown Sarasota supports the economic growth of the area and local neighborhoods,” Gilbane vice president Tim Hensey said in a statement. “The timing is right for a project like this.”

The project is being developed by Mark Kauffman and Partners. Jonathan Parks is the architect. It is expected to be finished next summer.

A number of developers have targeted the Rosemary District. The city has added density to allow more units at some projects.

A South Carolina company recently proposed a four-story, 295-unit apartment project called Elan Rosemary, formerly the 7th Street Apartments, east of North Lemon Avenue, north of Boulevard of the Arts, near the west end of Seventh Street.

Other projects in the works in the neighborhood include Sarasota Flats, 228 units at Fruitville Road and Central Avenue; Cityside, with 450 apartments at Florida and Cocoanut avenues; and Valencia at Rosemary Place, 32 townhomes at Cocoanut and Boulevard of the Arts.

Risdon Group Unveils New Rosemary District Project

Risdon on 5thThe Sarasota-based developer has proposed a mixed-use luxury project near the intersection of 5th Street and Central Avenue, further contributing to the rise of the Rosemary District.

Less than two weeks after Gilbane Building Company broke ground on the $20 million Rosemary Square project, another developer will pitch plans for luxury condominiums in the blossoming area north of downtown.

Rosemary District-based Risdon Group will meet with the city’s Development Review Committee next week to discuss plans for Risdon on 5th, which includes 22 condos and six offices in 36,000 square feet of space near the intersection of Central Avenue and Fifth Street. Halflants + Pichette Architects, which is also based in the district, will oversee design of the $5 million project.

“Risdon on 5th is setting the style, DNA and positioning for the Rosemary District’s evolution into a hip, happening neighborhood and Design District,” said Risdon Group President Steve Bradley.

The complex will feature an “original, urban and edgy” design, Bradley said. Halflants + Pichette also oversaw the architectural work on Vanguard Lofts, which is another new development slated for Rosemary.

Property owner Scot Lloyd bought the 21,000-square foot parcel for $590,000 in January. The property’s land value has jumped from a recent low of $253,800 in 2009 to more than $730,000 this year, according preliminary values on the Sarasota County Property Appraiser’s website.

Sarasota Herald Tribune & Observer August 2015

Filed Under: Downtown Sarasota Condos, Downtown Sarasota Construction, Downtown Sarasota Real Estate Tagged With: , , ,

Sarasota Downtown Development Progress

May 28, 2015 by

Downtown Sarasota Real Estate Development

Numerous projects are on the horizon and in varying stages of progress for downtown Sarasota. See the overview of Sarasota Condos, Townhomes and Hotels under development.

DowntownSarasotaDevelopment-1

Filed Under: Downtown Sarasota Condos, Downtown Sarasota Construction, Downtown Sarasota Real Estate Tagged With: , ,

Bayfront 20:20 Success

February 26, 2015 by

Bayfront20It is with great pride and appreciation that we can announce that the Sarasota City Commission unanimously and enthusiastically adopted the Bayfront 20:20 vision statement and implementation principles last night that you helped create.

We are extremely humbled and honored by the support you have all given us over this initial phase.

Our volunteer chairman Michael Klauber addressed the commission saying “with your support, tonight will be remembered as a moment at which history was made in Sarasota.”

And indeed, it was!

Commissioner Suzanne Atwell noted last night, “I’ve never seen anything that has exhibited such collective political will as this initiative. This is the beginning of a beautiful friendship with extraordinary vision for Sarasota.”

Commissioner Eileen Normile added, “I’d like to thank you all – you’ve done a tremendous job and have been the nexus of the community. You have jump started this effort and I don’t know where we’d be if you hadn’t done this.”

Up next, the commission will evaluate our recommendation to establish a technical working group to guide the process as it moves forward and to form a road map for the future. This group, comprised of key city staff, technical experts and stakeholders, will be tasked with providing advice to the commission. The goal being — to develop a concise technical knowledge base for the city-owned property, to coincide with the assessment efforts of the Van Wezel Foundation and Sarasota Orchestra.

The Sarasota Orchestra and the Van Wezel will complete their cultural needs assessment by late spring, providing a clearer picture of how they fit into that road map.

Moving forward, we will continue to need your support, guidance and engagement in this process. As we celebrate this historical achievement, we are thankful to the commission for endorsing our vision – vision – and we look forward to creating an iconic legacy on the Sarasota Bayfront that future generations can enjoy.

This was not the effort of one person or one organization. This was the effort of an entire community of dedicated stakeholders and people vested in the future of our great region. We can’t wait to see what comes next and vow to keep you posted and informed every step of the way!

Filed Under: Downtown Sarasota Condos, Downtown Sarasota Construction, Downtown Sarasota Real Estate, Sarasota New Construction Tagged With: , ,

CitySide – Downtown Sarasota New Developments

January 14, 2015 by

Construction on CitySide Apartments to begin in April

cityside_downtown_sarasotaSarasota’s Rosemary District – Urban Contemporary Architecture

Rosalyne Holdings, headed by Bruce Weiner of Longboat Key, is developing the project with Ascentia Development Group (ADG) and expects to have a building permit by March.

CitySide is a four-story complex designed with urban contemporary architecture. Phase 1 will offer 228 units on the northeast corner of Boulevard of the Arts and Cocoanut Avenue. Phase 2 will have about 250 units directly across May Lane from Phase 1.

“CitySide will address the growing demand for rentals in or near downtown Sarasota,” said Weiner.” It will also bring new vitality to the area, while maintaining the rich culture that makes the 128-year-old Rosemary District so unique.

The Rosemary District is a quiet area, awaiting development and revitalization to help reach its potential. It’s a part of Sarasota’s urban appeal, just north of Fruitville. With ample land available and the district in close proximity to core downtown amenities, industry experts say the Rosemary District area is ripe for a transformation. A surging interest to build in the Rosemary District has officials confident the density boost will help make developments there more economically viable.

The ongoing plans to revamp the Rosemary District come a midst a rising real estate market, which has pushed demand for condos and rental apartments to near decade highs.

Rents are expected to range from $1,000 to $2,000 a month and designed to meet the needs of a growing professional population seeking Sarasota’s downtown urban appeal. CitySide residences will have one and two bedroom options, along with two bedroom, plus den floor plans. Residences will range in size from 700 to 1,200 square feet.

Filed Under: Downtown Sarasota Construction, Downtown Sarasota Real Estate, Sarasota Lifestyle, Sarasota Real Estate Market News Tagged With: , ,

Downtown Sarasota Developments – New Construction

December 17, 2014 by

Echelon on Palm – Downtown Sarasota New Construction

downtown-sarasota-by-nightDowntown Sarasota’s construction boom will continue well into 2015, the result of newly unveiled plans that include another luxury condominium tower and the first new office building in eight years.

In the larger of the two developments, the Ronto Group of Naples plans to build an 18-story condo tower between Gulf Stream and South Palm avenues, investing at least $20 million to compete in an increasingly crowded market for new residential units.

Veteran local developer Mark Kauffman, meanwhile, is preparing to construct a $4.7 million, four-story office building called Centerplex at Ringling Boulevard and Golf Street.

For Kauffman, whose properties include Courthouse Centre and the Hollywood 20/Main Plaza complex downtown, the offices become the latest in a series of new projects in or around downtown.

He already is building Payne Park Plaza, a $1.5 million office and retail development on South Washington Boulevard, near Morrill Street.

The three projects join a post-recession resurgence in downtown construction, with condos, hotels and retail space sprouting from the business district to the bayfront. Ronto Group plans 17 units on a one-third-acre site called Echelon on Palm, executive vice president and co-owner Anthony Solomon said Tuesday.

While a number of new condos are coming online downtown and on nearby barrier islands, Solomon says demand is sufficient for more. “The economy is doing a lot better,” he said. “People are looking for new design and new product, and it’s a good time to launch something.”

The company has purchased a parcel at 624 S. Palm, site of the La Palme Royale bed-and-breakfast, and in March will acquire another parcel at 621 Gulf Stream Ave.

Sixteen floors of the modern design building will contain a single unit, Solomon said, with just over 4,000 square feet of living area. One of the units will be a two-level townhouse on the first and second floors. Parking will be located on the first two floors.

Prices will range from $2.2 million to $4 million, he said, with an average of $3 million. Its penthouse will be the priciest of the units.

The company wants to pre sell at least half the residences before starting construction next summer. Build-out is scheduled to take about 16 months. A sales office will open at the site next month.

This is the first venture in Sarasota for Ronto, founded in 1967 by Jack Solomon and now co-managed with his son. The company has completed more than 10,000 high-rise units, 2,000 single-family homes, several shopping plazas and a hotel, according to its website.

“What attracted us to Sarasota is that it is very similar to Naples in demographics,” Anthony Solomon said. “The site and its views are amazing, and the location is incredible.”

But Echelon on Palm will join a growing field of new projects underway or planned around downtown. Among them: the $120 million Vue on the bayfront, with 141 condos and a 255 hotel rooms; the $31 million mixed-use One Palm Avenue, with 130 hotel rooms and 139 apartments; the $19 million Jewel on Main Street, with 18 units; and the $6 million “Q,” which contains 39 condos on Ringling Boulevard.

Kauffman has filed plans with the city for 30,000 square feet of office space at Ringling and Golf, which would become the first free-standing office project to open downtown since the Great Recession.

“They wanted new, and the locations are pretty incredible for both of them,” said Kauffman, who also developed the P.F. Chang’s China Bistro on Osprey Avenue downtown and redeveloped an office building at U.S. 41 and Siesta Drive housing Fleming’s Steakhouse.

The planned buildings come, however, as the market for new Class A office space remains soft and financing for new office projects remains elusive. During the third quarter, for example, the 2.5 million square feet of existing office space in downtown Sarasota had a 12 percent vacancy. In all of 2013, too, there was net absorption of just 17,532 square feet of office space downtown, according to figures compiled by the Economic Development Corp. of Sarasota County.

Commercial brokers say downtown landlords are now asking about $25 to $27 per square foot in gross rents. “The numbers don’t make sense yet,” said local commercial real estate broker Ian Black. “The market has to turn so that demand will exceed supply.”

Both the Echelon and the Centerplex projects are scheduled to go before Sarasota’s Development Review Committee Wednesday 12/17.

Payne Park Plaza on South Washington Boulevard would contain 8,300 square feet of office and retail space, as well, according to plans. Both commercial projects will be developed on a build-to-suit basis, with a bank occupying two floors in the Centerplex development and a financial firm committing to Payne Park Plaza.

HeraldTribune 12/16/2014

Filed Under: Downtown Sarasota Condos, Downtown Sarasota Construction, Sarasota Events, Sarasota Lifestyle, Sarasota Real Estate Market News Tagged With: , , ,

Sarasota Construction Projects – Sarasota Lifestyles

November 24, 2014 by

Downtown Sarasota Construction Projects – Development News

The Sarasota housing market continues toSarasota Bay View show signs of strength: In November, at least three housing projects totaling more than 400 units have emerged in neighborhoods near the heart of the Downtown Sarasota. Currently in various stages of development, the projects have the potential to leave a significant mark on the city’s landscape.

ROSEMARY DISTRICT
1401 Fruitville Road
With the Rosemary Residential Overlay District in place, a second developer is seeking to take advantage of the density bonuses created by the new regulations.

Framework Group LLC, a Tampa-based developer, is proposing a five-story, 228-unit apartment complex along Fruitville Road between Central Avenue and Lemon Avenue. With the project, called Sarasota Flats, the group said it hopes to appeal to a broadening market interested in highly amenitized luxury apartments.

The 3.05-acre site is located within the Rosemary Residential Overlay District, which allows for housing projects with a density of 75 units per acre — three times the previous cap. Philip Smith, president of Framework Group, said the incentive to develop in the area was a significant draw.

DOWNTOWN
711 S. Palm Ave.
On Wednesday, the developer behind a planned five-story development on south Palm Avenue appeared before the city’s Development Review Committee.

The condominium complex would replace a single-family residential home at 711 S. Palm Ave., subject to demolition approval.

With 15 units across four residential stories, the development was geared more toward full-time residents., with a goal to attract the end user who will spend significant time here and live here rather than just spending a couple of weeks in Sarasota.

Although the project is in its early stages, concern is already brewing among adjacent property owners about how their sightlines might be affected if the building is not set further back from the sidewalk.

Seaward Development is currently working on plans to bring forward to the city as soon as next month, with a targeted construction date as early as next spring.

DOWNTOWN
1455 Second St.
A site plan has been in place for 1455 Second St. for six years, but the fate of the project has regularly been in question.

On Monday, the City Commission may have helped keep the project afloat, allowing the developer to forgo required payments to an Affordable Housing and Transit Development Fund.

The site plan, approved under the now-expired Downtown Residential Overlay District, calls for a 10-story building with 168 residential units and 16,400 square feet of retail space on the 0.84-acre parcel. Earlier this year, property owner Jesse Biter said he was uncertain whether he could move forward with his plans without another partner coming aboard.

Since then, Carter Acquisitions LLC has agreed to partner with Biter Enterprises in developing the project. Before an agreement is finalized, however, the group sought to avoid the payments to the housing and transit funds as was stipulated following site-plan approval.

Since that approval, the plans have been modified so more than 130 of the apartments are 1,250 square feet or smaller. Bill Merrill, who represented Carter Acquisitions at Monday’s meeting, said the intent of the DROD regulations was to create smaller, more attainable housing units; the required payments to housing and transit were triggered by the number of units larger than 1,250 square feet.

Before the 3-2 vote to forgo the payment, Vice Mayor Susan Chapman questioned whether the smaller apartments qualified as attainable. Jerome Hagley, executive vice president with Carter Acquisitions, said one-bedroom units should range from $1,100 to $1,500, while two-bedroom apartments will be priced from $1,800 to $2,200.

Filed Under: Downtown Sarasota Condos, Downtown Sarasota Construction, Downtown Sarasota Real Estate, Sarasota Lifestyle, Sarasota Real Estate Market News Tagged With: , , , ,
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