CITY OF SARASOTA DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS December 15, 2016

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1 CITY OF SARASOTA DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS December 15, 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. Downtown Community Redevelopment Authority Area 1

2 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 ,040 7 Lemon Ave. Pad Site Fall ,310 4,310 The Mark (formerly City Place) Fall ,000 35,000 DeMarcay) 39 2,400 The Jewel Spring Unavailable 8 *2 nd St. Apartment (United Way)* Summer ,000 17,410 Hotel Sarasota Spring Embassy Suites & Spa Spring / Summer The Vue (Westin & Residential) Fall / Winter Sarasota Bayside (Quay) , ,000 Valencia at Rosemary Place Winter 2016 thru Cityside 229 units / Vanguard Lofts Risdon on 5th April ,000 The Sarasota Modern 81 Rosemary Square January ,000 Florida Studio Theatre 5 BOTA Center Fall / Winter , Elan Rosemary Winter Citrus Square Phase II & III 18 4,200 Zaharada 6 5,150 DRAPAC 62 2,820 Urban Flats (formerly Sarasota April thru Oct ,700 Flats) 1515 Fruitville Rd. (Renovation) , School Ave. Townhomes Main St Centerplex Office Bldg ,660 The Q Partially Occupied Sansara ,632 Orange Club March ,174 Azure on Palm -711 S. Palm Ave 15 Echelon (624 S. Palm Avenue) Summer Enclave at Laurel Park 17 The HUB Building 97 6,271 Fruitville Hotel Vengroff Village 393 Downtown Community Redevelopment Authority Area 2

3 Total , ,770 GOLDEN GATE POINT Page New Construction # Project Name Anticipated Completion Bldg. Permit Issued Condominiums & Townhomes Allure Golden Gate Point 8 ONE88 Golden Gate Point 8 Aqua 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 Downtown Community Redevelopment Authority Area 3

4 Downtown Community Redevelopment Authority Area 4

5 Downtown Community Redevelopment Authority Area 5

6 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT ISSUED? Downtown Community Redevelopment Authority Area 6

7 1500 State Street Proposed for 4699 office and 3708 sq. ft. retail & 20 residential units. State Street Partners SRQ LTD $4.2m Under construction 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-ofway closed June 6th. 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 Foundation Permit applied for April Image unavailable DeMarcay 33 S. Palm 39 residential units plus 2400 sq. ft. of retail XAC Developers $23,744,000 Permit issued. New application to modify condition of DROD approval from 2007 Image unavailable Interior renovation of former Ceviche Restaurant st Street $989,000 Under renovation YES Downtown Community Redevelopment Authority Area 7

8 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT The Jewel Main Street J $19,468,259 TCO issued for 1301 Main St. Development residential units. 18 story residential condos/with retail $520,000 4 tenant buildout permits. The DeSota (formerly 2 nd Street Apartments) nd St. 180 Apartments, 2 accessory guest units, 15,000 sq. ft. ground floor retail Carter Acquisitions LLC $40,000,000 $120,000 Under Construction Pool 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 Under Construction. Embassy Suites & Spa 202 N. Tamiami Trail. JEBCO Ventures $40,000,000 Under Construction. Approx. 180 rooms by JEBCO Ventures. Downtown Community Redevelopment Authority Area 8

9 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Vue / Westin Kolter Group $120,712,600 Under Construction 1 N. Tamaimi 141 unit Residential tower 255 room Westin hotel. 14,000 sq. ft. ballroom 2-jr. 5-6k sq. ft. each. 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 Completion Date: Westin = Spring 2017 Residences = Spring 2017 Revised master plan and Development Agreement submitted. Approved by City Commission 12/5/16 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 1 st 12 units. Phase III $1,138,000 for 6 units Under Construction. Phase III permit pending Cityside Blvd. of the Arts between Cocoanut St. & Florida Ave. 489 Residential apartments. 229 Units in Phase 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 Downtown Community Redevelopment Authority Area 9

10 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Vanguard Lofts Tetra Terra $2,400,000 Under Construction th Street Development 6 Residential Townhomes Risdon on 5 th th St. 22 Residential Condos 7,000 sq. ft. office or retail commercial in 6 ground floor units. Steven Bradley $6,000,000 Under construction The Sarasota Modern 1242 Boulevard of the Arts 5-Story 81 room hotel Cocoanut Arts LLC $17,000,000 Permit applied for 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 v. 2, 2015 $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.) under construction Downtown Community Redevelopment Authority Area 10

11 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Image Unavailable DRAPAC th Street 62 residential units 2820 sq. ft. commercial $4.2 mil Submitted Administrative Site DRC 11/2 Image Unavailable Zaharada th Street 6 condos and 5150 sq. ft. retail Florida Studio Theatre 751 Cohen Way 5 Residential units for performers. Rosemary District Development LLC Florida Studio Theatre $4.8 mil Applied for an adjustment $1,292,000 City Commission approved. Building permit applied for. BOTA Center 1570 Blvd. of the Arts 19,900 Sq. Ft. Commercial Howard Davis $850,000 Permit issued 9/28 for interior renovations Image Unavailable Image Unavailable Elan Rosemary Apartments 710 N. Lemon Ave. 286 Residential apartments 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 Greystar GB II, LLC $33,677,600 Under construction MBFC LLC $1,943,250 for Phase II foundation. $2,539,125 Under construction Phase III foundation permit applied for. Image Unavailable Brick s Smoked Meats 1528 State Street $300k Permit applied for tenant build out State St garage Downtown Community Redevelopment Authority Area 11

12 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 1515 Fruitville Retail Center w/6 First Class Retail spaces. 15,058 Sq. Ft. Total Retail Framework Group, LLC KGJ Properties Management LLC $30,000,000 Under Construction. $847,500 Under Construction 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 2101 Main St. 2-story building 3,370 sq. ft. Retail/Rest. 3,370 Office Icon Residential $2,126,675 City Commission approved vacating right-of-way May 16 th. $1,579,200 Bldg. permits applied for waiting for $673,000 completion of site work. 3d permit for sitework issued. The Schimberg Group $760,000 Permit applied for (foundation only) Image Unavailable East and Fruitville rth East Avenue 7500 sq. ft. retail with 32 parking spaces Administrative site plan applied for Downtown Community Redevelopment Authority Area 12

13 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Centerplex 1936 Ringling Blvd. (at Golf St.) 4-story office building 28,660 sq. ft. Commercial Mark Kauffman $5,000,000 Building Permit issued Under construction 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 28 Units. Sansara 300 S. Pineapple 17 Residential Units MK Equity Corp. $11,000,000 Under Construction 2,632 Sq. Ft. Ground Floor Commercial 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 Buildings 1, 2 & 3 under construction Downtown Community Redevelopment Authority Area 13

14 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Image not available Fruitville Hotel 1351 & 1365 Fruitville Road 118 rooms Choice Hotels International Administrative Site Plan application applied for 10/26 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. response to staff comments. 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. Image not available Image not available PROJECTS REQUIRING A COMPREHENSIVE PLAN AMENDMENT Enclave at Laurel Park 1938 Laurel St. 17 Single-Family & Attached HUB Building nd Street Demolition of existing parking garage and construction of a mixed use building (97 residential units, 6,271 sq ft office, 247 parking) $1,200,000 Building permit applied (1 bldng/4 units) waiting for site work to be r bonded. Biter Idea Vault $14,900,000 Permit applied for 8/29 NAME DEVELOPER Const. Value STATUS Downtown Community Redevelopment Authority Area 14

15 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 Downtown Community Redevelopment Authority Area 15

16 GOLDEN GATE POINT PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Allure 111 Golden Gate Point 10 Residential townhome units in 3 bldgs. JEBCO Ventures $7,000,000 Bldg. Permit ready to be issued Golden Gate Point 8 Residential units in a 4 story building. Golden Gate Point Ventures LLC N/A Permit applied for ONE88 Golden Gate Point 8 Residential units Vandyk Sarasota - Golden Gate Point LLC $8,641,611 Under Construction Aqua 280 Golden Gate Point 8 Residential Units 280 Golden Gate Point, LLC $11,043,654 Under Construction Downtown Community Redevelopment Authority Area 16

17 COMPLETED PROJECTS 2015/2016 NAME DEVELOPER CONST. CERTIFICATE OF OCCUPANCY VALUE 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 sq. ft. Dimmitt Auto Salon. Application for 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. C.O issued 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. Downtown Community Redevelopment Authority Area 17

18 Dolphin Tower Condos 101 S. Gulfstream Blvd. Structural Repairs. 117 Unit Condo Dolphin Tower Condo Association $9,000,000 Main Structural repair complete. Individual units being renovated by contractors. Temporary Certificates of Occupancy Issued. Some tenants have moved in. Downtown Community Redevelopment Authority Area 18

19 Downtown Community Redevelopment Authority Area 19

20 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 ext.4355 Downtown Community Redevelopment Authority Area 20

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