CITY OF SARASOTA DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS APRIL 25, 2016

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1 CITY OF SARASOTA DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS APRIL 25, 2016 This monthly 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 month s 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 ,000 5,040 7 Lemon Ave. Pad Site Fall ,310 4,310 The Mark (formerly City Place) Fall ,000 35,000 One Palm Avenue (Aloft Hotel) Feb. 5 Hotel Opened ,175 Dolphin Tower (Renovation) Summer *The DeMarcay* t Known 39 2,890 The Jewel Spring Unavailable *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 228 units / Vanguard Lofts Risdon on 5th April ,000 The Sarasota Modern 41 Rosemary Square January , Florida Studio Theatre 5 Elan Rosemary (former 7 th St. Apt) Winter Citrus Square Phase II 10 4,200 Sarasota Flats April thru Oct , Fruitville Rd. (Renovation) , School Ave. Townhomes Main St. 3,260 3,260 Centerplex Office Bldg ,660 The Q Partially Occupied Sansara ,632 Women s Exchange Expansion 6,400 new Orange Club March , S. Palm Avenue Echleon (624 S. Palm Avenue) Summer Vengroff Village Enclave at Laurel Park 17 SUB TOTAL 1,715 1, , ,075+ Downtown Community Redevelopment Authority Area 2

3 Page # CRA Boundary New Construction / Renovation Project Name Anticipated Completion Bldg. Permit Issued Rental Apartments Condominiums & Townhomes Hotel Rooms Commercial Office Sq. Ft. Retail/Rest. 15 Golden Gate Point Projects Completed Projects 2015/2016 8,295 13,873+ TOTAL 1,715 1, , ,948+ 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 16 Aqua 8 TOTAL UNITS Hotels Map Existing Hotels and New Hotel Projects within the CRA Boundary 18 Downtown Office Vacancy 4 th Quarter 2015 Summary 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 Downtown Community Redevelopment Authority Area 3

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5 Downtown Community Redevelopment Authority Area 5

6 Downtown Community Redevelopment Authority Area 6

7 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT ISSUED? 1500 State Street State Street Partners N/A City property SRQ LTD recently sold. Proposed for 5,040 sq. ft. retail & up to 25,000 sq. ft. office and/or residential above. Construction anticipated to begin Summer 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 approved. Has not yet closed. 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. 1 N. Palm Avenue (Palm Ave. at Ringling Blvd.) 138 Hotel Rooms 139 Apts. 6,000 sq. ft. restaurant 2,175 retail Kolter Group N/A Development Agreement expires December Start-Date Jan JWM Management $31,147,000 Hotel has Temporary Certificate of Occupancy (CO). Apartments have partial CO. Retail/restaurant to expand along Palm Avenue. Downtown Community Redevelopment Authority Area 7

8 PROJECT IMAGE PROJECT / LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Dolphin Tower Condos Dolphin Tower 101 S. Gulfstream Blvd. Condo Association Structural Repairs. 117 Unit Condo DeMarcay 33 S. Palm 39 Residential Units 2,890 Sq. Ft. Restaurant $9,000,000 Individual units being renovated by contractors. Temporary Certificates of Occupancy Issued. Tenants have moved into some. XAC Developers $23,744,000 Site Plan Approved within DROD** Building permit issued. Demo Permit applied for. The Jewel 1301 Main St. Main Street J Development $19,281,259 Building permit issued 4/3/ story residential condos/with retail 2 nd Street Apartments nd 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 Building permits issued 12/08/15 Downtown Community Redevelopment Authority Area 8

9 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. Embassy Suites & Spa 202 N. Tamiami Trail. Approx. 180 rooms by JEBCO Ventures. JEBCO Ventures $40,000,000 Building construction permit issued. Under Construction. Vue 1 N. Tamaimi 141 unit Residential tower 255 room Westin hotel. 14,000 sq. ft. ballroom 2-jr. 5-6k sq. ft. each. Quay City Development Agreement allows up to 695 residences, 175 hotel rooms, 38,972 sq. ft. Office, and 189, sq. ft. retail. Kolter Group $120,000,000 Foundation & Vertical permits issued. GreenPoint Communities LLC N/A Completion Date: Westin = Fall 2016 Residences = Winter 2016 Revised master plan and Development Agreement submitted. Downtown Community Redevelopment Authority Area 9

10 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Valencia at Rosemary Place (Renaissance Phase II) 601 Cocoanut. Icon Residential $2,250,000 for 1 st 12 units. Under Construction. 30 townhomes at Coconut & Blvd. of the Arts Cityside Blvd. of the Arts between Cocoanut St. & Florida Ave. Rosalyn Holdings LLC $25,700,000 for Phase 1. Phase 1 under construction. 489 Residential apartments. 229 Units in Phase Units in Phase 2. Vanguard Lofts th Street 6 Residential Townhomes Tetra Terra Development $2,400,000 Under Construction. 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 Building Permit applied for 1/19/16 Downtown Community Redevelopment Authority Area 10

11 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT The Sarasota Modern 591 Cocoanut Ave. 5-Story 41 room hotel Cocoanut Arts LLC N/A Project being reviewed via zoning code confirmation. Rosemary Square Blvd. of the Arts/Central Ave. 39 Residential apartments 30,000 sq. ft. retail & office 4 buildings Florida Studio Theatre 751 Cohen Way 5 Residential units for performers. Rosemary Square LLC Property sold by the City v. 2, 2015 Florida Studio Theatre $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. $1,000,000 Planning Board approval required for adjustments. Image Unavailable Elan Rosemary Apartments 710 N. Lemon Ave. 286 Residential apartments Greystar GB II, LLC $33,677,600 Demolition completed. Foundation permit applied for. 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. Downtown Community Redevelopment Authority Area 11

12 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Sarasota Flats Framework Group, 1401 Fruitville Rd. LLC 228 Residential Units 3,700 Sq. Ft. Retail $30,000,000 Alley vacation approved. Construction targeted to begin 4/ Fruitville Retail Center w/6 First Class Retail spaces. 15,058 Sq. Ft. Total Retail KGJ Properties Management LLC $847,500 Under Construction 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 City Commission approved vacating right-of-way Main St. 2-story building 3,370 sq. ft. Retail/Rest. 3,370 Office The Schimberg Group N/A Pre-Application Held 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. Downtown Community Redevelopment Authority Area 12

13 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT The Q JEBCO Ventures $8,437,839 All phases are under 1750 Ringling Blvd. construction. 41 Residential townhomes in 7 buildings. Certificates of Occupancy issued for 21 Units. Sansara 300 S. Pineapple 17 Residential Units MK Equity Corp. $11,000,000 Under Construction 2,632 Sq. Ft. Ground Floor Commercial Image Unavailable Women s Exchange 539 S. Orange Ave. 6,400 sq. ft. new addition to existing bldg. & partial demo. 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. Women s Exchange Inc. $1,300,000 Bldg. permit issued. City Commission upheld on 4/13/16 an appeal by Laurel Park Neighborhood Assoc. 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. Downtown Community Redevelopment Authority Area 13

14 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT 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. 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. PROJECTS REQUIRING A COMPREHENSIVE PLAN AMENDMENT NAME DEVELOPER Const. Value Vengroff Village Bob s Place 2211 Fruitville Rd. 393 Residential Apartments STATUS S.S. Sasquatch N/A Comp. Plan change approved by City Planning Board 3/9/16. City Clerk s office. City Commission adoption decision tentatively set for May 2 nd. A portion of this project falls within the Downtown CRA boundary. 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. Downtown Community Redevelopment Authority Area 14

15 PROJECTS REQUIRING A COMPREHENSIVE PLAN AMENDMENT Image not available NAME DEVELOPER Const. Value Enclave at Laurel Park 1938 Laurel St. 17 Single-Family & Attached STATUS Comprehensive Plan change approved on 4/18/16. Planning Bd. 4/13/16 approval of Site Plan, Rezone, Street Vacation, Subdivision, and Adjustments set for 5/16/16 City Commission mtg. 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 pending. 609 Golden Gate Point 8 Residential units in a 4 story building. Golden Gate Point Ventures LLC N/A Applied for Site Plan approval 3/16/16. Reviewed by Development Review Committee 4/6/16. ONE88 Golden Gate Point 8 Residential units Vandyk Sarasota - Golden Gate Point LLC $8,641,611 Under Construction Downtown Community Redevelopment Authority Area 15

16 GOLDEN GATE POINT PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Aqua 280 Golden Gate Point 8 Residential Units 280 Golden Gate Point, LLC $11,043,654 Under Construction 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 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. Landhole LLC $1,010,000 Certificate of Occupancy issued for Evie s, Pho Cali, Melange, and Drunken Poet. Complete Renovation for Pho Cali, Drunken Poet and Melange restaurants. Downtown Community Redevelopment Authority Area 16

17 Downtown Community Redevelopment Authority Area 17

18 *Constructed with CRA Funding Participation. Downtown Community Redevelopment Authority Area 18

19 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: rman Gollub Downtown Economic Development Coordinator (941) Or Gretchen Schneider General Manager, NDS ext.4355 This report and other studies are available online at: Downtown Community Redevelopment Authority Area 19