CITY OF SARASOTA REAL ESTATE DEVELOPMENT IN PROGRESS OCTOBER 15, 2014

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1 CITY OF SARASOTA REAL ESTATE DEVELOPMENT IN PROGRESS OCTOBER 15, 2014 Economic continues to thrive in Sarasota with many real estate development projects under construction and many more in the pipeline. This monthly report tracks those projects taking place within the Downtown Community Redevelopment Area, an area of approximately one square mile. Downtown Community Redevelopment Authority Area 1

2 REAL ESTATE DEVELOPMENT IN PROGRESS OCTOBER 15, 2014 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONSTRUCT. VALUE State Street Garage City owned parking 1538 State St. garage. Retail 395 parking spaces space under w/13,873 sq. ft. retail garage to be sold. under garage. Pad site to be sold. Pad site w/5,040 sq. ft. retail & up to 25,000 sq. ft. office or residential above. STATUS $11,379,459 Garage Completion March Sale of garage retail space and the pad site approved by City Commission 8/18. Due diligence and sale documents next step. PERMIT ISSUED? Foundation issued. Vertical permit issued. City Place at Pineapple Square Originally proposed for: 13 story, 800,000 SF+, retail spaces, 276 condos Pineapple Square N/A Start-Date Unknown to implement Agreement w/city. Downtown Community Redevelopment Authority Area 2

3 PROJECT IMAGE PROJECT / LOCATION DEVELOPER CONST. VALUE STATUS PERMIT One Palm Avenue 138 Hotel Rooms 139 Apts. /Restaurant & 6,000 sq. ft. +/- Retail NE Corner of Palm Ave. at Ringling Blvd. John & Gavin Meshad $31,147,000 Foundation and Vertical permits issued. Dolphin Tower Condos Struc tural Repairs Dolphin Tower Condo Association $9,000,000 Building permit issued. DeMarcay 33 S. Palm 39 Residential Units XAC Developers N/A Site Plan Approved within DROD** Downtown Community Redevelopment Authority Area 3

4 PROJECT IMAGE PROJECT / LOCATION DEVELOPER CONST. VALUE STATUS PERMIT The Jewel 18 story residential condos/with retail at Main and Gulfstream Ave. Tom Mannusa $19,281,259 Building permit issued 4/3/14. Completion Fall 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 Currently represented by HFF s Miami office. Embassy Suites & Spa 202 N. Tamiami Trail. Approx. 180 rooms by JEBCO Ventures. Kolter Group $120,000,000 Foundation permit issued. Vertical permit applied for. Completion Date: Fall Westin Winter 2016 Residences N/A N/A Existing Agreement. Buyers offers submitted to HFF 7/14/14. JEBCO Ventures $40,000,000 Pre-application conference held. Transportation Study completed. Downtown Community Redevelopment Authority Area 4

5 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Former Gee Whiz Children s Museum Blvd. of the Arts. Owned by City of Sarasota N/A On-hold per City Commission Hotel Sarasota adjacent to Palm Ave. garage 225 Rooms 10,000 sq, ft, ballroom Restaurant Floridays Corp. t Available Adjustments approved by Planning Board & Staff. Encroachment permit approved. Cityside Apartments between 6 th & 10 th residential units per acre. Approx. 400 units. Rosalyn Holdings LLC N/A Pending Rosemary Residential Density Overlay District approval expected at October, 20 City Commission Mtg. Image not provided. Former United Way Property nd St. 170 Apartments, 9 accessory guest units, 17,410 sq. ft. ground floor retail, 21,000 sq. ft. office space. Biter Bldg. LLC N/A Planning Board and City Commission approved. (DROD**) Downtown Community Redevelopment Authority Area 5

6 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Villagio at Rosemary Place Icon Real N/A Applied for a replat 32 lot townhomes at Coconut & Estate of the property. Blvd. of the Arts Ventures Coconut Ave. (Rennaisance Phase II). Vanguard Lofts (formerly Aegis Court) th Street 6 Townhomes Tetra Terra $1,500,000 Administrative Site Plan Approval. Image not provided. Rosemary Square 61 Residential sq. ft. sq. ft. office Rosemary Square LLC $20,000,000 Sale approved. Agreement being prepared Fruitville Rd. Strip Retail Commercial Center 3 spaces have been leased (pilates studio, a furniture store and bar3 hair design). Kim Jordenson $650,000 Under Construction Downtown Community Redevelopment Authority Area 6

7 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Q 39 Condos at 1750 Ringling Blvd. JEBCO Ventures All phases except 5 & 6 = $5,368,854 Subdivision plat approved. Phases 1,2,3,4 &7 under construction Payne Park Plaza 242 S. Washington St. 8,295 sq. ft. retail/office. Mark Kauffman $1,500,000 Under Construction Kimpton Hotel Washington at Main St. 150 room full service hotel. Lobby Bar, 120 seat full service restaurant, Fitness center Swimming pool, 6,000 square feet of meeting space Kimpton Hotels N/A Exchange agreement followed by ground breaking anticipated at end of 2014, after existing parking lot is relocated to 2051 Main St. Centerplex 4-story office building Ringling Blvd. at Golf St. Mark Kauffman $4,700,000 Adjustments and encroachments needed. Downtown Community Redevelopment Authority Area 7

8 Image t Provided Image t Available PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT 635 S. Orange Ave. 15 Residential Units in 3 bldgs. 3,500 Sq. Ft. retail/office Main St. Storefront Renovation 1560 Main Street Interior Renovation Vandyk USA N/A Planning Bd. Adjustments needed Jesse Biter $1,010,000 Construction underway. Downtown Community Redevelopment Authority Area 8

9 Downtown Community Redevelopment Authority Area 9

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11 Project Name New Construction Residential Units Hotel Rooms Retail Sq. Ft. State Street Garage ,885 State Street Garage Adjacent Site N/A 0 N/A City Place (Pineapple Sq.) N/A One Palm Avenue ,000+/- The DeMarcay** 39 0 N/A The Jewel ,900 Embassy Suites & Spa N/A The Vue N/A Hotel Sarasota N/A Former United Way** 148+/- 0 N/A Quay N/A Aegis Court 6 0 Rosemary Square 61 0 N/A Villagio at Rosemary Place 32 0 Cityside The Q Centerplex Office Bldg Major Renovation Dolphin Tower N/A 1515 Fruitville Rd. 0 0 N/A 1560 thru 1578 Main Street 0 0 N/A SUB TOTAL 2, ,785 Information provided by City of Sarasota Neighborhood & 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 project within the former DROD designation (Downtown Residential Overlay District). For Further Information Contact: rman Gollub Downtown Economic Coordinator (941) Or Gretchen Schneider General Manager, NDS ext.4355 Application Submitted t Official SanSara 17 0 N/A Kimpton Hotel TOTAL 2,058 1,143 All projects listed are within the boundaries of the Downtown Community Redevelopment Authority area. Downtown Community Redevelopment Authority Area 11