CITY OF SARASOTA REAL ESTATE DEVELOPMENT IN PROGRESS JANUARY 14, 2015 Economic Development is thriving in Sarasota with many real estate development projects under construction and many more in the pipeline. This monthly report tracks those projects with construction values of over $500,000 that are taking place within the Downtown Community Redevelopment Area, an area of approximately one square mile. Downtown Community Redevelopment Authority Area 1
REAL ESTATE DEVELOPMENT IN PROGRESS JANUARY 15, 2015 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONSTRUCT. VALUE State Street Garage City of Sarasota 1538 State St. Parking garage 395 parking spaces w/395 parking w/13,873 sq. ft. retail spaces. under garage. Pad site w/5,040 sq. ft. retail & up to 25,000 sq. ft. office or residential above. City Place at Pineapple Square Originally proposed as 13 story bldg. w/ 30-40 ground floor retail spaces, 276 dwelling units. Retail space under garage to be sold as dirt shell. STATUS $11,379,459 Garage Completion approx. 3/ 2015. Garage retail space and pad site sale approved by City Commission 8/18. Currently undergoing Due Diligence by buyers Adjacent Pad site to be sold. IGH 1400 State LLC Development Agreement w/city expires December 2020. Start-Date Unknown. PERMIT ISSUED? Garage Under Construc tion. Downtown Community Redevelopment Authority Area 2
PROJECT IMAGE PROJECT / LOCATION DEVELOPER CONST. VALUE STATUS PERMIT One Palm Avenue NE Corner of Palm Ave. at Ringling Blvd. 138 Hotel Rooms 139 Apts. /Restaurant & 6,000 sq. ft. +/- Retail JWM Management $31,147,000 Foundation and Vertical permits issued and under construction. Dolphin Tower Condos Structural Repairs. 117 Unit Condo Dolphin Tower Condo Association $9,000,000 Building permit issued. DeMarcay 33 S. Palm 39 Residential Units & Restaurant XAC Developers Site Plan Approved within DROD** Have met twice with the City Development Review Committee for guidance. Downtown Community Redevelopment Authority Area 3
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 2015. Hotel Sarasota Adjacent to Palm Ave. garage. 225 Rooms, 10,000 sq. ft. ballroom; Restaurant. City owned property to be sold to Floridays Dev. Corp. per Development Agreement. Floridays Development Corp. t Available Adjustments and encroachments approved. Application for building permits required by 1/17/15. Construction required to begin by 5/17/15. Image not available. Former United Way Property 1445 2 nd St. 168 Apartments, 9 accessory guest units, 17,410 sq. ft. ground floor retail, 21,000 sq. ft. office space. Carter Acquisitions LLC Planning Board and City Commission approved. (DROD**) Downtown Community Redevelopment Authority Area 4
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Embassy Suites & Spa 202 N. Tamiami Trail. Approx. 180 rooms by JEBCO Ventures. JEBCO Ventures $40,000,000 Pre-application conference held. Transportation Study completed. Demolition permit for existing structure pending. 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. Quay 695 Dwelling Units 175 Hotel Rooms 38,972 sq. ft. Office 189,050 sq. ft. Commercial per City Development Agreement. Kolter Group $120,000,000 Foundation & Vertical permits issued. GreenPointe Communities LLC Completion Date: Westin = Fall 2016 Residences = Winter 2016 Project required to be completed before 1/30/17 or concurrency will expire. Downtown Community Redevelopment Authority Area 5
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Former Gee Whiz Children s Museum Blvd. of the Arts./Sarasota Bayfront. Owned by City of Sarasota On-hold per City Commission. To be integrated into future plans for 42 acre city bayfront property. Villagio at Rosemary Place 32 lot townhomes at Coconut & Blvd. of the Arts. 601-649 Coconut Ave. (Rennaisance Phase II). Icon Real Estate Ventures Replat of the property easements approved on 1/5/15. Final approval scheduled for 2/2/15. Cityside Apartments between 6 th & 10 th. 75-80 residential units per acre. Approx. 400 units. Rosalyn Holdings LLC Rosemary Residential Density Overlay District approved. Application for street vacation of May Lane scheduled for 1/14/15 Planning Board. Downtown Community Redevelopment Authority Area 6
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Vanguard Lofts (formerly Aegis Court) 1343 4 th Street 6 Townhomes Tetra Terra Development $2,400,000 Qualifies for Administrative Site Plan Approval. Bldg. permit applied for but not issued yet. Image not available. Rosemary Square 61 Residential Apartments @15,500 sq. ft. retail @15,500 sq. ft. office Rosemary Square LLC $20,000,000 Sale approved. Development Agreement approved 10/20/14. 1515 Fruitville Rd. Strip Retail Commercial Center 19,522 sq. ft. gross. 3 spaces leased (pilates studio, a furniture store and bar3 hair design). KGJ Properties Management LLC Construction planned for 3 rd qtr. 2015. $650,000 Under Construction Downtown Community Redevelopment Authority Area 7
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Sarasota Flats 1404 Fruitville Rd. 228 Residential Units 3,000 Sq. Ft. Retail Framework Group, LLC $35,000,000 Community workshop held. Partial application made for street vacation. Planning Board. & City Commission approval required. Q 39 Condos 1750 Ringling Blvd. Payne Park Plaza 242 S. Washington St. 8,295 sq. ft. retail/office. JEBCO Ventures All phases except 5 & 6 = $5,368,854 $1,300,000 for Phase 5 Subdivision plat approved. Phases 1,2,3,4 &7 under construction. Phase 5 applied for. Mark Kauffman $1,500,000 Under Construction Kimpton Hotel Washington at Main St. 150 room full service hotel. Lobby Bar, 250 seat full service restaurant, Fitness center Swimming pool, 6,000 square feet of meeting space SHD Partners LLC Sarasota County has a development agreement to sell SHD Partners this current county parking lot. Ground breaking anticipated after the existing parking lot is relocated to 2051 Main St. Hotel pre-app. held on 12/3/14. SHD has exercised a 60 day extension to obtain permits. Downtown Community Redevelopment Authority Area 8
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Centerplex 4-story office building Ringling Blvd. at Golf St. Mark Kauffman $4,700,000 Adjustments and encroachments approved with conditions at Dev. Review Committee on 12/17/14 1564-1578 Main St. Bldg. demo & new store construction followed by 1560 Main Street Interior Renovation w/new facades Sansara 300 S. Pineapple 17 Residential Units Ground Floor Commercial Jesse Biter $1,010,000 New 1-story building, followed by new façades on 3 adjacent stores. Traffic Study underway for proposed businesses. MK Equity Corp. $11,000,000 Foundation permit applied for. 711 S. Palm at Alderman 15 Residential dwelling units in a 5-story building Thirty-Four- Seventy-Five LLC Appeared before Development Review Committee 11/19/14. Downtown Community Redevelopment Authority Area 9
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT 1505 Dolphin St. 8 Story building w/6 residential dwelling units Equity Management & Holdings $6,000,000 Pre-Application Conference held 12/3/14 621 Gulfstream Avenue 17 residential dwelling units in an 18-story structure. The Ronto Group Pre-Application held on 12/17/14. Applied for initial transportation concurrency review. 635 S. Orange Ave. 15 Residential dwelling units in 3 bldgs. 3,500 Sq. Ft. retail/office 25 N. Pineapple (former Golden Apple) 14,000 sq. ft. retail Vandyk USA DRC provided conditional sign-off. Planning Bd. & Commission approval needed for vacation of easement. Great Lakes Development Corp. $255,000 Under Construction (Included in this report, as a noteworthy project although it does not meet the $500k Const. value req. Downtown Community Redevelopment Authority Area 10
Downtown Community Redevelopment Authority Area 11
Downtown Community Redevelopment Authority Area 12
Downtown Community Redevelopment Authority Area 13
Project Name New Construction Residential Rental Apartments Residential Condominiums & Townhomes Hotel Rooms Commercial Sq. Ft. State Street Garage 13,885 State Street Garage Pad Site 5,040 City Place (Pineapple Sq.) 276 One Palm Avenue 139 138 6,000+/- The DeMarcay** 39 The Jewel 19 6,900 Embassy Suites & Spa 200 The Vue 141 255 Hotel Sarasota 225 Former United Way** 168 Quay 695 175 189,050 Vanguard Lofts 6 Rosemary Square 61 15,500 Villagio at Rosemary Place 32 Cityside 400 The Q 39 Centerplex Office Bldg. Payne Park Plaza 8,295 Sarasota Flats 228 3,000 635 S. Orange 15 3,500 1505 Dolphin St. 6 711 S. Palm Avenue 15 621 Gulfstream Avenue 17 Sansara 17 Kimpton Hotel 150 Major Renovation Dolphin Tower 117 1515 Fruitville Rd. 19,522 1560 thru 1578 Main Street 25 N. Pineapple 14,000 TOTAL 996 1,434 1,143 284,692+/- 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 project within the former DROD designation (Downtown Residential Overlay District). For Further Information Contact: rman Gollub Downtown Economic Development Coordinator (941) 556-4053 Or Gretchen Schneider General Manager, NDS 365-2200 ext.4355 Downtown Community Redevelopment Authority Area 14
OFFICE BUILDINGS IN THE CRA THAT ARE 20,000 SQ. FT. OR GREATER EXCERPT MODIFIED FROM THE SARASOTA ASSOCIATION OF REALTORS, COMMERCIAL INVESTMENT DIVISION 4TH QUARTER REPORT BUILDING ADDRESS YEAR # TOTAL VACANT % OF MAXIMUM AVAIL. CONTACT COMPANY PHONE BUILT FLOORS SQ. FT. SQ. FT. BLDG. CONTIGUOUS SUB-LEASE BANK OF COMMERCE 1858 Ringling Blvd. 2007 3 22,000 0 0 28,028 Joe Hembree Hembree & Associates 941-951-1776 COURTHOUSE CENTER* 1990 Main St. 2005 10 93,000 2,315 2% Diane Lawson Sperry Van Ness 941-387-1200 Linda Emery HERALD TRIBUNE* 1743 Main St. 2005 2 70,000 0 0 Tom Far Michael Saunders & Co. 941-587-0725 RINGLING SQUARE* 1626 Ringling Blvd. 2005 5 40,000 7,200 18% Joe Hembree Hembree & Associates 951-1776 FIVE POINTS 50 Central Ave. 2004 16 87,680 0 0 10,000 Jason Donald Cushman Wakefield 813-223-6300 KANE PLAZA 1 South School Ave. 2000 10 78,513 14,400 18% 6,700 Joe C. Hembree Hembree & Associates 941-951-1776 SARASOTA CITY CTR. 1819 Main St. 1989 13 247,891 55,184 22% 12,413 Lori Hellstrom Osprey Real Estate 941-3365-1819 ONE SARASOTA TOWER2 N. Tamiami Trail 1988 12 137,139 4,918 4% 3,377 Susanne Stovell ICORR 941-954-2300 1900 MAIN ST. 1900 Main St. 1988 3 28,000 4,926 18% 2,153 Diane Lawson Sperry Van Ness 941-387-1200 Linda Emery 1970 MAIN ST. 1970 Main St. 1988 5 22,500 600 3% Diane or Linda Sperry Van Ness 941-387-200 CENTER POINTE 2033 Main St. 1987 6 94,604 14,700 16% 10,000 4,730 Bib Hiller Property Manager 941-366-0217 BMO 240 Pineapple Ave. 1986 11 125,810 18,840 15% 10,104 Jag Grewal IBRE 941-906-8688 BB&T FINANCIAL CTR. 1800 2nd St. 1986 9 248,558 38,042 15% 7,856 3,188 George Spector Spector Group 941-365-0969 THE HUB 1680 Fruitville Rd. 1986 4 41,250 2,630 6% 2,849 Steve Horn Ian Black Real Estate 941-906-8688 MAIN PLAZA 1991 Main Street 1986 2 262,000 32,479 12% 13,660 Steve Horn Ian Black Real Estate 941-906-8688 PNC 1549 Ringling Blvd. 1983 6 55,000 5,005 9% 5,005 Lee DeLieto Michael Saunders & Co. 941-957-3730 U.S. GARAGE 330 S. Pineapple 1983 2 38,100 1,400 4% Debbie Anglin Ian Black Real Estate 941-906-8688 NORTHERN TRUST 1515 Ringling Blvd. 1982 11 109,972 18 17% 10,719 10,719 Kelly Matheson Pointe Group Realty Inc. 941-554-1493 ELLIS BUILDING 1605 Main St. 1978 13 131,189 27,000 21% 27,000 1,794 Mark Curran Benderson 941-359-8303 SUNTRUST 1777 Main St. 1975 10 98,966 13,821 14% 9,410 8,000 Susan Goldstein Michael Saunders & Co. 941-957-3730 THE POINT / BANK ONE240 N. Washington 1974 7 45,466 14,200 31% 7,050 Bob Hillier Property Manager 941-366-0217 ZENETH Plaza* 1390 Main St. 1972 11 115,783 0 0 1718 MAIN ST. 1718 Main St. 1950 2 27,461 7,218 26% Ashley Bloom Sperry Van Ness 941-961-7109 MIRA MAR CENTER 47 S. Palm Ave. 1922 2 44,000 1,023 4% 400 Diane lawson orsperry Van Ness 941-387-1200 Linda Emery PALM TOWERS 1343 Main St. 1922 7 27,500 7,065 26% 4,200 4,200 Steve Ross Hembree & Associates 941-951-1776 TOTALS 2,292,382 272,984 11.90% 70,659 *Constructed with CRA Funding Participation. Downtown Community Redevelopment Authority Area 15