CITY OF SARASOTA DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS May 19, 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
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 2017 20 25,000 5,040 7 Lemon Ave. Pad Site Fall 2017 4,310 4,310 The Mark (formerly City Place) Fall 2018 157 11,000 35,000 One Palm Avenue (Aloft Hotel) Feb. 5 Hotel Opened 139 138 8,175 Dolphin Tower (Renovation) Summer 2016 117 8 *The DeMarcay* t Known 39 2,890 The Jewel Spring 2016 19 Unavailable *2 nd St. Apartment (United Way)* Summer 2017 180 21,000 17,410 Hotel Sarasota Spring 2017 163 9 Embassy Suites & Spa Spring / Summer 2017 200 The Vue (Westin & Residential) Fall / Winter 2016 141 255 Sarasota Bayside 695 175 38,972 189,000 Valencia at Rosemary Place Winter 2016 thru 2017 30 10 Cityside 228 units / 2016 489 Vanguard Lofts 2017 6 Risdon on 5th April 2017 22 7,000 The Sarasota Modern 83 Rosemary Square January 2017 30 30,000 Florida Studio Theatre 5 11 BOTA Center Fall / Winter 2016 19,900 Elan Rosemary Winter 2018 286 Citrus Square Phase II 10 4,200 Urban Flats (formerly Sarasota Flats) April thru Oct. 2017 228 3,700 1515 Fruitville Rd. (Renovation) 2016 15,058 12 School Ave. Townhomes 38 2101 Main St. 3,260 3,260 Centerplex Office Bldg. 2017 28,660 The Q Partially Occupied 39 13 Sansara 2016 17 2,632 Women s Exchange Expansion 6,400 new Orange Club March 2017 24 3,174 711 S. Palm Avenue 15 14 Echleon (624 S. Palm Avenue) Summer 2017 17 Vengroff Village 393 15 Enclave at Laurel Park 17 SUB TOTAL 1,715 1,458 1014 142,376+ 346,975+ Downtown Community Redevelopment Authority Area 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/Rest. 15 Golden Gate Point Projects 34 16 Completed Projects 2015/2016 8,295 13,873+ TOTAL 1,715 1,492 972 150,671+ 340,948+ GOLDEN GATE POINT Page New Construction # Project Name Anticipated Completion Bldg. Permit Issued Condominiums & Townhomes Allure 10 15 609 Golden Gate Point 8 ONE88 Golden Gate Point 8 16 Aqua 8 TOTAL UNITS 34 17 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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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. Bldg. Permit applied for. Construction anticipated to begin Summer 2016. 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. Scheduled to close on June 8 th or earlier. 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. 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 2020. Foundation Permit applied for. Start-Date Jan. 2017 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
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. Some tenants have moved in. 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 4/3/14. 18 story residential condos/with retail 2 nd Street Apartments 1401-1445 2 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. Under Construction Downtown Community Redevelopment Authority Area 8
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. Foundation Permit issued 2/10/16. Under Construction. 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. ballrooms @ 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 Under Construction 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
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. 489 Residential apartments. 229 Units in Phase 1. 260 Units in Phase 2. Vanguard Lofts 1343 4 th Street 6 Residential Townhomes Rosalyn Holdings LLC Tetra Terra Development $25,700,000 for Phase 1. Phase 1 under construction. $2,400,000 Under Construction. Risdon on 5 th 1350 5 th St. 22 Residential Condos 7,000 sq. ft. office or retail commercial in 6 ground floor units. The Sarasota Modern 591 Cocoanut Ave. 5-Story 83 room hotel Steven Bradley $6,000,000 Building Permit applied for 1/19/16 Cocoanut Arts LLC N/A Project being reviewed via zoning code confirmation. Downtown Community Redevelopment Authority Area 10
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Rosemary Square 1440 Blvd. of the Arts/Central Ave. Rosemary Square LLC Bldg. 1 (1440 Blvd. of the Arts) under construction. 39 Residential apartments 30,000 sq. ft. retail & office 4 buildings Florida Studio Theatre 751 Cohen Way 5 Residential units for performers. Property sold by the City v. 2, 2015 Florida Studio Theatre $20,000,000 includes $3,500,000 for Bldg. 1 Bldg. 2 (550 Central Ave.) & Bldg. 3 foundation permits applied for. $1,000,000 Planning Board approval required for adjustments. BOTA Center 1570 Blvd. of the Arts 19,900 Sq. Ft. Commercial Howard Davis $850,000 Interior & Exterior renovation permit applied for April 1. Image Unavailable Elan Rosemary Apartments 710 N. Lemon Ave. 286 Residential apartments Greystar GB II, LLC $33,677,600 Demolition completed. Foundation permit issued 4/21/16. Image Unavailable Citrus Square Phase II & Phase III 505 N. Orange Ave. MBFC LLC N/A Foundation permit for Phase II ready to be issued. 28 Residential condos Over 4,200 sq. ft. commercial Phase III applied for. Downtown Community Redevelopment Authority Area 11
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 Framework Group, LLC $30,000,000 Alley vacation approved. Under Construction. 1515 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. 4 Buildings with 37 Residential dwelling units averaging 2,100 sq. ft. each. Icon Residential N/A City Commission approved vacating right-of-way May 16 th. Bldg. permit applied for. 2101 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
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 26 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. 2 permit ready to be picked up. Buildings 1 & 3 permits issued. Easement vacation approved by City Commission. Downtown Community Redevelopment Authority Area 13
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 2211 Fruitville Rd. 393 Residential Apartments A portion of this project falls within the Downtown CRA boundary. STATUS 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. Downtown Community Redevelopment Authority Area 14
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. Site Plan, Rezone, Street Vacation, Subdivision, and Adjustments set for 5/16/16 Approved. 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
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 for @6,873 sq. ft. Dimmitt Auto Salon. Application for adjacent @7,000 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
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*Constructed with CRA Funding Participation. Downtown Community Redevelopment Authority Area 18
This monthly report has been 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: Gretchen Schneider General Manager, NDS 365-2200 ext.4355 This report and other studies are available online at: www.sarasotaeconomy.com Downtown Community Redevelopment Authority Area 19