CITY OF SARASOTA DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS October 26, 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
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 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 Dolphin Tower (Renovation) Summer 2016 117 The Jewel Spring 2016 19 Unavailable 8 *2 nd St. Apartment (United Way)* Summer 2017 180 21,000 17,410 Hotel Sarasota Spring 2017 163 Embassy Suites & Spa Spring / Summer 2017 180 The Vue (Westin & Residential) Fall / Winter 2016 141 255 9 Sarasota Bayside (Quay) 695 175 38,972 189,000 Valencia at Rosemary Place Winter 2016 thru 2017 30 Cityside 229 units / 2016 489 Vanguard Lofts 2017 6 10 Risdon on 5th April 2017 22 7,000 The Sarasota Modern 81 Rosemary Square January 2017 39 30,000 Florida Studio Theatre 5 BOTA Center Fall / Winter 2016 19,900 11 Elan Rosemary Winter 2018 286 Citrus Square Phase II & III 18 4,200 Zaharada 6 5,150 DRAPAC 62 2,820 Urban Flats (formerly Sarasota April thru Oct. 2017 228 3,700 Flats) 1515 Fruitville Rd. (Renovation) 2016 15,058 12 School Ave. Townhomes 37 2101 Main St. 3.370 3.370 Centerplex Office Bldg. 2017 28,660 The Q Partially Occupied 41 13 Sansara 2016 17 2,632 Orange Club March 2017 24 3,174 Azure on Palm -711 S. Palm 15 Avenue Echelon (624 S. Palm Avenue) Summer 2017 17 14 Enclave at Laurel Park 17 The HUB Building 97 6,271 15 Vengroff Village 393 Downtown Community Redevelopment Authority Area 2
Total 1638 1540 854 126,577 334,770 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 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
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PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT ISSUED? 1500 State Street State Street Partners $4.2m City property SRQ LTD recently sold. Proposed for 4699 office and 3708 sq. ft. retail & 20 residential units. Bldg. Permit issued 9/16 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 2020. Foundation Permit applied for. Dolphin Tower Condos 101 S. Gulfstream Blvd. Structural Repairs. 117 Unit Condo Dolphin Tower Condo Association $9,000,000 Individual units being renovated by contractors. Temporary Certificates of Occupancy Issued. Some tenants have moved in. Downtown Community Redevelopment Authority Area 7
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT The Jewel Main Street J $19,468,259 1301 Main St. Development 18 story residential condos/with retail $520,000 Building permit issued 4/3/14. TCO issued for residential units. 4 tenant buildout permits. The DeSota (formerly 2 nd Street Apartments) 1401-1445 2 nd St. 180 Apartments, 2 accessory guest units, 15,000 sq. ft. ground floor retail Carter Acquisitions LLC $40,000,000 $120,000 Building permits issued 12/08/15. 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 Foundation Permit issued 2/10/16. Vertical permit issued 4/8/16. 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. Downtown Community Redevelopment Authority Area 8
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. ballrooms @ 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. Planning Board 8.17 Commission 10.17 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 1. 253 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
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Vanguard Lofts Tetra Terra $2,400,000 Under Construction. 1343 4 th Street Development 6 Residential Townhomes Risdon on 5 th 1350 5 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 issued 7.11.16. Under construction The Sarasota Modern 1242 Boulevard of the Arts 5-Story 81 room hotel Cocoanut Arts LLC $17,000,000 Permit applied for 6.24.16. 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 $20,000,000 includes $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.) & Bldg. 3 foundation permits issued 6.3.16. Downtown Community Redevelopment Authority Area 10
PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Image not available DRAPAC 1329 4 th Street 62 residential units 2820 sq. ft. commercial $4.2 mil Submitted Administrative Site DRC 11/2 Image not available Zaharada 1542 4 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 $1,000,000 Planning Board approved. City Commission scheduled 10.17.16 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 Elan Rosemary Apartments 710 N. Lemon Ave. 286 Residential apartments Greystar GB II, LLC $33,677,600 Foundation permit issued 4/21/16. Vertical permit issued 9/30 Citrus Square Phase II & III Phase II 505 N. Orange Ave. 10 Residential Condos. Phase III 555 N.Orange Ave. 18 residential condos MBFC LLC $1,943,250 for Phase II foundation. $2,539,125 Foundation permit for Phase II issued. Phase III foundation permit applied for. Over 4,200 sq. ft. commercial 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. 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 applied for. The Schimberg Group $760,000 Permit applied for (foundation only) Downtown Community Redevelopment Authority Area 12
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 7.12.16. 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 27 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 Bldg. 2 permit issued 9/14 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 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 Enclave at Laurel Park 1938 Laurel St. 17 Single-Family & Attached HUB Building 1697 2 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 7.26.16 (1 bldng/4 units) waiting for site work to be done or bonded. Biter Idea Vault $14,900,000 Permit applied for 8/29 Downtown Community Redevelopment Authority Area 14
PROJECTS REQUIRING A COMPREHENSIVE PLAN AMENDMENT NAME DEVELOPER Const. Value Sarasota Station 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. Pre-Application on DRC 11/2/16 Downtown Community Redevelopment Authority Area 15
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 6.24.16. 609 Golden Gate Point 8 Residential units in a 4 story building. Golden Gate Point Ventures LLC N/A Permit applied for 8.26.16. 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
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. Complete Renovation for Pho Cali, Drunken Poet and Melange restaurants. 1 N. Palm Avenue (Palm Ave. at Ringling Blvd.) 138 Hotel Rooms 139 Apts. 6,000 sq. ft. restaurant 2,175 retail Landhole LLC $1,010,000 Certificate of Occupancy issued for Evie s, Pho Cali, Melange, and Drunken Poet. One space remains to be completed for Cask & Ale. 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
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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 Downtown Community Redevelopment Authority Area 19