CITY OF SARASOTA REAL ESTATE DEVELOPMENT IN PROGRESS – DECEMBER 16, 2014 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 – DECEMBER 16, 2014 PROJECT IMAGE PROJECT/LOCATION State Street Garage 1538 State St. 395 parking spaces w/13,873 sq. ft. retail 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. DEVELOPER City of Sarasota Parking garage w/395 parking spaces. CONSTRUCT. VALUE $11,379,459 PERMIT ISSUED? Garage Completion approx. 3/ 2015. Yes Garage Under Construc tion. Garage retail space and pad site sale approved by City Commission 8/18. Retail space under garage to be sold as dirt shell. Adjacent “Pad” site to be sold. IGH 1400 State LLC STATUS N/A Currently undergoing Due Diligence by buyers Development Agreement w/City expires December 2020. No Start-Date Unknown. Downtown Community Redevelopment Authority Area 2 PROJECT IMAGE PROJECT / LOCATION DEVELOPER One Palm Avenue JWM NE Corner of Palm Ave. at Management Ringling Blvd. 138 Hotel Rooms 139 Apts. /Restaurant & 6,000 sq. ft. +/- Retail CONST. VALUE $31,147,000 STATUS Foundation and Vertical permits issued and under construction. PERMIT Yes Dolphin Tower Condos Structural Repairs. 117 Unit Condo Dolphin Tower Condo Association $9,000,000 Building permit issued. Yes DeMarcay 33 S. Palm 39 Residential Units & Restaurant XAC Developers N/A Site Plan Approved within DROD** No Have met twice with the City Development Review Committee for guidance. Downtown Community Redevelopment Authority Area 3 PROJECT IMAGE PROJECT / LOCATION The Jewel 18 story – residential condos/with retail at Main and Gulfstream Ave. DEVELOPER Tom Mannusa CONST. VALUE $19,281,259 Hotel Sarasota Adjacent to Palm Ave. garage. 225 Rooms, 10,000 sq. ft. ballroom; Restaurant. Floridays Development Corp. Not Available Adjustments and encroachments approved. Application for building permits required by 1/17/15. Construction required to begin by 5/17/15. No Image not available. PERMIT Yes Carter Acquisitions LLC N/A Planning Board and City Commission approved. (DROD**) No Completion Fall 2015. City owned property to be sold to Floridays Dev. Corp. Former United Way Property 1445 2nd St. 168 Apartments, 9 accessory guest units, 17,410 sq. ft. ground floor retail, 21,000 sq. ft. office space. STATUS Building permit issued 4/3/14. Downtown Community Redevelopment Authority Area 4 PROJECT IMAGE PROJECT/LOCATION Embassy Suites & Spa 202 N. Tamiami Trail. Approx. 180 rooms by JEBCO Ventures. DEVELOPER JEBCO Ventures 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. Kolter Group Quay 695 Dwelling Units 175 Hotel Rooms 38,972 sq. ft. Office 189,050 sq. ft. Commercial GreenPointe Communities LLC CONST. VALUE $40,000,000 STATUS Pre-application conference held. PERMIT No Transportation Study completed. $120,000,000 Foundation & Vertical permits issued. Yes Completion Date: Westin = Fall 2016 Residences = Winter 2016 N/A Development Agreement in place. No Project required to be completed before 1/30/17 per development agreement or concurrency will expire. Downtown Community Redevelopment Authority Area 5 PROJECT IMAGE PROJECT/LOCATION Former Gee Whiz Children’s Museum Blvd. of the Arts./Sarasota Bayfront. DEVELOPER Owned by City of Sarasota CONST. VALUE N/A STATUS On-hold per City Commission. PERMIT No Villagio at Rosemary Place 32 lot townhomes at Coconut & Blvd. of the Arts. 601-649 Coconut Ave. (Rennaisance Phase II). Icon Real Estate Ventures N/A Replat of the property to go before City Commission on 1/5/15. No Cityside Apartments between 6th & 10th. 75-80 residential units per acre. Approx. 400 units. Rosalyn Holdings LLC N/A Rosemary Residential Density Overlay District approved. Application for street vacation of May Lane scheduled for 1/14/15 Planning Board. No To be integrated into future plans for 42 acre city bayfront property. Downtown Community Redevelopment Authority Area 6 PROJECT IMAGE Image not available. PROJECT/LOCATION Vanguard Lofts (formerly Aegis Court) 1343 4th Street 6 Townhomes DEVELOPER Tetra Terra Development CONST. VALUE $2,400,000 STATUS Qualifies for Administrative Site Plan Approval. 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 $650,000 PERMIT No No Construction planned for 3rd qtr. 2015. Under Construction Downtown Community Redevelopment Authority Area 7 Yes PROJECT IMAGE PROJECT/LOCATION Sarasota Flats 1404 Fruitville Rd. 228 Residential Units 3,000 Sq. Ft. Retail DEVELOPER Framework Group, LLC “Q” JEBCO Ventures 39 Condos at 1750 Ringling Blvd. CONST. VALUE $35,000,000 All phases except 5 & 6 = $5,368,854 STATUS Community workshop held for street vacation. PERMIT No Planning Board. & City Commission approval required. Subdivision plat approved. Phases 1,2,3,4 &7 under construction. $1,300,000 for Phase 5 Phase 5 applied for. Yes Payne Park Plaza 242 S. Washington St. 8,295 sq. ft. retail/office. Mark Kauffman $1,500,000 Under Construction Yes 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 Kimpton Hotels N/A Ground breaking anticipated at the end of 2014 after the existing county parking lot is relocated to 2051 Main St. Hotel preapplication held on 12/3/14. No Downtown Community Redevelopment Authority Area 8 PROJECT IMAGE PROJECT/LOCATION Centerplex 4-story office building Ringling Blvd. at Golf St. DEVELOPER Mark Kauffman CONST. VALUE $4,700,000 STATUS Adjustments and encroachments needed. Scheduled for Development Review Committee 12/17/14. PERMIT No 1564-1578 Main St. Bldg. demo & new store construction followed by 1560 Main Street Interior Renovation w/new facades Jesse Biter $1,010,000 Construction underway for 1story building, followed by new façades for 3 adjacent businesses. Yes Sansara 300 S. Pineapple 17 Residential Units MK Equity Corp. N/A Foundation permit applied for. No Thirty-FourSeventy-Five LLC N/A Appeared before Development Review Committee 11/19/14. No Ground Floor Commercial 711 S. Palm at Alderman 15 Residential dwelling units in a 5-story building Downtown Community Redevelopment Authority Area 9 PROJECT IMAGE PROJECT/LOCATION 1505 Dolphin St. 8 Story building w/6 residential dwelling units DEVELOPER Equity Management & Holdings CONST. VALUE $6,000,000 STATUS Pre-Application Conference held 12/3/14 PERMIT No 621 Gulfstream Avenue 17 residential dwelling units in an 18-story structure. The Ronto Group N/A Pre-Application scheduled for 12/17/14. No 635 S. Orange Ave. 15 Residential dwelling units in 3 bldgs. Vandyk USA N/A Planning Bd. Adjustments needed. No 3,500 Sq. Ft. retail/office 25 N. Pineapple (former Golden Apple) 14,000 sq. ft. retail Community workshop held. Great Lakes Development Corp. $255,000 Under Construction (Included in report as noteworthy project even though it does not meet $500k threshold value). Downtown Community Redevelopment Authority Area 10 Yes Downtown Community Redevelopment Authority Area 11 Downtown Community Redevelopment Authority Area 12 Downtown Community Redevelopment Authority Area 13 Project Name New Construction State Street Garage State Street Garage “Pad” Site City Place (Pineapple Sq.) One Palm Avenue The DeMarcay** The Jewel Embassy Suites & Spa The Vue Hotel Sarasota Former United Way** Quay Vanguard Lofts Rosemary Square Villagio at Rosemary Place Cityside The “Q” Centerplex Office Bldg. Payne Park Plaza Sarasota Flats 635 S. Orange 1505 Dolphin St. 711 S. Palm Avenue 621 Gulfstream Avenue Sansara Kimpton Hotel Major Renovation Dolphin Tower 1515 Fruitville Rd. 1560 thru 1578 Main Street 25 N. Pineapple TOTAL Residential Rental Apartments Residential Condominiums & Townhomes N/A N/A 276 139 Hotel Rooms 138 39 19 141 @180 255 225 168 695 6 175 61 Commercial Sq. Ft. 13,885 5,040 Yes N/A 6,000+/N/A 6,900 N/A N/A Yes N/A 189,050 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). 15,500 32 400 39 For Further Information Contact: N/A 8,295 3,000 3,500 228 15 6 15 17 17 Or 150 117 996 1,434 Norman Gollub Downtown Economic Development Coordinator (941) 556-4053 1,123 N/A 19,522 Yes N/A 14,000 284,692+/- 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 BUILDING ADDRESS YEAR BUILT # FLOORS TOTAL SQ. FT. BROKER COMPANY PHONE BANK OF COMMERCE 1858 Ringling Blvd. 2007 3 22,000 Joe Hembree Hembree & Assoc. 941-951-1776 941-387-1200 1990 Main St. 2005 10 93,000 HERALD TRIBUNE* 1743 Main St. 2005 2 70,000 Diane Lawson / Lina Emery Tom Far Sperry Van Ness COURTHOUSE CENTER* Michael Saunders & Co. 941-587-0725 RINGLING SQUARE* 1626 Ringling Blvd. 2005 5 40,000 Joe Hembree Hembree & Assoc. 941-951-1776 FIVE POINTS 50 Central Ave. 2004 16 87,680 Jason Donald Cushman Wakefield 813-223-6300 KANE PLAZA 1 South School Ave. 2000 10 78,513 Joe C. Hembree Hembree & Assoc. 941-951-1776 SARASOTA CITY CTR. 1819 Main St. 1989 13 247,891 Lori Hellstrom Osprey Real Estate 941-365-1819 Susanne Stovell ICORR 941-954-2300 Sperry Van Ness 941-387-1200 Sperry Van Ness 941-387-1200 ONE SARASOTA TOWER 2 N. Tamiami Trail 1988 12 137,139 1900 MAIN ST. 1900 Main St. 1988 3 28,000 1970 MAIN ST. 1970 Main St. 1988 5 22,500 CENTER POINTE 2033 Main St. 1987 6 94,604 Dian Lawson / Linda Emery Diane Lawson / Linda Emery Bob Hililer BMO 240 Pineapple Ave. 1986 11 125,810 Jag Grewal IBRE 941-906-8688 BB&T FINANCIAL CTR. 1800 2nd St. 1986 9 248,558 George Spector Spector Group 941-365-0969 THE HUB 1680 Fruitville Rd. 1986 4 41,250 Steve Horn Ian Black Real Estate 941-906-8688 MAIN PLAZA 1991 Main Street 1986 2 262,000 Steve Horn Ian Black Real Estate 941-906-8688 Michael Saunders & Co. 941-957-3730 941-366-0217 PNC 1549 Ringling Blvd. 1983 6 55,000 Lee DeLieto U.S. GARAGE 330 S. Pineapple 1983 2 38,100 Debbie Anglin Ian Black Real Estate 941-906-8688 NORTHERN TRUST 1515 Ringling Blvd. 1982 11 109,972 Kelly Matheson Pointe Group Realty Inc. 941-366-8464 ELLIS BUILDING 1605 Main St. 1978 13 131,189 Mark Curran Benderson Development 941-359-8303 SUNTRUST 1777 Main St. 1975 10 98,966 Susan Goldstein Michael Saunders & Co. 941-957-3730 THE POINT / BANK ONE 240 N. Washington 1974 7 45,466 Bob Hillier ZENETH Plaza* 1390 Main St. 1972 11 115,783 1718 MAIN ST. 1718 Main St. 1950 2 27,461 Ashley Bloom Sperry Van Ness 941-961-7109 Diane Lawson / Linda Emery Steve Ross Sperry Van Ness 941-387-1200 Hembree & Assoc. 941-951-1776 MIRA MAR CENTER 47 S. Palm Ave. 1922 2 44,000 PALM TOWERS 1343 Main St. 1922 7 27,500 Zeneth Insurance Co. rd TOTAL SQ. FT. *Constructed with CRA Funding Participation 2,292,382 941-366-0217 3 Qtr. Vacancy Rate = 11.8% th 4 Qtr. Vacancy Rate Due in January Downtown Community Redevelopment Authority Area 15
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