CITY OF SARASOTA DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS FEBRUARY 18, 2015

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1 CITY OF SARASOTA DOWNTOWN REAL ESTATE DEVELOPMENT IN PROGRESS FEBRUARY 18, 2015 Economic Development is thriving in Sarasota with real estate development projects under construction and in the pipeline. This monthly report tracks projects with construction values of over $500,000 that are taking place within the Downtown Community Redevelopment Authority (CRA) boundary, an area of approximately one square mile. Downtown Community Redevelopment Authority Area 1

2 Page # Project Name New Construction Under Construction Residential Rental Apartments Residential Condominiums & Townhomes Hotel Rooms Commercial Sq. Ft. State Street Garage Yes 13,885 3 State Street Garage Pad Site N/A N/A 5,040 City Place (Pineapple Sq.) 276 Yes One Palm Avenue (Aloft Hotel) Yes ,000 4 **The DeMarcay** 39 Restaurant The Jewel Yes 19 6,900 Embassy Suites & Spa Hotel Sarasota 186 **Former United Way** 168 Yes 6 The Vue (Westin & Residential) Yes Sarasota Marriott Hotel & Condos Yes Vanguard Lofts 6 7 Rosemary Square 61 15,500 Villagio at Rosemary Place 32 Cityside 400 The Q Yes 39 8 Payne Park Plaza Yes 8,295 Sarasota Flats 228 3,000 Centerplex Office Bldg. N/A Dolphin St. 6 Kimpton Hotel S. Orange 15 3, S. Palm Avenue Gulfstream Avenue 17 Sansara 17 SUB TOTAL ,129 62,120 6 Quay ,050 Major Renovation 4 Dolphin Tower Yes 117 Yes Fruitville Rd. Yes 19, thru 1578 Main Street Yes Yes N. Pineapple Yes 14,000 TOTAL 996 1,474 1, ,692+/- Downtown Community Redevelopment Authority Area 2

3 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT ISSUED? State Street Garage 1538 State St. 395 parking spaces w/13,873 sq. ft. retail under garage. City of Sarasota Parking garage w/395 parking spaces. $11,379,459 Garage Completion approx. 4/ Yes Garage Under Construc tion. 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/ ground floor retail spaces, 276 dwelling units. Retail space under garage to be sold as dirt shell. Adjacent Pad site to be sold. Garage Retail and Pad Site Undergoing Due Diligence by buyers. City Commission approved Minor Adjustment on 2/17 for garage retail. IGH 1400 State LLC N/A Development Agreement w/city expires December Start-Date Unknown. 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 Under construction. Steel framing complete. Yes Downtown Community Redevelopment Authority Area 3

4 PROJECT IMAGE PROJECT / LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Dolphin Tower Condos Structural Repairs. 117 Unit Condo Dolphin Tower Condo Association $9,000,000 Building permit issued. Project nearing completion. Yes DeMarcay 33 S. Palm 39 Residential Units & Restaurant XAC Developers N/A Site Plan Approved within DROD** Have met twice with the City Development Review Committee for guidance. 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 Yes Downtown Community Redevelopment Authority Area 4

5 PROJECT IMAGE PROJECT / LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Hotel Sarasota Adjacent to Palm Ave. garage. 186 Rooms, 10,000 sq. ft. ballroom; Restaurant. Floridays Development Corp. t Available Adjustments and encroachments approved. City owned property to be sold to Floridays Dev. Corp. per Development Agreement. Foundation Permit applied for. Construction required to begin by 5/17/15. Image not currently available. Former United Way Property nd St. 168 Apartments, 9 accessory guest units, 17,410 sq. ft. ground floor retail, 21,000 sq. ft. office space. Embassy Suites & Spa 202 N. Tamiami Trail. Approx. 180 rooms by JEBCO Ventures. Carter Acquisitions LLC N/A Planning Board and City Commission approved. (DROD**) JEBCO Ventures $40,000,000 Pre-application conference held. Transportation Study completed. Former Lube Cabinet Bldg. demolished, site cleared. Downtown Community Redevelopment Authority Area 5

6 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Vue 1 N. Tamaimi 141 unit Residential tower 255 room Westin hotel. 14,000 sq. ft. ballroom 2-jr. 5-6k sq. ft. each. Kolter Group $120,000,000 Foundation & Vertical permits issued. Completion Date: Westin = Fall 2016 Residences = Winter 2016 Yes Quay 695 Dwelling Units 175 Hotel Rooms 38,972 sq. ft. Office 189,050 sq. ft. Commercial per City Development Agreement. GreenPointe Communities LLC N/A Project required to be completed before 1/30/17 or concurrency will expire. Image not currently available Sarasota Marriott Hotel & Condominiums 200 rooms 40 residential condos Restaurant / spa / retail Meeting / ballroom space. Palsar Development N/A Scheduled for Feb. 18th Development Review Committee. Downtown Community Redevelopment Authority Area 6

7 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Villagio at Rosemary Place 32 lot townhomes at Coconut & Blvd. of the Arts Coconut Ave. (Rennaisance Phase II). Icon Real Estate Ventures N/A Replat of the property easements approved on 1/5/15. Final approval obtained. Cityside Apartments between 6 th & 10 th residential units per acre. Approx. 400 units. Rosalyn Holdings LLC N/A May Lane vacation approved by City Commission 2/17/2015. Vanguard Lofts (formerly Aegis Court) th Street 6 Townhomes Tetra Terra Development $2,400,000 Qualifies for Administrative Site Plan Approval. Bldg. permit applied for but not issued yet. Rosemary Square 57 Residential Apartments 25,000 office 25,000 retail Property being sold by the City. Rosemary Square LLC $20,000,000 Sale approved. Development Agreement approved 10/20/14. Construction planned for 3 rd qtr Downtown Community Redevelopment Authority Area 7

8 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT 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 Under Construction Yes Sarasota Flats 1404 Fruitville Rd. 228 Residential Units 3,000 Sq. Ft. Retail Q 39 Condos 1750 Ringling Blvd. Payne Park Plaza 242 S. Washington St. 8,295 sq. ft. retail/office. Framework Group, LLC JEBCO Ventures $35,000,000 Community workshop held. Application made for alley vacation. Planning Board. & City Commission approval required. 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 & 6 applied for. Mark Kauffman $1,500,000 Under Construction Yes Yes Downtown Community Redevelopment Authority Area 8

9 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Kimpton Hotel Washington at Main St. 150 room full service hotel. Lobby Bar, SHD Partners LLC Sarasota County has a development N/A Ground breaking anticipated after the existing parking lot is relocated to 250 seat full service agreement to sell 2051 Main St. restaurant, Fitness center SHD Partners this Hotel pre-app. held current county Swimming pool, on 12/3/14. parking lot. 6,000 square feet of SHD has obtained meeting space an extension to obtain permits. Centerplex 4-story office building Ringling Blvd. at Golf St Main St. Bldg. demo & new store construction followed by 1560 Main Street Interior Renovation w/new facades. Mark Kauffman $4,700,000 Adjustments and encroachments approved with conditions at Dev. Review Committee on 12/17/14. Proposed for March Planning Board. Jesse Biter $1,010,000 New 1-story building, followed by new façades on 3 adjacent stores. Traffic Study underway. Yes 1505 Dolphin St. 8 Story building w/6 residential dwelling units Equity Management & Holdings $6,000,000 Pre-Application Conference held 12/3/14 Downtown Community Redevelopment Authority Area 9

10 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Sansara 300 S. Pineapple 17 Residential Units MK Equity Corp. $11,000,000 Foundation permit applied for. Ground Floor Commercial 711 S. Palm at Alderman 15 Residential dwelling units in a 5-story building Thirty-Four- Seventy-Five LLC N/A Appeared before Development Review Committee 11/19/ Gulfstream Avenue 17 residential dwelling units in an 18-story structure. The Ronto Group N/A 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 Vandyk USA N/A Scheduled for March 11th Planning Board followed by Commission mtg. to approve vacation of easement. Downtown Community Redevelopment Authority Area 10

11 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT 25 N. Pineapple (former Golden Apple) 14,000 sq. ft. retail Great Lakes Development Corp. $255,000 Exterior Completed Interior construction pending. (Included in this report, as a noteworthy project although it does not currently meet the $500k Const. value threshold Yes Downtown Community Redevelopment Authority Area 11

12 Downtown Community Redevelopment Authority Area 12

16 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 , ,028 Joe Hembree Hembree & Associates COURTHOUSE CENTER* 1990 Main St ,000 2,315 2% Diane Lawson Sperry Van Ness Linda Emery HERALD TRIBUNE* 1743 Main St , Tom Far Michael Saunders & Co RINGLING SQUARE* 1626 Ringling Blvd ,000 7,200 18% Joe Hembree Hembree & Associates FIVE POINTS 50 Central Ave , ,000 Jason Donald Cushman Wakefield KANE PLAZA 1 South School Ave ,513 14,400 18% 6,700 Joe C. Hembree Hembree & Associates SARASOTA CITY CTR Main St ,891 55,184 22% 12,413 Lori Hellstrom Osprey Real Estate ONE SARASOTA TOWER2 N. Tamiami Trail ,139 4,918 4% 3,377 Susanne Stovell ICORR MAIN ST Main St ,000 4,926 18% 2,153 Diane Lawson Sperry Van Ness Linda Emery 1970 MAIN ST Main St , % Diane or Linda Sperry Van Ness CENTER POINTE 2033 Main St ,604 14,700 16% 10,000 4,730 Bib Hiller Property Manager BMO 240 Pineapple Ave ,810 18,840 15% 10,104 Jag Grewal IBRE BB&T FINANCIAL CTR nd St ,558 38,042 15% 7,856 3,188 George Spector Spector Group THE HUB 1680 Fruitville Rd ,250 2,630 6% 2,849 Steve Horn Ian Black Real Estate MAIN PLAZA 1991 Main Street ,000 32,479 12% 13,660 Steve Horn Ian Black Real Estate PNC 1549 Ringling Blvd ,000 5,005 9% 5,005 Lee DeLieto Michael Saunders & Co U.S. GARAGE 330 S. Pineapple ,100 1,400 4% Debbie Anglin Ian Black Real Estate NORTHERN TRUST 1515 Ringling Blvd , % 10,719 10,719 Kelly Matheson Pointe Group Realty Inc ELLIS BUILDING 1605 Main St ,189 27,000 21% 27,000 1,794 Mark Curran Benderson SUNTRUST 1777 Main St ,966 13,821 14% 9,410 8,000 Susan Goldstein Michael Saunders & Co THE POINT / BANK ONE240 N. Washington ,466 14,200 31% 7,050 Bob Hillier Property Manager ZENETH Plaza* 1390 Main St , MAIN ST Main St ,461 7,218 26% Ashley Bloom Sperry Van Ness MIRA MAR CENTER 47 S. Palm Ave ,000 1,023 4% 400 Diane lawson or Sperry Linda Van Ness Linda Emery PALM TOWERS 1343 Main St ,500 7,065 26% 4,200 4,200 Steve Ross Hembree & Associates TOTALS 2,292, , % 70,659 Year 2014 *Constructed with CRA Funding Participation. Downtown Community Redevelopment Authority Area 16

17 This monthly report is the result of a joint collaboration between the City of Sarasota, the Greater Sarasota Chamber of Commerce and the Downtown Improvement District. 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 on pages 4 and 5, grandfathered projects within the former DROD designation (Downtown Residential Overlay District). For Further Information Contact: rman Gollub Downtown Economic Development Coordinator (941) Or Gretchen Schneider General Manager, NDS ext.4355 Visit to view this report and other studies. Downtown Community Redevelopment Authority Area 17