CITY OF SARASOTA DOWNTOWN ECONOMIC DEVELOPMENT STATUS OF REAL ESTATE DEVELOPMENT PROJECTS** March 10, 2014
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1 CITY OF SARASOTA DOWNTOWN ECONOMIC DEVELOPMENT STATUS OF REAL ESTATE DEVELOPMENT PROJECTS** March 10, 2014 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONSTRUCT. VALUE Aegis Court th St. 6 townhomes 1515 Fruitville Rd. Strip Commercial Center One Palm Avenue 138 Hotel Rooms 139 Apts. Retail NE Corner of Palm Ave. at Ringling Blvd. Tetra Terra LLC STATUS $1,500,000 Undergoing Administrative Site Plan Approval. Kim Jordenson $600,000 Bldg. permit issued 12/26/13 will expire if no inspection occurs by 6/26/14. Have not seen any construction taking place. John & Gavin Meshad $31,147,000 Foundation plan issued. Vertical pending. BLDG. PERMIT ISSUED? 1
2 PROJECT IMAGE PROJECT / LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Vue 1 N. Tamaimi Adjacent to Ritz 144 Residential / 250 room Westin hotel. Kolter Group $120,000,000 Undergoing administrative site plan approval w/ updated traffic study. Applied for foundation permit. The Jewel 18 story condo/retail at Main and Gulfstream Ave. Tom Mannusa $19,281,259 Building permit pending. Hotel Sarasota adjacent to Palm Ave. garage Floridays Corp. t Available Pre-application conference held. Applied for adjustments and encroachments. Q 39 Condos at 1750 Ringling Blvd. by JEBCO Ventures JEBCO Ventures Phase 1 $900,000 1 st Phase Under Construction 2 nd Phase pending 2
3 PROJECT IMAGE PROJECT / LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Embassy Suites & Spa 202 N. Tamiami Trail. JEBCO Ventures $40,000,000 Pre-application conference held. Approx. 180 rooms Transportation by JEBCO Ventures analysis applied for. Kimpton Hotel Washington at Main 150 room full service hotel. Lobby Bar 120 seat full service restaurant Fitness center Swimming pool Terrace Bar 6,000 square feet of meeting space Kimpton Hotels Negotiations completed with seller (Sarasota County) acre total zoned for 18 stories. Allows: 695 Residential, 175 Hotel Rooms, 38.9k sf of Office, 189k Commercial. Bayside (former Quay) On Tamiami HFF Miami Reviewing proposals Under negotiation with potential purchaser. 3
4 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT Former Gee Whiz Children s Museum Blvd. of the Arts. City of Sarasota On-hold per City Commission Rosemary Square mixed-use (Former Community Garden Property, Blvd. of the Arts / 1.5 acres city owned for sale. Rosemary Square LLC $20,000,000 Selected by City team as top proposal. Further analysis being conducted by selection team. Between Adams Lane and Morril (current food truck lot next to UPS) State Street Garage State and Lemon Ave. 372 parking spaces w/13,500 retail (18,000 w/liner bldg.) Payne Park Plaza 242 S. Washington St. 8,295 sq. ft. retail/office. City owns parking garage. Pad site to be sold. Retail under garage to be sold. Mark Kauffman $7.2 million available for garage. Liner pad assessed at $240,000. AD Morgan continuing work. Ian Black offering garage retail and adjacent liner bldg. retail w/potential of 5 office and/or residential floors. Adjustment applied for. Site plan pending approval. 4
5 PROJECT IMAGE PROJECT/LOCATION DEVELOPER CONST. VALUE STATUS PERMIT City Place at Pineapple Start-Date Pineapple Square Square Unknown to Originally proposed implement for: 13 story, 800,000 SF+, retail spaces, 276 condos Agreement w/city. Cityside Apartments between 6 th & 10 th. Would provide residential units per acre. Sarasota Ford Renovation of Washington Blvd. dealership Dolphin Tower Condos Structural Repairs Rosalyn Holdings LLC Pending Rosemary Residential Overlay District approval Sarasota Ford $2.25 million Building permit issued. Dolphin Tower Condo Association $9,000,000 Building permit pending. 5
6 New Construction Residential Hotel Rooms Project Name Aegis Court 6 0 One Palm Avenue The Vue The Jewel 18 0 Hotel Sarasota Q 39 0 Embassy Kimpton Hotel Bayside (Quay) Rosemary 0 City Place (Pinapple City Side 0 TOTAL 1,284 1,000 Existing Building Project Name Residential Commercial Dolphin Tower Fruitville Road 0 5 **Information provided by City of Sarasota Neighborhood & Services Division (NDS) Information Subject To Change. Information reflects projects that have had a preapplication meeting w/city staff and are in various stages of the development process. For Further Information Contact: rman Gollub Downtown Economic (941) or Gretchen Schneider NDS ext.4355 Concept Project Pre-App /t Official Residential Commercial SanSara 17 Former United Way 148+/- Information provided by various media sources. 6
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