The largest project in downtown Sarasota won’t be finished until June due to a labor shortage.
One of downtown Sarasota’s most significant commercial real estate projects of the current real estate cycle is facing a labor-induced delay that will push back completion by months.
Vue Sarasota Bay owners had initially been told they would be able to take possession of the project’s 144 upscale condo units in the first three months of 2017. The $200 million project also is slated to contain a 255-room Westin Hotel.
But developer The Kolter Group has acknowledged, in a letter to condo buyers, that its inability to secure qualified labor has caused a delay in the 18-story tower’s completion to the end of the second quarter of this year.
“We’ve really only been able to get 60% to 70% of the manpower we need on the job,” said Bob Vail, president of Kolter’s urban division. “When you’re doing a 10-story or 20-story project, there are different subcontractors that need to be used for the more sophisticated projects. And with all the activity in Sarasota now, that pie is being carved up. We felt we had an obligation, and as a courtesy, to tell our buyers.”
To speed construction up, Vail says Kolter has instituted overtime for its workers, brought in additional subcontractors and begun working six days per week.
“We’re trying to find a solution to the problem,” Vail said. “We’ve not just giving up, and we intend to apply even more resources there as we get further into 2017.”