2015 Issues to Watch: Downtown growth

Looking back just two years or so, City Commissioner Suzanne Atwell couldn’t help but laugh at the reputation the city had for being inhospitable to growth.

With three construction cranes downtown — and more on their way — it’s hard to argue the area isn’t growing. On Monday, city officials got approval to add three new full-time positions to the 13-person building department. The justification? The city issued a record-setting number of permits for the second consecutive year, nearly doubling the revenue generated in FY2013.

“We're not only open for business, we have a line out on the street,” Atwell said. “I know that at some point we may level off, but we're on a roll right now.”

Although some developers may still dispute the ease of working with government, the building boom in downtown Sarasota is set to continue throughout 2015. Here are some of the projects that will be completed or make significant progress this year.

The Jewel
Address: 1301 Main St.

Construction value: $19,281,259

Planned since 2010, construction began in May on the 18-story, 19-unit luxury condominium building. Upon completion — targeted for late summer — The Jewel will become the tallest building in downtown Sarasota. All of the units, which range from between $1.25 million and $4.1 million, have already been sold, and City Manager Tom Barwin has cited the project as evidence of the economic strength of downtown.

“This is further evidence that our local economy is rebounding and Sarasota remains a very desirable place to be,” Barwin said.

One Palm
Address: Palm Avenue and Ringling Boulevard

Construction value: $31,147,000

After sitting undeveloped for nearly three decades, significant work has been completed on the property at Palm and Ringling. In December, developer JWM Management Inc. hosted a topping out party for the building, marking the completion of the final floor of the 10-story tower.

Following completion this fall, One Palm will bolster the permanent and temporary housing stock in Sarasota by adding 141 residential units and 139 hotels.

Sansara
Address: 300 S. Pineapple Ave.

Construction value: $11,000,000

The 10-story, 17-unit luxury condominium building will go vertical in 2015. Although the completion date of the project falls in early 2016, the developer expects the first units to be finished by the end of this year — a long time coming for a parcel that sat undeveloped for more than a decade.

“In the past 12 months the market has been more solid than it has been the last number of years,” developer Matt Kihnke said. “We believe there’s somewhat of a pent-up demand for new construction product in Sarasota, and we’re hopeful we can fill that void.”

Also on the radar on the outskirts of downtown is One88, the first project in the area from Canadian firm Vandyk. The five-story building is scheduled for completion this summer at 188 Golden Gate Point. In the eyes of the outside developer, led by CEO John C. Vandyk, the area still has room to grow.

“He saw the opportunity and knows (Sarasota is) kind of ripe for it,” Vandyk USA Vice President Karin Silver said.

State Street parking garage
Address: State Street and Lemon Avenue

Construction value: $12,000,000

Work on the garage originally came in fits and starts, but vertical construction got underway in summer 2014. Although the timeline for the property’s 5,041-square-foot liner building — which will house a combination of retail, office and residential space — is still to be determined, the completion date of the garage itself is rapidly approaching in March.

In addition to 395 new parking spaces, the garage will also include 13,885 square feet of retail space on the ground floor.

The Q
Address: 1750 Ringling Blvd.

Construction value: $5,684,000

As a number of new condominium towers popped up throughout downtown Sarasota, Jim Bridges found a way to stick out — by not building a condominium at all.

Instead, his company, Jebco Ventures, is constructing a 40-unit townhouse development along Ringling Boulevard. Completion is scheduled for early spring — the first of two downtown-adjacent townhouse projects from Jebco.

“To my knowledge, there hasn’t been more than one townhome project downtown in the past 20 years,” Bridges said. “We found there were certain advantages there.”

FACTS FOR ’15
The issue: Growth downtown

Why you should care: Beyond the nuisances associated with construction, the new buildings will leave a mark on downtown Sarasota. Hundreds of new parking spaces, residential units and hotel rooms will be added to the area before the year is over.

What's next: Three significant projects in the heart of downtown — the State Street Garage, The Jewel and One Palm — should be completed by fall.