What’s the New Buzz with Downtown Sarasota Development?
Sarasota, Florida
If you are old enough, you may remember the 1988 one-hit wonder song by The Merrymen “Feeling Hot Hot Hot”. If you are a resident of Sarasota, then you know that downtown Sarasota is booming with development and it is certainly feeling very hot, hot hot!
If you are old enough, you may remember the 1988 one-hit wonder song by The Merrymen “Feeling Hot Hot Hot”. If you are a resident of Sarasota, then you know that downtown Sarasota is booming with development and it is certainly feeling very hot, hot hot!
Sarasota has always been a magnet for many looking to live in “paradise”, but downtown Sarasota wasn’t always so hot. In fact, during the 1980’s, downtown and the periphery of neighborhoods in the area were anything but hot. During the 90’s things began to change as developers and investors became aware of the massive potential Sarasota presented with its downtown being so so close to Sarasota Bay and the beaches.
The housing boom of the mid-2000’s is where we really began to see multiple new condo projects being developed as the influx of visitors turned residents began to increase. Downtown retail space was filling up quickly and we saw the likes of the old Quay property meet its ultimate end. The City of Sarasota and developers projected increased profits and revenue on a piece of property that had much more potential than the hodge-podge of bars and largely vacant office space that occupied a prime piece of waterfront property directly downtown.
As we all know, the housing “bust” was looming and ultimately affected development. Back then, the local joke was that the unofficial Sarasota bird was “the crane”, due to all the construction cranes building a new Sarasota skyline. Well, with that bust, the cranes went away…but the allure of downtown development was still strong. It was just a matter of time.
Fast forward a few years and the cranes came back, in force. Land has been grabbed up and developers are hungry to meet the demands of the Sarasota real estate consumers. the limits of the downtown core area were being put to the test, bringing about gentrification to the Rosemary District, Payne Park, and the Gillespie Park neighborhoods. Mixed-use projects with a retail and residential component area on the rise, as is apartment living.
With all of this development, we have to question the demand. In the past, most people wanted to live on, or near, the beach. They desired the cookie cutter new home developments being developed to the east, which saw the explosion of the Lakewood Ranch community. Today, we are seeing the addition of a demographic that desires a modern lifestyle in quaint neighborhoods in or near downtown Sarasota. People want to walk to do their shopping (or have it delivered), have coffee shops and access to great restaurants.
Developers are responding…in force.
We are seeing the downtown “core” going vertical, and the periphery neighborhoods booming with new developments that include:
- Payne Park Village, where David Weekley Homes are developing the 8.7-acre parcel to include 135 attached and detached single-family homes between three and four stories.
- A 222 Unit apartment community being built on the old Ringling Plaza site at2260 Ringling Blvd.
- Artisan on Main, a 37 unit residential development at 41 S. School Ave.
- The DeMarcay on Palm Ave. consisting of 39 residential units and 2,400SF of retail.
- The Mark on State St., with 157 condominiums, 35,000 square feet retail, 11,000 square feet office space.
- The Orange Club on S. Orange Ave. with 24 condo units.
- Arcos Apartments at 1401 Fruitville Rd. with 228 apartments and 3,700 square feet retail.
- The Desota, a recently completed, a 180 apartment Class A apartment building with 21,000 square feet commercial.
And the list goes on…
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Sarasota, Florida continues to be one of the top vacation destinations in Florida where, once visited, is increasingly becoming “home” to many of those visitors. It’s hard not to see why. Sarasota is a forward-thinking city, where access to all of the amenities of a big city exists, but still maintains its quaint small-town charm.
Interested in becoming a part of this booming community? Feel free to reach out to The Coffey Group Fine Homes International. We look forward to being your personal guide to the Sarasota’s real estate market and the may communities that fit your lifestyle.