Retiring baby boomers and the dwindling supply of available units has spurred interest in new downtown construction, a trend not seen since the Great Recession took hold seven years ago. Some of these announced projects include:
The Jewel – an 18-story luxury residence at the foot of Main and Gulfstream.- The Q – 39 residences starting in the $300,000’s at 1750 Ringling Blvd.
- The Homes of Laurel Park, located between Devonshire Lane and Alderman St. just east of Orange Ave., is scheduled to break ground this month.
- The Vandyk Group – announced a five story condominium at 182 Golden Gate Point
- Kolter LLC plans to resurrect its project, formally the Grande Sarasotan, at US 41 and Gulfstream. New plans call for an 18-story twin tower residence/hotel with meeting spaces, rooftop bar and restaurant. The residences will start in the $800,000’s
- A 180 room boutique hotel has been proposed adjacent to the Palm Avenue parking garage. This is in addition to a 150 room hotel at the corner of Main and 301 which is in the planning stages.
Sean Smith, lead economist at the University of Florida, expects the momentum to continue. “In 2013, we are starting to see data coming out on the state economy that looks better than the national data.” As for Sarasota itself, Smith claims he is, “Seeing growth here before it is taking root in other parts of the state.”
All of this is good news for employment in construction, hospitality and leisure. As for mortgage rates, don’t let the recent modest increase fool you. This is actually good news as it indicates a climb in confidence in many influential market segments. The public has simply been spoiled by record low rates of the past 18 months. New rates of 4% to 5% are still incredibly attractive, historically.
If you are interested in any of these projects, please contact us as soon as possible.
