Sarasota County Commission to Consider 6 Newtown Redevelopment Proposals
SARASOTA – The Sarasota County commission is expected to choose from six proposals on Tuesday from developers looking to buy a plot of more than 114 acres in the county and build affordable, mixed-income housing on the land. The proposals could result in 350 to 656 housing units on the site.
The county has worked with Colliers International, a global real estate company that is also trying to solicit applicants to develop the Dallas White Park in North Port as part of a public-private partnership, to examine companies interested in the proposal.
The county has issued an offer to negotiate the land and property development plans at 2501 Dr. Martin Luther King Way, Sarasota.
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County administrator Jonathan Lewis noted that the county first became aware of Colliers when it sought to sell abandoned land in North Port, and in particular took note of the experience of the affordable housing business.
âThis is one of the things that they had specialized in and it was a priority for the board to act on affordable housing,â Lewis said. âSo they helped us analyze which properties the county owns that are ready to be surplus would be the best fit in the affordable housing market.
“The six proposals are completely different,” he added.
Discussion of the six proposals is scheduled for after 1:30 p.m. Tuesday, when the board meets in committee chambers at the Sarasota County Administrative Center.
Bid criteria included a minimum purchase price of $ 2.5 million, a minimum deposit of $ 200,000 and that at least 150 housing units – or at least 25% of the units offered – be affordable units. .
The definition of affordable is that of units for sale or rent and maintain for households earning at least 80% of the median income in the region; as much as half of these affordable homes would be sold or rented and maintained to households earning at least 60% of the region’s median income.
The 2021 median annual income for Sarasota County is $ 77,200, so at 80% it would be $ 61,750, with a maximum mortgage of $ 237,423 and a maximum rent of $ 1,544.
At 60%, the income level would be around $ 46,320.
The minimum term was 10 years and the maximum due diligence period was six months.
Proposals were due April 21, and after a meeting on June 21, Colliers grouped the proposal into three categories: residential only; residential with optional commercial components; and residential and commercial projects
Here is a brief summary of the six proposals:
Gracewater Community Development
Sarasosta-based Gracewater, which is currently redeveloping 139 acres at Rolling Green Golf Couse, is seeking a residential-only development.
The company is offering $ 4.4 million for the site and is said to develop 620 housing units in total – 156 of which would be affordable units. The projected cost of the project is $ 121.3 million.
The housing mix would include: 176 single family homes with 3 to 4 bedrooms, 2 to 3 bathrooms, ranging in size from 1,700 to 2,800 square feet; 134 townhouses with 2 to 4 bedrooms and 2 to 3 bathrooms, between 1,200 and 2,300 square feet; 54 semi-detached villas with 2 to 4 bedrooms and 2 to 3 bathrooms, between 1,500 and 2,400 square feet; 256 coaches distributed in buildings without elevator of 2 to 4 bedrooms and 2 to 3 bathrooms.
The coaches would consist of 156 affordable units with income restrictions and 100 units at market rates targeted for labor housing but without restrictions.
Pointe du Roi
Miami-based Kings Pointe had previously negotiated a contract with Sarasota County for the site. The developer would offer either a residential-only option or a commercial and residential option.
Developer Woodward Investments & Lloyd Jones is offering $ 2.75 million for the property and is said to develop 620 housing units in total, of which 155 are said to be affordable units. The projected cost of the project is $ 127 million.
The promoter can claim 4% tax credits to accelerate the development of affordable units and increase the percentage of units available for those earning 60% of the MAI.
The developer offers 520 two-story townhouses and 100 small houses. He also set aside six acres at the corner of Tuttle Avenue and Myrtle Street for the potential development of a grocery store and / or restaurants.
Blue Sky and LCAP communities
Tampa-based Blue Sky Communities focuses on developing affordable, workforce-friendly housing and focuses on services that accompany housing, including the 80-unit Arbor Village in Sarasota. It would also include a commercial component.
The developer is offering $ 4 million for the property and would develop 656 housing units in total, of which 356 would be affordable units. The estimated cost is $ 169 million.
Blue Sky would depend on funding the 9% Low Income Housing Tax Credit as well as other government funding totaling approximately $ 920,000.
Of the 656 units, 186 affordable rental apartments would target both working families and people 55 and over; 120 would be permanent supportive housing targeting special needs, those coming out of homelessness and young people in transition to adults; 50 units would be reserved for working families and affordable homeownership; and 300 market-priced rentals targeting young workers.
The commercial component would include a 30,000 square foot medical office building that would be developed by Center Place Health and in partnership with Community Assisted & Supported Living, Inc. for professional training opportunities. It would also include 60,000 square feet of retail space, with a view to partnering with a developer for a grocery store.
Habitat for Humanity / Benderson Development Co.
Sarasota-based Benderson Development is interested in a 30-acre employment center, centered around a 500,000-square-foot warehouse and distribution center, as well as a community park.
Benderson is offering $ 3.5 million for the property and Habitat would build at least 350 housing units – at least 175 of these would be affordable units. The expected cost is at least $ 50 million.
Habitat would develop four types of housing: owner-occupied single-family dwellings and single and multi-family dwellings. All units sold or rented would be to households earning 80% or less of the IAM; at least half of them would be at 60% of the MAI.
Horizon Acres Development
Horizon Acres Development, based in Sarasota, offers all affordable housing, a multigenerational educational campus centered around Dreamers Academy, and a retail component centered around a grocery store.
Developer Civix & One Stop Housing is offering $ 3 million for the property and would develop 578 housing units in total – all of which would be affordable units. The estimated cost is $ 74 million for the housing component.
The real estate mix would include 132 studios at 60% AMI; 96 T2 at 80% AMI; 72 two-bedroom apartments at 80% AMI; 100 duplex units of 3 bedrooms at 60% AMI; and 50 single-family units of 3 bedrooms and 2 bathrooms at 80% AMI.
The accommodation would be available for hire-purchase.
Ten acres would be sold for the multigenerational education campus. In addition to the commercial component, a public park would be included.
Northern Sarasota / Calston redevelopment partners
Sarasota-based North Sarasota Redevelopment Partners suggests a variety of uses besides residential, including entertainment and a multi-purpose sports facility, as well as a deal with Sarasota Metropolis FC to bring a minor league football team into the city. He has developed over 700 affordable housing units in northern Sarasota and the Rosemary District.
Developer Calston Advisors & DL Morgan and Associates is offering to purchase the property for $ 2.5 million or $ 3.5 million and would develop 450 housing units in total, of which 150 would be affordable units. The estimated cost is $ 103 million for the housing component.
The $ 2.5 million prize is said to be unrelated to tax credits, while the $ 3.5 million prize is said to be linked to $ 500,000 from Sarasota County SHIP funds and 4% funding. low income tax credit.
The 150 affordable workforce units would be rental units developed by Calston – of these, 15 would be at 40% MAI; 60 and 60% IAM and 75 to 80% IAM.
The 300 units at market price would be developed by NRP Group, while Harvest House would offer a home ownership component.
In addition to the multi-purpose sports facility, which could also host live music and summer camps, the commercial component would include a food court and market, and a 6,000 square foot banking and credit unit that would include also a flexible space used for literacy programs.
Earle Kimel primarily covers southern Sarasota County for the Herald-Tribune and can be contacted at [email protected] Support local journalism with a digital subscription to the Herald-Tribune.