Game-changer Looms in Palm Shores


SARASOTA, FLORIDA, June 2nd, 2016 – A game-changer looms for residents and property owners at Pine Shores as the proposed Siesta Promenade just south of this community is now moving forward as a mixed-use project with a residential component.

The project’s proponent, Benderson Development, in May 2016 presented to the Sarasota County’s development review committee a revised plan incorporating 600 multifamily condos and apartments next to the existing Pine Shores community. Besides these new residential units, Benderson is also planning to develop 150 hotel rooms and 140,000-square feet of commercial space in the site located at the northwest corner of South Tamiami Trail (U.S. 41) and Stickney Point Road.

A former trailer park, this site consists of 30 acres that was first proposed to be developed as “Siesta Point” some 10 years prior but this venture fizzled out due to the Great Recession. The plan was revived in 2014 as Siesta Promenade and initially called for 250,000 square feet of commercial space and a 150-room hotel but with no residential units. Local residents opposed this plan, concerned that the hotel and the presence of more businesses will aggravate traffic congestion in their area.

Driver of Home Values

Game-changer Looms in Palm Shores

Pine Shores’ homeowners, however, are not totally against the development of the property adjacent to their community. This parcel, after all, has long been idle and now considered an eyesore that not only holds back the value appreciation of its neighboring residential properties but also mar one of the gateways to Siesta Key.

Many local residents also recognize that Benderson, co-developer of the Mall at University Town Center, does an excellent job in property development. But what the locals now want is for the Siesta Promenade project’s scale to be more manageable. The developer’s move to reduce the square footage of the project’s retail component should eventually help win support from Pine Shores’ homeowners.

Benderson appears well-advised in putting up a hotel at Siesta Promenade as there is no such facility near the Tamiami‒Stickney Point intersection which is convenient to Siesta Beach and the lifestyle attractions in the Gulf Gate area. Putting up the hotel will likewise help stimulate the hosting of major swimming meets at the Sarasota Family YMCA which is but some three miles of the proposed Benderson development.

Stimulus to Sales

Even as county approval of the Siesta Promenade project is still pending as of May 2016, this development is already stimulating market interest in Sarasota homes for sale at Pine Shores. Sales in this community in recent months have been remarkably brisk with ownership of six properties changing hands from March to May 2016.

All of these sold properties had quoted prices in the $300s, featuring floor plans ranging from about 1,200 square feet to approximately 3,100 square feet designed with two to five bedrooms. Turnover of Sarasota homes for sale in this community are likewise remarkably brisk with two of its residences sold in 2015 after just a few weeks of listing in the market. Recent listings in this community are in the $400s‒$500s price range, consisting of three-bedroom residences having floor plans of around 3,000 square feet.