SARASOTA, FLORIDA, April 22, 2019 – Recent home sales have been exceptionally brisk in the Venice communities of Toscana Isles and Waterford, and this uptick in market activity could even pick up further. Construction of a campus of the Sarasota Memorial Hospital (SMH) has begun near these communities which could be expected to bring added demand in Venice homes for sale in the area.
The SMH facility is set on a 65-acre parcel on the southeast corner of Laurel Road and Pinebrook Road. This site is notably just about 2 miles to the west of Toscana Isles and less than a mile north of Waterford. The new residential development of Windwood by Neal Communities is even nearer and walking distance from the SMH’s Pinebrook Road site.
The human resources coming in with the completion of the SMH Venice campus could be expected to add significantly to demand on local housing. This facility, which will be SMH’s first satellite hospital in its 94-year history, will employ 700, according to Sarasota Memorial officials.
They added that the SMH Venice unit would eventually be staffed by between 400 and 500 medical doctors. While some of these would be from medical groups expanding south, others would be new hires specifically recruited for the Venice SMH service area.
In the groundbreaking of the satellite hospital in early April, it was announced that the facility is expected for completion in the fourth quarter of 2021. Rising at a cost of $225 million, the hospital will provide floor space of 350,000 square feet which will house 110 beds. These consist of 90 private acute care suites and 20 private observation suites, plus eight surgical suites and 28 emergency room beds.
Similar modern hospital facilities are likewise set just some 2 miles south from the SMH Venice campus. In January this year, the Sarasota County Commission approved zoning changes that pave the way for the construction of a new home for the Venice Regional Bayfront Hospital (VRBH) on East Venice Avenue about one-fourth mile east of Jacaranda Boulevard. Construction of this hospital is also expected to begin this year and is targeted for a 2021 completion as well.
This new state-of-the-art hospital on 50-plus acres would replace the 67-year-old, 312-bed VRBH facility on Venice Island. This new facility is planned for a 210-bed capacity plus an adjacent medical office complex. The total project cost has been estimated at $212 million. An administrative law judge last year cleared the establishment of the new SMH and VRBH hospitals in Venice last year.
Significantly, the VRBH site on East Venice Avenue near Jacaranda Boulevard for its new home is a hotspot for Venice real estate developments. Several new residential projects have been initiated here including the Verona Reserve by Taylor Morrison and Watercrest by Lennar.
The Floridian, an apartment complex for age 55-plus residents is also currently being built southeast of the Jacaranda Roundabout. A bit farther east, a 347-unit multifamily residential development called Myakka River Village is being proposed on East Venice Avenue, just west of River Road, another option looming to be added to the menu of Venice real estate.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>