Palmetto Incentives May Rival Sarasota Real Estate Developments


SARASOTA, FLORIDA, April, 22, 2013 – The current redevelopment efforts in Palmetto City can inject new dimensions in real estate property choices in Southwest Florida, Sarasota Bay Real Estate reports. The grants, tax credits, and similar benefits to property owners within Palmetto Economic Enhancement District created in December last year, the full service realty firm noted, are just the right incentives to lure private investments to redevelop the locality and bring it at par with real estate offerings of nearby Bradenton and Sarasota. The Palmetto area mainly comprises of the city’s downtown, covering mostly 17th St. West between Canal Road and 11th Avenue West.

Sarasota Bay Real Estate observed that it was an astute move for the Palmetto Community Redevelopment Agency (CRA) to designate this district as a brownfield area, land previously devoted to industrial-commercial use made available for residential and business purposes. This initiative at land reuse made the district eligible for the incentives under the brownfield redevelopment program administered by the Florida Department of Environment Protection.

The draw for developers

Notably, Palmetto has also benefited from the $1 million brownfield assessment coalition grant that the U.S. Environmental Protection Agency (EPA) awarded to the Sarasota/Manatee Metropolitan Planning Organization (MPO) in 2011. The EPA funding enables the MPO to assess and address possible hazardous materials in the property of owner-applicants in the brownfield areas.

It is also encouraging to note, Sarasota Bay Real Estate said, that the Palmetto CRA is planning to further broaden the city’s Downtown Commercial Core Redevelopment Incentives program and include nonprofits, besides property owners, in its coverage. With the embellished incentives package, the benefits will not only include a 20% tax refund equivalent based on the average annual wages of new jobs created or maximum $2,500 refund per job. It will also be matched by an additional 20% refund from the Downtown Commercial Core Incentive.

Early gains achieved

Egmont Key Lighthouse

What the CRA is doing, according to its director, Jeff Burton, is combining the federal, the state, and the local incentives into one package in order to maximize private sector development and redevelopment in Palmetto. The magnitude of the incentives, in effect, is tied to the amount of the investments, which should be attractive not only to business establishments but also to real estate developers, Sarasota Bay Real Estate said.

Recent activities in the city affirm that this thrust is gaining traction, the realty firm added, noting the $2.1 million renovation which started in February at the River Edge Apartments at 10th Avenue. Another redevelopment work is being undertaken at the Riverside Plaza which will be the new headquarters of the It Works! Global, a multi-million-dollar company which markets weight-loss body wrap and dietary supplements.

Positive ripple effect on home market

These new developments should also contribute in further stimulating the residential market in the area, wherein there are many opportunities as attractive as Bradenton and Sarasota homes for sale, Sarasota Bay Real Estate said. Some prized finds, it noted, await at the Church Hill Downs Subdivision, a short distance northwest of the Palmetto Economic Enhancement District. A five-bedroom home with a spacious floor area of 3,500-plus square feet and a price tag in the $700s is a new market listing in this community. Northeast of the district, there’s also a newly listed bank-owned home at Oak View with an asking price in the high $100s, featuring four bedrooms in a floor area of a little over 2,200 square feet.