Real Estate Bonanza Looks Underway in Sarasota CRA


The Sarasota property market has been exhibiting vigor which is likely to intensify further. Besides the sustained gains in home sales and prices recently, a recent tally of the City of Sarasota provides another encouraging sign of the gathering verve of the local real estate sector.

City records show that more than 1,500 new residential units could be brought in by the two dozen or so real estate developments within or near the Sarasota’s Community Redevelopment Area (CRA). These developments, once completed, could also bring in over 50,000 square feet of retail space as well as 850 new hotel rooms, the CRA tabulation likewise showed.

Rosemary District’s potent template

Real Estate Bonanza Looks Underway in Sarasota CRA

Completion of these projects will not only bring in new residences, shops and lodging facilities, but also enhance residential property values and help stimulate buyer interest in existing homes around them. One good example is the planned $20-million makeover of the public plaza at Rosemary District.

The proposed new Rosemary Square is a pure infill project, with its 1.58-acre area zoned to accommodate 40 residential units. Envisioned for inclusion in the project are retail, office and “arts space” totaling 34,000 square feet. With these plans moving forward, the community square will be rezoned as downtown edge. There’s also a proposal from developers to increase the allowable residential density in the Rosemary District by double or even triple.

The project’s focal point is a proposed urban town plaza which will cover 7,000 square feet for the use of Rosemary District residents and the general public. It will be open for business locators and cafes as well. Construction can commence by January 2016 once the city authorities give the green light for the project.

A recent success story

Citrus Square, a residential and retail complex at Fourth Street and Orange Avenue, is one success story which helped resuscitate developer interest in the Rosemary District’s property market. Completed in 2010, this development has attracted a rich mix of commercial tenants which created not only steady stream of business traffic from morning to evening hours. Keen market interest also subsequently developed in its residential units so much so that not many homes are currently listed in the MLS of Sarasota condos for sale.

Historic ambience

Besides its shops and restaurants, the boutique-style Citrus Square condominium is distinctive for its classic style architecture which creates the ambience of a historic neighborhood.

The same architectural flair is evident in The Renaissance, one of the high-rise condos in Rosemary district. Built in 2002 and bearing a resemblance with a grand Italian villa, this condominium has several sales-listed properties currently.