Vibrant Housing Buoys Commercial Real Estate


The rising tide of the housing market in Manatee now appears firmly providing a lift to commercial real estate, with additional retail center developments announced late July 2015 in East Manatee’s Heritage Harbour and in Bradenton’s Bayshore neighborhood.

On tap for Heritage Harbour, the second largest master planned development in Manatee after Lakewood Ranch, is a 12,500-square-foot retail center that the Starling Group of Sarasota seeks to build at the northeast corner of the Heritage Green Way–SR 64 intersection. Significantly, this plan comes as the first commercial real estate project in seven years since the Sarasota Memorial Hospital’s 28,000-square-foot urgent care clinic was completed at the Heritage Harbour area in 2008. Other commercial real estate projects moving forward then were stymied by the housing downturn and the Great Recession.

Starling’s proposed commercial building is slated for groundbreaking in the 2015 fourth quarter, with completion expected by mid-2016 at a total cost of about $2 million. The Sarasota developer is already in talks with a pair of restaurant operators as possible tenants.

Other locators are expected to include businesses whose products or services are tailor-fit to the needs of residents in and around Heritage Harbour. Besides this neighborhood, the nearby residential communities which are target market for this retail hub include the golf community of Greenfield Plantation, a short distance east of the project site.

More on the track

Vibrant Housing Buoys Commercial Real Estate

The planned strip center will usher in several other commercial building projects from which Starling hopes to draw returns on the company’s $3 million land purchase at Heritage Harbour. Some possibilities include general office or medical office space.

Other retail developments are also coming quickly on track in the Heritage Harbour area. Across the road from this master development, a new gas station and an RV park have risen in the 2015 first half. Interest in other commercial properties between Lorraine Road and Interstate 75 are also mounting. Towards west of the interstate, the stretch of Lockwood Ridge Road from State Road 70 southward to Sarasota is likewise vibrant with building projects for both retail and housing which can further invigorate the market for Manatee-Sarasota homes for sale.

National retail developer

Still farther westward, the Bayshore area in Bradenton stepped into the limelight of new local commercial developments, with national player Casto Development forging ahead with the construction of a 9,000-square-foot commercial building designed for multiple tenants. Early lease commitments have been secured from a Jimmy Johns gourmet sandwiches franchise and an AT&T cellular store.

This new commercial development project is located in a 1.5-acre site at 6224 14th Street West just off U.S. 41 and south of Bayshore Gardens Parkway. Casto will tear down at this site the now-empty, former retail store of Blockbuster Video.

Besides this new strip center, there are other redevelopment projects along 14th Street West. A new Wawa convenience store is nearing completion at 53rd Avenue West, while a RaceTrac gas station is rising at Pearl Avenue.

Searchers of Bradenton homes for sale at affordable price ranges will be pleased to note that this Bayshore Gardens area is host to plenty of recently listed properties. These fresh listings among Sarasota homes for sale are offered in the high $100s, featuring floor areas of up to 1,600 square feet designed with three bedrooms.