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The proposal for the site is to build two 10-story buildings totaling 192 affordable and workforce priced apartments on it. Although the private sector is beginning to respond to the City of Sarasota's affordable housing incentives programs, even when built, the residences will make only a small dent in the growing demand for attainable workforce housing in Sarasota. The Barancik Foundation in Sarasota has committed $1.5 million toward acquiring the parcels, with expected additional support from the Community Foundation of Sarasota County and the Gulf Coast Community Foundation, based in Venice. In his motion to approve, Commissioner Erik Arroyo amended the request to include a pro forma to demonstrate that construction, operating and ongoing maintenance costs can be covered by the proposed affordable and workforce housing rents. Brown told commissioners the plan includes contracting a management company or organization to tend to the day-to-day operations. The city would also contract an owner’s representative to oversee construction and other related development details.
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Panic-Buying and Bidding Wars Are Officially Things of the Past, but Home Prices Aren't Budging - Sarasota
Panic-Buying and Bidding Wars Are Officially Things of the Past, but Home Prices Aren't Budging.
Posted: Mon, 29 Jan 2024 08:00:00 GMT [source]
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This information being provided is for consumer's personal, non-commercial use and may not be used for any other purpose other than to identify prospective properties consumers may be interested in purchasing. Andrew Warfield is the Sarasota Observer city reporter. A Florida native, he has spent most of his career in the Carolinas as a writer and editor, nearly a decade as co-founder and editor of a community newspaper in Mecklenburg County, North Carolina. Brown’s timeline for the project has construction beginning in 2025 and occupancy in 2027. If you have feedback about an individual agent or office, please locate the office and contact the manager. They buy the home, you lease it for 1-5 years with a right to purchase.
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Brown’s proposal is three stories of parking below seven stories of residences. The city’s program requires 15% of the bonus density be priced in the affordable housing range, in this case rounded up to 22 units in addition to the 122 bonus units plus 48 base density units. As first reported by sister publication YourObserver.com, construction cost is estimated at $70 million to $80 million, to be funded via revenue bonds, with operations and debt service covered by rents. Those rents will mirror the city’s affordable housing incentives program and will be tiered at 80% or less, 100% or less and 120% or less area median income. On April 15 Brown faced city commissioners from the other side of the dais as a presenter. He sought approval of 10 directives, including $7.4 million and closing and other costs, to acquire two properties directly across First Street from City Hall.
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Sarasota officials OK plan to buy two parcels for $7.4M for affordable housing
Refine your Sarasota real estate search results by price, property type, bedrooms, baths and other features. View our Sarasota real estate offices and let us help you find the perfect property. Brown’s plan includes selling street level commercial space to recoup a portion of the city’s capital investment. Brown also told commissioners some state funding may be available for the land purchase.
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He says State Rep. Fiona McFarland, R-Sarasota, requested $2 million from the state of Florida for assistance for this program. The funds were approved by the House and Senate and are awaiting Gov. DeSantis' signature. Due diligence for the purchase of the two parcels — at 1544 and 1590 First Street — will begin immediately with closing anticipated by the end of July. The city already owns a parking lot on the proposed development site at 1530 First Street. Any funding gap in the cost to acquire the properties will be filled by the city’s Affordable Housing Trust Fund — which is currently at more than $4 million — and, if needed, the city’s general fund balance. Similar scenarios are taking place in a host of other cities and towns in the region addressing some variation of an affordable housing crisis.
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