16 minute read

Growth in the Sarasota Area

October, 2019

Inside this issue:

Planning for Growth 1

Economic Outlook 5

Local Update

Key to Stats 7

All Areas 8

Greater Sarasota 14

Lakewood Ranch 18

Islands & Downtown 22

About

About the Data 25

References 26

About Us 27

Volume 2, Issue 4

Page 2

Planning for Growth in Sarasota and Manatee

This issue of our Quarterly Market Update focuses on growth in Manatee and Sarasota counties, a subject I often discuss with our clients. The following article was taken from the August 2019 edition of Sarasota/Manatee REALTOR© Magazine.

- Dave Ranck

Strategies for Smart Growth Across both Counties

The Sarasota and Manatee area is a thriving, vibrant community encompassing different residential neighborhoods designed to fit every need, fantastic entertainment venues, mixed-use retail centers and a myriad of commercial opportunities. There is no question why our area is attractive to many. But maintaining the right balance requires responsible growth to keep our community functioning at its best.

Manatee County Planning and Programs

Manatee County has several strategies in place to ensure growth moves forward as smoothly and painlessly as pos

sible. Geri Campos Lopez, CEcD and Director of Redevelopment and Economic Opportunity in Manatee County, weighs in on several programs designed to foster smart growth.

For one, Manatee County has created a tax increment financing district to help pay for some of their new projects and urban development activities. Another way that Manatee County continues to encourage growth is through their economic development incentives, working with companies that are expanding in the area. The county has also partnered with organizations such as Manatee Technical College and the State College of Florida on workforce development programs, redevelopment, economic development and affordable housing initiatives.

“Affordable housing continues to be a huge need in Manatee County as wages are not yet keeping up with housing prices,” said Campos Lopez. “We created the Livable Manatee Incentive Program to encourage the construction of new, affordable units in single-family and multi-family developments. The program pays for impact fees associated with the affordable units and it has been very popular, with over 400 units in the pipeline.”

Homeowners and renters want affordability, choice, and a high quality of life. As Manatee County anticipates growth, they strive

Growth cont.

to create more jobs that meet the cost of housing.

“Our goal is to continue to grow high wage jobs to catch up with housing costs and create opportunities for businesses to thrive,” said Campos Lopez. “One example is Mercedes Medical, who recently moved into a new $7 million facility in Lakewood Ranch, creation of 36 high wage jobs. Another recent example is the announcement of the construction of the First Watch headquarters in our county. Last fiscal year, we incentivized 10 companies that are projected to bring over $24 million in capital investment and over 279 jobs to Manatee. We are also in the process of finalizing a plan for the northwest corner of the county to understand the market opportunities around Port Manatee to attract jobs and investment.”

Keeping planned growth at the forefront of the priority list, has enabled Manatee county to thrive.

“Advancing economic prosperity in Manatee County relies on having a community where people want to live, work and play,” said Sharon Hillstrom, president and CEO of the Bradenton Area Economic Development Corporation. “Great neighborhoods, world-class parks and preserves, a vibrant downtown –these assets help attract companies and talent. The availability of land suited to office and industrial develop

ment also makes Manatee County more competitive as we reach out to businesses for relocation and expansion here.”

Making Room to Live, Work and Play

“With growth comes the challenges of the need for smart development and Bradenton is doing it right,” said Barry Grooms, Realtor®, co-owner of Sarabay Suncoast Realty Inc., and Florida REALTORS® 2019 PresidentElect. “Downtown Bradenton has made huge improvements and has had marked new growth in the areas of nightlife, arts, culture, new attainable housing and family friendly lifestyle without sacrificing fun!”

Downtown Bradenton has enlisted the help of Realize Bradenton, a non-profit contractor in charge of arts, music, culture and events in the urban core. Realize Bradenton focuses on bringing people together to create a more prosperous community, and the organization has helped business and workforce development in the community.

The Bradenton Riverwalk was created in part with Realize Bradenton. The Riverwalk features an amphitheater, volleyball courts, a world-renowned skate park, canoe launch, and a great lawn, creating the perfect venue for events. A popular Riverwalk event is the Bradenton Blues Festival, which draws in thousands of fans each year and is consistently recognized by Blues Magazine.

We are proud to be your local Senior Real Estate Specialists

Victoria and David Ranck

Growth cont.

“Working in Manatee County and owning property for many years, it’s been wonderful to see the urban core of downtown Bradenton come into its own,” said Jaymie Carter, Realtor®, Michael Saunders & Company. “Bradenton was ready for growth. The extension of the Riverwalk to the East and the multi-million-dollar streetscape project to connect the waterfront to the Village of the Arts will remove it from ‘cultural hibernation,’ and allow for more community gathering places.”

In east Manatee County, Lakewood Ranch is recognized as a best-selling master planned community. With so much growth in east county, a new neighborhood is starting to open its doors to more buyers.

“While Lakewood Ranch is certainly still growing, the next to watch will likely be Parrish, as that community is developing quite rapidly and opening its own high school as well as a State College of Florida campus. With that activity, we’ll see more commercial and residential options to accommodate the influx of residents,” added Carter.

Manatee County has attracted numerous companies to the area that have created incredible high wage jobs in the sports manufacturing, med-tech, marine and education industries. The next chapter is focused on housing that the new workforce who can afford and more importantly housing that is experience

centric and located near areas that folks want to live, work and play in.

Sarasota County Planning and Programs

“Sarasota is at the forefront of the live, work, play lifestyle,” said Carter. “Downtown is definitely a case study for how the region recovered postrecession, and the boom of activity has been impressive to watch. It will be exciting to see the next phase of that as the revamping of the Quay and Bayfront are completed and how the enhanced walkability of the city will serve to bring the community together through proper planning.”

Zoning Senior Manager for Sarasota County. “This analysis, called the Residential Capacity Analysis, compares the number of housing units projected to be needed over the next 10 years with the potential number of dwelling units that could be built on remaining vacant lands within the defined urban area, so we can be prepared for growth.”

Through this process, Sarasota County staff evaluates, analyzes, and administers elements of the Comprehensive Plan. A great deal of forethought and evaluation goes into this planning process, which includes the review of land uses for a balance of residential, commercial, office, industrial, conservation, and public uses to

For more information on The Bay Project, see Volume 2, Issue 1: http://victoriaranck.com/ MarketUpdate/ Ranck_Report_4Q_2018.pdf

Sarasota County implements their strategies for smart growth with a Comprehensive Plan, designed to analyze foreseeable residential and commercial development.

“Sarasota County’s Comprehensive Plan requires the county to evaluate whether there will be enough residentially designated land to house the projected population over a 10- year planning period,” said Michele Norton, Planning and

help create a vibrant community.

“To implement the vision established in the Comprehensive Plan, Sarasota County has adopted a Unified Development Code that contains all the components of development that the county regulates, such as zoning and land development requirements. Design features, signage, landscaping, and wayfinding are

Growth cont.

some of the details in the code that help our community look aesthetically pleasing,” said Norton.

“Our area has been nationally recognized for its smart growth, particularly through our master -planned communities such as Lakewood Ranch, Palmer Ranch and the West Villages,” said Mark Huey, President & CEO at Sarasota County Economic Development Corporation. “We are growing at a healthy pace and we have a variety of housing options designed to meet the growing needs of the workforce and retirees alike. In addition, smart planning has enriched our area with amenities such as University Town Center, Legacy Trail, Nathan Benderson Park, vibrant downtowns, and our many shops and restaurants, just to name a few. The right development adds to our quality of life and draws business and commerce to our area.”

Opening New Doors

Residential neighborhoods around both Sarasota and Bradenton markets offer many options for buyers at all price points, but newer communities have emerged as a hot commodity.

“New is in,” said Jonathan Abrams, PLLC, Realtor® with Michael Saunders & Company. “Many people are looking for new, but whatever price point you choose, new will come with a premium. Whether it is sacri

ficing square footage to attain a lower “sticker” price point or sacrificing some savings to attain the other end of the pricing spectrum–buyers are often times choosing new and making it work.”

Developers are banking on new and there doesn’t seem to be a shortage of supply. However, many new developments in a short period of time tend to make residents nervous that our area is growing too quickly.

“In downtown Sarasota there has been a great deal of discussion on the developments that have been built and proposed. Many news articles like to highlight the total amount of built and proposed developments to drive a story that perhaps our area is growing too fast. However, if you look at development in 8-year cycles there is a bit of a different story. For instance, there was little to nothing ‘new’ built and completed in downtown Sarasota since 2007. This created some pent-up demand from buyers that had been looking at downtown but preferred new construction,” said Abrams.

The success of these recent developments has garnered a strong local economy; providing a healthy stream of revenue, creating jobs and attracting new residents.

“All this new development has created over $400 million in sales added to our local economy,” added Abrams. “With the

next group of buildings under proposal and under construction (2016-2024), the majority are over 65 percent sold and won’t even be completed for another 1- 3 years at the earliest. We have seen new communities sprout up all over Sarasota and Manatee counties. Yes, it is a lot of units added, however, they continue to be absorbed.”

Growth is Inevitable

Rather than working against the potential for change in the twocounty area, embrace the smart growth concept. Smart growth is an approach to development that encourages a mix of building types and uses, diverse housing and transportation options, development within existing neighborhoods, and community engagement.

“Speaking broadly across both counties, it’s so exciting to see the exceptional growth from development that is spurring residential and commercial activity and allowing the area to break out of the demographical stereotype of the past and into a diverse and vibrant future,” said Carter. “Of course, development is often met with a few cons related to the inconvenience of construction or the desire to preserve what has been part of our rich history, but I believe we’re right on the cusp of watching the region skyrocket into a new identity that allows for both a look back and ahead.”

Planning for Growth in Sarasota and Manatee

This issue of our Quarterly Market Update focuses on growth in Manatee and Sarasota counties, a subject I often discuss with our clients. The following article was taken from the August 2019 edition of Sarasota/Manatee REALTOR© Magazine.

- Dave Ranck

Strategies for Smart Growth Across both Counties

The Sarasota and Manatee area is a thriving, vibrant community encompassing different residential neighborhoods designed to fit every need, fantastic entertainment venues, mixed-use retail centers and a myriad of commercial opportunities. There is no question why our area is attractive to many. But maintaining the right balance requires responsible growth to keep our community functioning at its best.

Manatee County Planning and Programs

Geri Campos Lopez, CEcD and Director of Redevelopment and Economic Opportunity in Manatee County, weighs in on several programs designed to foster smart growth.

For one, Manatee County has created a tax increment financing district to help pay for some of their new projects and urban development activities. Another way that Manatee County continues to encourage growth is through their economic development incentives, working with companies that are expanding in the area. The county has also partnered with organizations such as Manatee Technical College and the State College of Florida on workforce development programs, redevelopment, economic development and affordable housing initiatives.

“Affordable housing continues to be a huge need in Manatee County as wages are not yet keeping up with housing prices,” said Campos Lopez. “We created the Livable Manatee Incentive Program to encourage the construction of new, affordable units in single-family and multi-family developments. The program pays for impact fees associated with the affordable units and it has been very popular, with over 400 units in the pipeline.”

Manatee County has several strategies in place to ensure growth moves forward as smoothly and painlessly as possible.

Homeowners and renters want affordability, choice, and a high quality of life. As Manatee County anticipates growth, they strive

to create more jobs that meet the cost of housing.

“Our goal is to continue to grow high wage jobs to catch up with housing costs and create opportunities for businesses to thrive,” said Campos Lopez. “One example is Mercedes Medical, who recently moved into a new $7 million facility in Lakewood Ranch, creation of 36 high wage jobs. Another recent example is the announcement of the construction of the First Watch headquarters in our county. Last fiscal year, we incentivized 10 companies that are projected to bring over $24 million in capital investment and over 279 jobs to Manatee. We are also in the process of finalizing a plan for the northwest corner of the county to understand the market opportunities around Port Manatee to attract jobs and investment.”

Keeping planned growth at the forefront of the priority list, has enabled Manatee county to thrive.

“Advancing economic prosperity in Manatee County relies on having a community where people want to live, work and play,” said Sharon Hillstrom, president and CEO of the Bradenton Area Economic Development Corporation. “Great neighborhoods, world-class parks and preserves, a vibrant downtown – these assets help attract companies and talent. The availability of land suited to office and industrial develop-

ment also makes Manatee County more competitive as we reach out to businesses for relocation and expansion here.”

Making Room to Live, Work and Play

“With growth comes the challenges of the need for smart development and Bradenton is doing it right,” said Barry Grooms, Realtor®, co-owner of Sarabay Suncoast Realty Inc., and Florida REALTORS® 2019 President- Elect. “Downtown Bradenton has made huge improvements and has had marked new growth in the areas of nightlife, arts, culture, new attainable housing and family friendly lifestyle without sacrificing fun!”

Downtown Bradenton has enlisted the help of Realize Bradenton, a non-profit contractor in charge of arts, music, culture and events in the urban core. Realize Bradenton focuses on bringing people together to create a more prosperous community, and the organization has helped business and workforce development in the community.

The Bradenton Riverwalk was created in part with Realize Bradenton. The Riverwalk features an amphitheater, volleyball courts, a world-renowned skate park, canoe launch, and a great lawn, creating the perfect venue for events. A popular Riverwalk event is the Bradenton Blues Festival, which draws in thousands of fans each year and is consistently recognized by Blues Magazine.

“Working in Manatee County and owning property for many years, it’s been wonderful to see the urban core of downtown Bradenton come into its own,” said Jaymie Carter, Realtor®, Michael Saunders & Company. “Bradenton was ready for growth. The extension of the Riverwalk to the East and the multi-million-dollar streetscape project to connect the waterfront to the Village of the Arts will remove it from ‘cultural hibernation,’ and allow for more community gathering places.”

In east Manatee County, Lakewood Ranch is recognized as a best-selling master planned community. With so much growth in east county, a new neighborhood is starting to open its doors to more buyers.

“While Lakewood Ranch is certainly still growing, the next to watch will likely be Parrish, as that community is developing quite rapidly and opening its own high school as well as a State College of Florida campus. With that activity, we’ll see more commercial and residential options to accommodate the influx of residents,” added Carter.

Manatee County has attracted numerous companies to the area that have created incredible high wage jobs in the sports manufacturing, med-tech, marine and education industries. The next chapter is focused on housing that the new workforce who can afford and more importantly housing that is experiencecentric

and located near areas that folks want to live, work and play in.

Sarasota County Planning and Programs

“Sarasota is at the forefront of the live, work, play lifestyle,” said Carter. “Downtown is definitely a case study for how the region recovered postrecession, and the boom of activity has been impressive to watch. It will be exciting to see the next phase of that as the revamping of the Quay and Bayfront are completed and how the enhanced walkability of the city will serve to bring the community together through proper planning.”

For more information onThe Bay Project, see Volume 2,Issue 1:http://victoriaranck.com/MarketUpdate/Ranck_Report_4Q_2018.pdf

Sarasota County implements their strategies for smart growth with a Comprehensive Plan, designed to analyze foreseeable residential and commercial development.

“Sarasota County’s Comprehensive Plan requires the county to evaluate whether there will be enough residentially designated land to house the projected population over a 10- year planning period,” said Michele Norton, Planning and

Copyright© David Ranck LLC 2019

help create a vibrant community.

“To implement the vision established in the Comprehensive Plan, Sarasota County has adopted a Unified Development Code that contains all the components of development that the county regulates, such as zoning and land development requirements. Design features, signage, landscaping, and wayfinding are

Through this process, Sarasota County staff evaluates, analyzes, and administers elements of the Comprehensive Plan. A great deal of forethought and evaluation goes into this planning process, which includes the review of land uses for a balance of residential, commercial, office, industrial, conservation, and public uses to

Zoning Senior Manager for Sarasota County. “This analysis, called the Residential Capacity Analysis, compares the number of housing units projected to be needed over the next 10 years with the potential number of dwelling units that could be built on remaining vacant lands within the defined urban area, so we can be prepared for growth.”

some of the details in the code that help our community look aesthetically pleasing,” said Norton.

“Our area has been nationally recognized for its smart growth, particularly through our master -planned communities such as Lakewood Ranch, Palmer Ranch and the West Villages,” said Mark Huey, President & CEO at Sarasota County Economic Development Corporation. “We are growing at a healthy pace and we have a variety of housing options designed to meet the growing needs of the workforce and retirees alike. In addition, smart planning has enriched our area with amenities such as University Town Center, Legacy Trail, Nathan Benderson Park, vibrant downtowns, and our many shops and restaurants, just to name a few. The right development adds to our quality of life and draws business and commerce to our area.”

Residential neighborhoods around both Sarasota and Bradenton markets offer many options for buyers at all price points, but newer communities have emerged as a hot commodity.

Opening New Doors

ficing square footage to attain a lower “sticker” price point or sacrificing some savings to attain the other end of the pricing spectrum– buyers are often times choosing new and making it work.”

Developers are banking on new and there doesn’t seem to be a shortage of supply. However, many new developments in a short period of time tend to make residents nervous that our area is growing too quickly.

“In downtown Sarasota there has been a great deal of discussion on the developments that have been built and proposed. Many news articles like to highlight the total amount of built and proposed developments to drive a story that perhaps our area is growing too fast. However, if you look at development in 8-year cycles there is a bit of a different story. For instance, there was little to nothing ‘new’ built and completed in downtown Sarasota since 2007. This created some pent-up demand from buyers that had been looking at downtown but preferred new construction,” said Abrams.

next group of buildings under proposal and under construction (2016-2024), the majority are over 65 percent sold and won’t even be completed for another 1- 3 years at the earliest. We have seen new communities sprout up all over Sarasota and Manatee counties. Yes, it is a lot of units added, however, they continue to be absorbed.”

Growth is Inevitable

Rather than working against the potential for change in the twocounty area, embrace the smart growth concept. Smart growth is an approach to development that encourages a mix of building types and uses, diverse housing and transportation options, development within existing neighborhoods, and community engagement.

“Speaking broadly across both counties, it’s so exciting to see the exceptional growth from development that is spurring residential and commercial activity and allowing the area to break out of the demographical stereotype of the past and into a diverse and vibrant future,” said Carter. “Of course, development is often met with a few cons related to the inconvenience of construction or the desire to preserve what has been part of our rich history, but I believe we’re right on the cusp of watching the region skyrocket into a new identity that allows for both a look back and ahead.”

The success of these recent developments has garnered a strong local economy; providing a healthy stream of revenue, creating jobs and attracting new residents.

“All this new development has created over $400 million in sales added to our local economy,” added Abrams. “With the

“New is in,” said Jonathan Abrams, PLLC, Realtor® with Michael Saunders & Company. “Many people are looking for new, but whatever price point you choose, new will come with a premium. Whether it is sacri-