This Week in Sarasota

This Week in Sarasota
has had a face lift. Click onto this link for Sarasota news you can use ! Sign up for their e-blasts and stay current with Sarasota happenings, the arts, restaurants and shops.

Downtown Sarasota Latino Fiesta

Latino Fiesta on Saturday, September 26, 2009 2:00 PM to Midnight
Location of Event: Selby Five Points Park & First Street
Street Closings & Times: First Street between Central & Pineapple Avenues-Noon to 1:00 AM

Rivo at Ringling in Downtown Sarasota

Looking for a large downtown Sarasota condo ? This Rivo unit is a great choice.



Rarely available Penthouse "E" floorplan with southern exposure. Two private balconies overlooking Sarasota with views of the bay, the gulf and beyond. 2873 sq. ft., 3 bedrooms, 3 and a half baths plus den. Designer kitchen with granite countertops and wood cabinetry, luxurious master suite with private balcony, large garden tub and roman shower. Owner has upgraded this residence with many extras. Includes 2 parking spaces. An excellent value.

Spotlight on Bay Plaza a Downtown Sarasota condo

BAY PLAZA IN DOWNTOWN SARASOTA

Recently HGTV's show House Hunters aired an episode on Downtown Sarasota condos

Laura Patterson, of Los Angeles based Pie Town Productions, directed the shoot for HGTV last July { 2008 }. She and her crew were very impressed with Sarasota. "We had a wonderful experience" Patterson said "We travel a lot in Florida, but this was our first time in Sarasota. It left a lasting impression. The town combines incredible beauty with incredible sophistication."

The buyer was looking for a Sarasota downtown condo with Sarasota Bay views in the $ 600,000 range. The 3 three condo buildings the buyer was considering were 1350 Main, Regency and Bay Plaza. He ended up choosing the 11th floor unit in Bay Plaza. The sale price was $ 610,000. It needed updating but the full Sarasota Bay views and walking distance to Downtown was ideal. That combination makes Bay Plaza located on Gulfstream Ave. the perfect choice for many.

Amenties in Bay Plaza includes 24 hour concierge, valet parking,heated pool, sauna,steam room and excersice room

Here are 2 bedroom, 2 bath condo units presently for sale in Bay Plaza:

Unit 1104 - 1822 sq.ft listed at $ 695,000
Unit 801 - 1923 sq.ft listed at $ 700,000
Unit 207 - 1629 sq.ft listed at $ 449,000

For more info contact me directly at 941-993-6443 or 1888-755-2637 or link here to my site to view more listings in Downtown Sarasota

Waterfront real estate news see link below

http://sarasota-florida-real-estate.blogspot.com/

Downtown Sarasota will be featured on the HGTV's House Hunters tonight !

Downtown Sarasota will be featured on HGTV's top rated program House Hunters ,Thursday night at 9 pm. The show will look at 3 downtown Sarasota condo buildings; 1350 Main, Regency, and Bay Plaza. Stay tuned to see what condo unit they choose.
They also visit Bayfront Park, Marina Jacks and Caragiulos restaurant on Palm Ave
If you missed it you will have another opportunity Sept 11 at 9 pm

A recent blog of mine comparing Downtown Sarasota condos

I recently wrote on the Michael Saunders shared Blog comparing Downtown Sarasota condos... Go to this link to read it

The sidewalks of Downtown Sarasota's Main Street will be transformed into works of art

Literally... the City of Sarasota is calling on local Sarasota and Manatee County artists to submit their designs to replace the 16 x 16 grey tiles on the sidewalks of lower Main St.in downtown Sarasota with their own original works of art .

I love this idea and so appropriate since we are known for our arts here in Sarasota.

The deadline for submissions is July 28, 2009
and installation is planned for September / October beginning at Sarasota News & Books and moving north.

To get more info go to the City of Sarasota's web site...

Citrus Square a Downtown Sarasota condo and retail village style development

The new village style development, Citrus Square, in downtown Sarasota has announced they have signed tenants for their first floor retail space.
Divinia Jeanne’s Chocolate Heaven, Pilates Sarasota, Michael’s Urban Hair Studio, Carlson Dry Cleaners, and Savory Street International Cafe and Bakery soon will call Citrus Square home.
Only one retail space remains.

And on the second and third residential floors only three units are left.

The second phase for Citrus Square is also for sale at pre-contruction pricing.

Citrus Square is located 3 blocks North of Main St. on Orange

Downtown Sarasota Condos with large square footage

If you are looking for a downtown condo with 2 parking spots,lots of square footage and under a million in Downtown Sarasota this is where you will want to look....
Kanaya - 2600 sq.ft or 3006 sq.ft.
Rivo - 3296 sq.ft.
Tessera - 2830 sq.ft.
Alinari - 2797 sq.ft

Give me a call for more info 993-6443 or 1888-755-2637

The Sarasota University Club in downtown Sarasota

In downtown Sarasota unless you own a

downtown condo

on the 10th floor or higher there are really no opportunities to dine with a view of the city.
Well now you can. The Sarasota University Club, 1605 Main St. { close to Orange } on the 12th floor is open to the public for lunch and dinner Tuesday - Friday.
I think there is a dress code so call first 366-5400.

6th Annual Downtown Sarasota Craft Festival

Downtown Sarasota

The Craft Festival is going on today until 5 pm amd Sunday - 10am - 5 pm
It is located on Main street in downtown Sarasota.

I am going on a bike ride and will check it out...

"Savour Sarasota" in Sarasota Florida

Sarasota Convention and Visitor's Bureau's 4th annual "Savour Sarasota" is coming up June 1-14.
17 of Sarasota’s independent restaurants aka Sarasota- Manatee Originals are particpating this year.
I can honestly say I have enjoyed each one of these restaurants personally. It comes at no surprise that Sarasota has earned recognition for the highest concentration of Zagat-rated restaurants in Florida.

The cost - $15 per person for lunch and $25 per person for dinner.

Here is where you will want to be...

Downtown Sarasota

5 One 6 Burns in Burns Square (941) 906-1884

Bijou Café (941) 366-8111

Caragiulos on Palm (941) 951-0866

Canvas Café in Towles Court (941) 366-2233

Mattison's City Grill (941) 330-0440

Southside Village

Libby's Cafe + Bar (941) 487-7300

Off the Trail

Mattison's Forty One (941) 921-3400

Michael's On East (941) 366-0007

Longboat Key

The Colony Restaurants (941) 383-5558

Euphemia Haye (941) 383-3633

Harry's Continental Kitchens (941) 383-0777

Pattigeorge's (941) 383-5111

Siesta Key

Blase Café (941) 349-9822

Siesta Key Oyster Bar (941) 346-5443

Venice

Cafe Venice • (941) 484-1855

Crow's Nest • (941) 484-9551

Lakewood Ranch

Polo Grill & Bar (941) 782-0899

Have fun eat well while supporting Sarasota's local restaurants !

Spotlight on 100 Central a Downtown Sarasota condo

100 Central downtown Sarasota condo facts and figures.

Total number of units in 100 Central - 95
Building was completed in 2005

Location - In the heart of downtown Sarasota within walking distance to arts, theaters,dining, shopping, Sarasota Bay. Adjacent to Whole Foods, Starbucks and Pinos Italian restaurant.

Amenities include, Lap size pool,private theatre,fitness/gym,concierge,guest suite,art studio,entertainment facility,

There are 10 units in 100 Central for sale. the average asking price is $412.22 a sq.ft. The lowest priced unit is 991 sq.ft asking price $ 359,000 and the highest priced unit is 2173 sq.ft asking $ 1,197,000

100 Central has the lowest average list price per sq. ft for newer downtown Sarasota condos. Comparing with 1350 Main asking $ 445.28 a sq.ft and Plaza at Five Points asking $ 595.02

All of the listing in these downtown Sarasota condos can be reached by clicking onto any one of the links.

So now you are in the know !

Sarasota Downtown News

I attended the Destination Downtown luncheon yesterday organized by the Downtown Partnership of Sarasota. The topic : The Partnership's merger with two { possibly three } Downtown Associations ; Downtown Merchants Association and Palm Avenue Association.
Burns Square, who expressed their interest at the luncheon will likely join in. And what about Rosemary District and Towles Court ?? Stay tuned....

“There is power in numbers,” said Merchants Association vice president Wendy Getchell. “We all have the same interests at heart.”

The Palm Avenue organization has 40 members, the Merchants Association 150 and the Partnership another 150. There may be some overlap but the point is they will be stronger and financially more stable working together.

Partnership chairman Phil Chmieleski hopes to start re-structuring before August.

Sarasota Downtown real estate

Lido Key Beach

Lido is the closest beach to downtown Sarasota.

I go to Lido Key Beach often for a quick walk on the beach or a sunset cocktail at the Ritz Tiki Bar at the Ritz beach club I can be there in 5 minutes !

The American Shore and Beach Preservation Association just announced Lido as one of the country’s best-restored beaches.

Lido just went through a two-month beach renourishment project that added 600,000 tons of sand and added 200 yards in width to the beach.

It is most impressive.. For those of you who haven't been to Lido Key beach in a while you won't believe the difference.

Bottom Line..Invest in Sarasota Real Estate

Return on Investment Comparison January 2000 - December 2008

Dow Jones - 19.8%
S & P - 35.2%
Nasdaq - 59.9%
Real Estate + 69.8%
Source: MSN Money.com Case Shiller

For example, had you invested $100 across a
broad index of the Dow, S&P, or Nasdaq securities;
versus applying the same amount toward a real
estate purchase back in 2000, your long-term
investment would now be worth…
$80.20 in the Dow
$64.80 in the S&P
$40.10 in the Nasdaq
$169.80 in real estate

In today’s climate of fear and uncertainty, people
fail to remember that even adjusting for its
cyclical ups and downs — and the occasional
bubble and burst — real estate remains among
the most profitable long-term investments.

Median home prices have fallen dramatically over
the past year, pushing affordability to its highest
peak in nearly 40 years! (Source: NAR projection
based on 5.2% mortgage interest rate)
When prices begin to rise again, affordability will
naturally decline.

Warren Buffett is never too tight-lipped to reveal the
secret to his phenomenal success:
“Be fearful when others are greedy,
and greedy when others are fearful.”

[Government] Sarasota Lands $2.1M from Stimulus

Sarasota city officials were awarded $2.1 million in stimulus grants through the American Recovery and Reinvestment Act. The money is earmarked for the following projects: more than $1.05 million for Siesta Key drainage; more than $598,000 for energy study and green jobs; more than $236,000 for police and justice; and nearly $152,000 for Newtown storefront rehabilitation.

A portion of Downtown Sarasota is now among a list of treasures recognized in the National Register of Historic Places.

The Sarasota Downtown historical district is bound by First and State streets and Orange and Gulf Stream avenues, and includes such landmarks as the Kress Building, the Roth Cigar Factory and the Sarasota Opera House. Sarasota senior planner Clifford Smith said the district opens up the possibility of tax credits for business owners and grant awards for district improvements.

“It means a lot of things. If you are a local, it really makes you notice your history,” Smith said.

But many are more excited about what out-of-towners will notice. Ernie Ritz, a business owner who restored the historic exterior for the Gator Club at Worth’s Block, said signs on Interstate-75 will soon point drivers to historic downtown Sarasota.

Citrus Square - 14 of 20 condos are under contract.

Citrus Square

Construction is almost completed and 14 of 20 condos at Citrus Square are under contract. Half of the storefronts on the first floor are leased.

Condos are on the second and third floors and look over out the first floor of shops. It is located close to the up and coming Rosemary District. Citrus Square is also within walking distance of Main Street and Whole foods

Another recent Rosemary District success story has been the 176-unit
Broadway Promenade, where the final developer-owned unit was sold this month.

Best opportunity

REDUCED TO SELL! Now $229,000. Steps to Downtown! End Unit for ultimate privacy with Pool View. Light, Bright, 2Bed 2 Bath w/New Tile Flooring & High Ceilings. Perfect Home or Great Vacation Retreat. Intimate Low Rise Complex with Heated Pool, Courtyard with Fountain plus walking distance to Selby Gardens & Marina Jacks.

Key Concierge Opens Concierge Sarasota

Longboat Key-based Key Concierge, a home watch and property management company, has opened a Concierge Sarasota division that plans to provide comprehensive services to individuals and groups. Concierge Sarasota is partnered with the Sarasota Association of Realtors. Susan Robinson is president of both companies.
Contact me and I will be happy to put you in touch with them.
941-993-6443 or 1888-755-2637

Short Sales, Foreclosures and Deals OH MY....

Contact me for more info !!
888-755-2637 or 941-993-6443

Update on the trees at Mound.
They have been re-planted { stored } in the park just north of Mound.
They will be put back in the median after a lane is added.. When ..whow knows..but at least they will return back to their original location.

Sunset from a PH unit at Alinari in downtown Sarasota

Alinari in downtown Sarasota. a great value.. prices have really come way down !

If your favorite store was having a huge sale would you wait for the last day ?

Be it a beach front condo, a golf course home or downtown penthouse with a view..... if you delay today .....your choice for that perfect property will be limited.
Here in Sarasota it's just that straight forward.
I have been working with buyers recently that have missed out on a deal because they were too concerned about thinking the prices might come down. Sure that is true for some. But when you see a great opportunity trust your instincts ..don't second guess.. Trust yourself, trust me.
Make that offer !!

Reverse Mortgages

Wells Fargo is one of the first banks to roll the program out nationally.

Use a Reverse Mortgage to purchase a primary residence or pull cash out of an existing primary residence.

Examples of where a Reverse Mortgage to purchase a primary residence might have application:

1. Buyers that have some cash but not enough to buy the house they really want……..They have insufficient income to qualify for a conventional mortgage

(with it's commensurate mortgage payments). If they obtain a reverse mortgage on the house they are buying , they have no qualification concerns since income is not part of the qualification process and there are no mortgage payments required on the reverse mortgage.

2. Buyers that cannot sell their home up north…..They want to move to Florida but either cannot qualify for a conventional mortgage on the Florida home
or don’t want to have a mortgage payment on their retirement home…….Once again, no income/ratio requirements to obtain a reverse mortgage and best of all,

there are no mortgage payments on the reverse mortgage.

Here are a few of the aspects of the reverse mortgaged program that may be particulary important to prospective users:

*** The youngest borrower needs to be age 62.
*** Reverse mortgages can only be made on a primary residence.
* The payments/proceeds from a reverse mortgage are not considered income, so they do not affect levels of social security, medicare, and/or pension benefits.

* There are no pre-payment penalties associated with paying off the reverse mortgage at any time.
* The buyers never give up title to the property.
* The buyers will never be forced to sell as long as the property remains the PRIMARY residence of at least on borrower.

* The heirs will never owe more than the property ultimately sells for in an arms length transaction,
(i.e. there is never a negative equity position passed on to the heirs).

Proscenium project is back on track

Proscenium project in downtown Sarasota has entered into new sales contracts with landowners.

The new sales pacts means that Proscenium, which was in jeopardy of derailing in December after developers balked at paying more than $1million in extensions to land owners, remains viable.

The agreements also make Proscenium and its centerpiece 225-room Waldorf-Astoria hotel one of the few major commercial real estate projects in Florida to thus far withstand both the withering economy and the global credit crisis.

Under the new deal with the land sellers, who control 18 separate parcels on seven acres around 400 N. Tamiami Trail, sales are expected to close on Feb. 27.

Proscenium's developers, a partnership between local Habitat for Humanity Chairman Zeb Portanova and an Atlanta private equity firm, will pay roughly $70 million for the seven acres -- a premium price that will likely drive up the cost for residential and commercial space.

As a result, Proscenium's 211 condos will likely be priced at $1 million and above, and its office and retail space at double the current market rate -- figures that have left many real estate observers baffled as to who will buy the space.

The developers have yet to establish a sales center or file required condominium documents with the state in Tallahassee.

In addition to the hotel rooms and condos, the 18-story Proscenium is envisioned to contain more than 400,000 square feet of office and retail space, and 1,600 theater seats.

Developers have said previously they expect to complete Proscenium by the end of 2011

New sculpture in Five Points

A dazzling new light-catching stainless steel sculpture titled “Sarasota Deco” is gracing Sarasota’s downtown. The sculpture, created by sculptor Rob Lorenson, stands 16 feet x 16 feet x 4 feet.

“Our gift to the city will be the new meeting place in the heart of downtown. The sculpture importantly underscores and reinforces Sarasota’s moniker as the art and culture destination of Florida’s Gold Coast.” said John Vetri, regional manager for Five Points Sarasota Investors, and Ersa Grae, develop for The Plaza at Five Points, in a statement.

The sculpture “Sarasota Deco” took more than three years to complete -- from design through unanimous approval of the City Arts Committee and the help of various city departments.

The sculptor, Rob Lorenson, was a popular exhibitor in the 2000, 2002, 2004, 2006 and 2008 Bayfront “Sarasota Season of Sculpture” exhibition. His work is represented in both private and corporate collections nationally.

Sarasota Downtown's little boutique hotel

Hotel Ranola

1-866-951-0111
118 Indian Place
Located 1 block south of Main Steet

First Friday Nights

This Friday the 6th...
Live music in Five Points Park......6 pm to Midnight.
Tiki Band and The Arch

As you make your way around 41 between 301 and Osprey { which is actually Mound } you might be wondering where did the trees go ?

Roadwork] Mound Street Tree Removal Sparks Local Ire


The removal of trees on Mound Street in order to add a traffic lane incited anger among residents not expecting the landscape change. Concern among Sarasota officials about the change prompted Florida Department of Transportation officials to come from Tallahassee to speak to City Commissioners.

“I was appalled when I drove by the road and saw the trees removed. The fact we are removing green space from Luke Wood Park does not make me happy,” said Kate Lowman, president of the Sarasota Coalition of City Neighborhood Associations.

The anger was sparked in part by a miscommunication, according to City Manager Bob Bartolotta. DOT officials plan to put the trees, which all came from a state right-of-way near the park, back once project work is done. The roadwork includes addition of one southbound lane on Mound Street from Osprey Avenue to Washington Boulevard.

But that project, which has been in planning for years, also upset those closely following a connectivity effort with U.S. 41 in the downtown Sarasota area. A charrette on bayfront connectivity was recently held by the city, and pointed at creating roundabouts or taking other measures to make the area more pedestrian-friendly.

City Commissioner Kelly Kirschner disliked the timing of the tree removal, which he said created an “atrocious entry to the city during the entire tourist season.”

Kirschner wanted the City Commission to send a letter asking work on the state project be suspended, but such a move was voted down in a 3-2 vote.

Alinari

The developer has made prices adjustments. Call me for the details !

today's 30 year conforming fixed rate is at 4.875%.......Not sure how long this will last!

This is for purchases only……...

Pending sales of properties stood at 504 in November, according to the Sarasota Association of Realtors. That number is a slight boost from 489 pending sales in November 2007. The association said pending sales for the first 11 months of the year were slightly better than 2007—4,250 this year compared to 4,214 last year. Condominium sales, however, are down 20.6 percent this year.

The Observer ....This weeks Feature....

A towering hotel on Main Street that promises to transform the look and feel of downtown Sarasota could break ground in less than a year. Benderson Development Co. is finalizing its plans and is securing its permits before beginning construction next year. As it does so, more details about the $20 million project are emerging. A 130- to 150-room hotel would be the centerpiece of the project at Main Street and Orange Avenue, next door to the Ellis building, which is home to a Bank of America branch. The proposal also calls for a ground-floor bank (not necessarily
Bank of America, according to Benderson Development), several floors of office space and a separate 300-space parking garage. The project would be dramatically different from Benderson’s original proposal, which called for 337 hotel rooms, 1,100 parking spaces and 168 condos. The hotel brand discussed in that original plan was a Westin, but Larry Fineberg, senior vice president at Benderson Development, said Westin would not be the hotel in the current plan. He’s currently in discussion with a few unnamed chains but has yet to sign any of them.

Re-visit City Place at Pineapple Square

Red is residential and yellow is retail.

City Place Residences at Pineapple Square is a great place to put your investment right now !

Located in the heart of Downtown Sarasota you can't go wrong.

Here are the Features and Specifications of the residents.

Building Features

· State of the Art architectural design and elements by Hoyt Architects, Sarasota.
· Design ‘wind tunnel’ tested.
· Impact resistant windows and walls with wind resistances to Florida 2006 code
· Wind study analysis of Amenities level deck to assure comfort and relaxation.
· Private and secure Residential parking with separate vehicle entrance.
· Secure Bicycle storage.
· Ample Guest parking.
· 4 Private Residential elevators.
· Secured multiple points of entry.
· Luxury residential lobby with Concierge.
· Air conditioned and secure private storage area on each residential floor.
· Special acoustical separations on walls and floors.
· Increased acoustical insulations for piping and elevator shafts
· Parking garage access ramp with comfortable straight incline.
· Fully sprinklered and fire alarmed.
· Large and secured Mail Room for privacy in collecting deliveries.
· Special ‘Make-up Air Unit’ provides conditioned fresh air to all Residential areas.
· Waste and Recycling on each level with new generation automated ‘carousel system.
· Emergency ‘back up’ power generator.
· Electronic building security system.
· Professional maintenance staff.

Amenities Features

· Luxurious, resort style amenities deck.
· Large recessed lush planter areas, level with deck for that ‘island’ feel.
· Windy and sun exposure study done to insure comfort and sunlight.
· Outdoor entertainment area with 2 large gas grills and covered seating.
· Heated resort style pool and jetted spa.
· Open and shaded lounging areas with outdoor bar area.
· Direct access to fitness center from deck.
· Secluded poolside areas for more private relaxation.
· Luxurious ‘club room’ with bar, fireplace and large screen TV.
· State-of-the-art theater/media room.
· Fully-equipped fitness center complete with men’s and ladies changing rooms.
· Large ‘warming/catering’ kitchen for event hosting and entertaining.
· Wi-Fi/wireless computer access on amenities level.
· Lightning protected building.

Residential Features

· 38 spacious floor plans to choose from.
· 9’ to 21’ high ceilings in main living areas, except in detail drop areas, per floor plan
· Seven-foot solid core raised panel doors typical throughout.
· 5 ¼” baseboards.
· Spacious Walk-in closets, with wood shelves in master.
· Recessed lighting per plan.
· Programmable thermostats.
· Upgraded large format tile in living, dining, den, kitchen, foyer, bath and laundry.
· Plush upgraded carpet in bedrooms.
· Impact resistance glass windows, operable windows per plan.
· Sliding glass doors from living areas to terrace or balcony.
· Special acoustical insulating separations on walls and floors.
· Verizon FIOS internet, telephone and HD cable per plan.
· 80 gallon hot water tanks.
· Knock-down ceiling texture and orange peel wall texture. Smooth in kitchen and baths.
· Stone window sills.
· Bedrooms, living, den areas wired for ceiling fans.
· Premium Stainless steel stove, refrigerator, microwave and dishwasher.
· Washer, dryers and food waste disposer included.
· Upgraded Shower tile.
· Granite kitchen counter tops, choice of edge design.
· Italian crafted ‘Lube’ cabinets in kitchen and baths. Accessorized with pan drawers, etc.
· Elegant Dornbracht plumbing fixtures.
· Marble countertops in all baths per plan.
· Full width and height mirrors in bath per plan.

Contact me for prices and floor plans ! 993-3159 or 1888-755-2637

And stay tuned for new retail announcements.

Brook Brothers, Sur la Table and Hyde Park Prime Steakhouse are already there !

Once you have picked out a unit...read below for details on how it works....

.....If you have pulled out of the stock market this is a great place to put your money..It just makes sense.

CITY PLACE RESIDENCES
PINEAPPLE SQUARE, DOWNTOWN SARASOTA, FLORIDA

Purchasing Process

1. Pick your floor plan – 37 different layouts to choose from.
2. Write the contract with me.
3. Take 15 days to examine the contract and the condo Documents.
4. A 10% deposit is required with executed contract.
5. Your initial 10 % deposit earns interest. It is held in Escrow by Parker/Williams Law offices.
6. You won’t be asked for further deposits until we begin construction.
7. Expected start of Construction is late 2009 or early 2010. We ask for a second 10% then.
8. Now you have 6 months to choose all the finishes in your Condo.
9. Expected completion is 2012.
10. You move in.

The Proscenium

City unanimously approves Proscenium

By Roger Drouin - Sarasota Herald Tribune
Published: Tuesday, November 18, 2008 at 1:10 a.m. Last Modified: Tuesday, November 18, 2008 at 1:15 a.m.

SARASOTA - Backers of the downtown Proscenium project highlighted its eye-popping numbers and their lawyers said the $1 billion mix of shops, office space and condominiums would be an "economic engine" as city commissioners prepared to cast a deciding vote Monday night

The possibility of creating 5,000 construction jobs and 1,600 other jobs weighed in the developer's favor as city commissioners voted unanimously to approve it.

Opponents of the six-acre development -- which would include a Waldorf-Astoria hotel and a performing arts center -- warned that it would generate enough traffic to choke already busy U.S. 41.

The city's attorney has warned that, if built, it would create the need for $28 million in road improvements that are not being covered by the developer.

But commissioners were swayed by the other set of numbers: Economic impacts like $3 million annually in property tax revenue and thousands of jobs.

"This project is what Sarasota hopes to be," said Commissioner Ken Shelin.
Commissioner Kelly Kirschner, who had voted against it in the past, called it a "jolt in the arm" for the local economy and changed his vote, noting that he still had major concerns about traffic.
Commissioner Fredd Atkins called it "another fantastic opportunity to do something."

The plans include 300,000 square feet of office space and 211 condominiums. Lion's Gate President Gary Moyer said he hopes to be building by next spring.

The economic impacts were also compelling to some of the project's neighbors.
"It is a game changer," said downtown resident John Moran, president of the Downtown Sarasota Condominium Association. "We downtown residents are already here. We want noise. We want crowded sidewalks. We want crowded streets."

Herb Waltzer, who lives near the project designed for property along U.S. 41, said it would give a much-needed economic boost to the Rosemary District.
"It would bring jobs, commerce and economic growth for the city," Waltzer said. "This economic growth would give Sarasota something more than beaches and great weather."

Dan Lobeck, a lawyer representing a resident opposed to the project, focused on the 17,000 daily car trips that would be added to U.S. 41.
Lobeck pressed the developer's lawyer and architect, saying they were not answering his questions. On two occasions, the mayor told Lobeck to step down from the dais after he continued to ask questions beyond the time allowed.

In a recent memo to city commissioners, City Attorney Bob Fournier concluded that construction of the Proscenium would trigger the need for $28 million in road improvements that are required by the state.
That is in addition to the $16 million that Lion's Gate Development has pledged to bring nearby roadways up to state standards.
Lobeck said the development would be the most traffic-intense project ever built in Sarasota, and residents would have to foot the bill.
Dan Bailey, a lawyer representing Lion's Gate Development, countered that the city would be required to make most of the six intersection improvements on U.S. 41 or Fruitville Road whether or not commissioners approved the Proscenium.

Payne Park Village Update

Just a quick note on this......
Ron Burks, owner of the site on School Ave. South of Ringling - across from Payne Park , spoke to the Alta Vista neighborhood residents last night about his new phase 1 plan for the project.
The 100 or so units will be in 8 separate buildings on the southern portion of the parcel. The heights of the buildings will be no higher than 4 stories. The renderings of the site showed architectural similarities to Citrus Square { Orange and 4th } and they were positively received by many of those in attendance.
Units will start at $ 249,000
City Commissioners could vote on the modified project in February
and if all goes well construction could start in the fall of 2009.

Connecting Downtown Sarasota to the Bayfront - Community Design Charrette

This is your opportunity to shape the future of Tamiami Trail
{ US 41 } through downtown Sarasota.

Residents and business owners are invited to attend a community design charrette, to offer their input in connecting Downtown Sarasota to the Bayfront. The meetings, spanning over five days, will include the formal kick-off of an extensive study, a public presentation, a public work session, an open house with community break-out sessions and a closing presentation.

“The goal is to develop a pedestrian-friendly solution for this project,” said Mayor Lou Ann Palmer. “Sarasota’s Bayfront has remained a captivating centerpiece and landmark for many years. It’s extraordinarily important to make pedestrians feel comfortable getting from the Downtown to the Bayfront.
Right now, U.S. 41 is a barrier. So, the question now is: what does the community think about connectivity? We want people’s input. That’s why these meetings have been scheduled.”

The City’s objective is to work with consultants and the public to develop measures which connect the Downtown to the Bayfront, with an emphasis on pedestrian comfort and safety. This goal will mean altering the character of U.S. 41 and transforming it into a more pedestrian-friendly road. During the eight month study, an action plan will be developed which will guide the design and construction of physical improvements along U.S. 41. The project will focus on the public right-of-way on U.S. 41 between 14th Street and Osprey Avenue.
Recommended improvements will be designated as short term, with implementation occurring within three years, or long term, taking place further in the future.
In October 2007, the City Commission directed staff to prepare a request for proposals to connect the Downtown to the Bayfront. The charrette process includes opportunities for the public to participate in working sessions with City staff and consultants, and to help shape recommendations. “The schedule was developed to encourage the public to participate in creating solutions that allow the Sarasota community and visitors to enjoy Sarasota’s beautiful Bayfront,” said City of Sarasota Project Manager Steven Stancel.

The project consultant team includes: Trans Associates, Inc.; Renaissance Planning Group, Inc.; HNTB; Adams Traffic, Inc.; Bobb Marketing & Communications, Inc.; Hall Planning & Engineering Inc.

For more information visit http://www.downtown.sarasotagov.com/

All scheduled events for the Charrette will be located at Sarasota City Hall and open to the public....

Opening Public Presentation
When: Fri., November 14 - 7pm – 9:30pm

Public Work Session/Corridor Field Review
When: Sat., November 15 - 9am – 11:30am

Open house and Break-out Sessions
When: Mon., November 17 - 4 – 7pm

Closing Presentation
When: Tues., November 18 - 7 - 8:30pm

Charrette Parking available on Level 2 of the Whole Foods Parking Garage

Also you can watch live coverage of the charrette on Access Sarasota

[ SRQ TALK] Proscenium

Tabled Legal issues forced the delay of an expected vote on the Proscenium proposal in downtown Sarasota.

City Attorney Robert Fournier said complications with estimating the financial impact on proposed roundabouts in the downtown area makes it impossible to complete a contract with Lion’s Gate Development regardless of whether the City Commission approves the proposal or not.

Much of that relates to the distribution of impact fees with Sarasota County.“Keep in mind this is the first fair-share agreement the city has ever entered into,” Fournier said, citing an ordinance passed two years ago allowing such agreements.In recent weeks, rapid legal negotiations have moved ahead, but not without glitches. Fournier said different analyses estimate the cost of a roundabout between $6 and $16 million, a huge difference in costs he has must be figured out before a decision on accurate information can be made.

Gary Moyer, president of Lion’s Gate, said he was unaware until Monday afternoon that an expected City Commission vote would likely not take place. He came to a meeting Monday evening armed with nearly a dozen paid consultants all sent home before any testimony was given.“We are still very optimistic,” Moyer said. A vote is now scheduled for Nov. 17.

Red Sox Update:

The Wind Down Sarasota city officials are back negotiating with the Boston Red Sox about spring training, but are not willing to put any more on the table to woo the team.“The city is only going to go so far and that’s it,” said Mayor Lou Ann Palmer.

Last week, Sarasota county and city officials announced negotiations reached an impasse, but hours later, county commissioners said they would consider raising extra capital through bed tax increases.

Red Sox officials and county negotiators meet this week, and city negotiators will participate as well. But the city is unwilling to contribute more than its last offer – use of land near Payne Park for a downtown stadium and bonding $400,000 annually now designated for the Ed Smith Stadium. The Cincinnati Reds now train there but plan to move next year to Goodyear, AZ. However, media reports there indicate the Arizona municipality is having trouble funding a facility.

County negotiators are also engaging in preliminary talks with the Baltimore Orioles should the Red Sox deal collapse. City officials said they will listen to the Orioles, but are not willing to let hired consultants work with the Baltimore team at city expense until a resolution is reached with Boston.“I’m not sure I can support the process at the levels being entertained now, or anywhere near where it is now, as it us related to Baltimore,” said City Commissioner Fredd Atkins. “If Boston is not careful, I can’t support this much farther in any direction

Another Beautiful Downtown Sarasota Sunset

Sarasota Downtown Partnership Position in Support of the Proscenium Project

The Downtown Partnership of Sarasota strongly endorses and supports approval of the Proscenium Project.

The Proscenium affords us an exciting opportunity:
· 5700 construction jobs generating $1/2 billion in earnings.
· 1600 permanent jobs generating annual earnings of $53 million.
· A taxable property value of $710 million at completion.
· Other revenues (sales tax, franchise fees, excise tax and permit fees) of $2.6 million.
Beyond those direct financial benefits there would be an enormous economic impact that will ripple through our local economy. Further it continues to enhance the stature brought to our city by the Ritz Carlton, making us a destination for valuable tourist and business dollars.
In fact, the meeting space associated with this project will substantially enhance our competitiveness for convention business, an important diversification from our seasonal tourist business. With 38,000 SF of meeting space in the Waldorf coupled with the Ritz (20,000 SF) and the Hyatt (16,000 SF) we will be able to attract conventions and conferences far beyond our current capabilities.
With the Nederlander Performing Arts Hall and the independent film theatres, the project is themed around the arts, a cornerstone of the cultural prowess of Sarasota. This theatre and its size (800 seat) form a nice complement to our other venues, some larger, some smaller, creating the perfect cultural critical mass.
We urge the Sarasota City Commission and all government entities involved to embrace the project and adopt a constructive posture toward its development. It is consistent with our Downtown Master Plan, asks for no density or zoning changes, and lastly no TIF dollars or other city financial contribution are required. In fact, the Proscenium will add to the TIF base for a period of 4-5 years.
This project is positioned to break ground in the first quarter of 2009…a very welcomed sight that would be, especially in light of the economic times.
Our city needs The Proscenium, our citizens stand to benefit significantly from it, and hence we urge our leaders to stand foursquare in support.

This is a watershed moment for our downtown. Please spend a bit of time to make your opinion known. Thank you.

Phil Chmieleski
Policy Chair
Downtown Partnership

Commissioner and City Manager Email Addresses:
Mayor Lou Ann Palmer: LouAnn.Palmer@sarasotagov.com
Vice-Mayor Ken Shelin: Ken.Shelin@sarasotagov.com
Commissioner Fredd Atkins: Fredd.Atkins@sarasotagov.com
Commissioner Richard Clapp: Richard.Clapp@sarasotagov.com
Commissioner Kelly Kirschner: Kelly.Kirschner@sarasotagov.com
Robert Bartolotta, City Manager: Robert.Bartolotta@sarasotagov.com

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A Mortgage update from our in house rep....

Wall Street Journal, By Sudeep Reddy
September 16, 2008


The Federal Reserve, faced with a series of shocks to the U.S. financial system, left interest rates unchanged Tuesday but said it's watching developments "carefully" -- signaling a willingness to take action if necessary.

The U.S. central bank, in a statement after its meeting, said "strains in financial markets have increased significantly and labor markets have weakened further."

The central bank's policy committee voted unanimously to leave the federal funds rate, at which banks lend to each other overnight, unchanged at 2%. It was the first fully unified vote since last September.

Prime Rate remains at 5%.

Harry Fager
Private Mortgage Banker
MSC Mortgage, LLC
An affiliate of Wells Fargo Home Mortgage
1801 Main St.Sarasota, Fl. 34236
941-951-6660
941-951-6667
Fax 941-308-2222
After hours 877-326-9400 Toll Free
harry.fager@wellsfargo.com

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[SRQ TALK]
Property along 301 just south of Ringling.

County Commission Green Lights Parcel Purchase
A purchase of 1.2 acres of land by Payne Park in hopes of attracting Boston Red Sox spring training garnered a 4-0 vote of support from Sarasota County commissioners Tuesday, but not before questions arose about property value.
The property, at Washington Boulevard and Laurel Street, was purchased for $4,788,080. John Herrli, county land acquisition manager, said an appraiser placed fair market value at $4,470,000.
The price was high because seven parcels were being assembled.
The purchase is expected to close in September, when the Sarasota City Commission per a deal approved Aug. 18 must reimburse costs.
A contract won support before a written appraisal report was completed. Herrli said the deal had to move forward to meet demands of current landowners.“A lot of times when we do property, we do due diligence afterward,” Herrli said.
Sarasota City Commissioner Kelly Kirschner said the property, along with Ed Smith Stadium, is being presented to the Red Sox as a spring training venue. The fact that the land purchase will be reimbursed assuaged concerns of county commissioners, but they said proper and transparent dealings must happen as efforts to attract baseball go ahead.
“This is just one hurdle we’ve crossed,” said County Commissioner Paul Mercier. “I do not know what’s going on and that’s not helping with decisions that have to be made down the road.”