Sarasota Real Estate News Item

Sarasota County Approves Plans for a Mega-Mall

Posted June 01, 2007

    After nearly 15 years and several earlier rejected proposals, Sarasota County planners have found what they want at the junction of I-75 and University Parkway; a mini-city featuring the region's biggest mall, Sarasota real estate offerings of 1,750 homes and even a trolley system to take homeowners and shoppers to the mall's planned upscale stores like Nordstroms.

    The project will be fast-tracked opening in 2009, and Nordstroms will be one of 3 high-end retailers to anchor the mall.   This huge construction project should give a boost to the local economy by employing thousands of construction workers in addition to 2,500 retail and office workers.

    Besides the shopping space and residential real estate, the project calls for office buildings, hotels, a theater, parks, a grocery, outdoor dining and sculling on an adjecent lake.

    Two months ago the county commissioners frefused to approve the 276-acre project, citing traffic and harm to other Sarasota retailers.  But the commission was won over by a quick redesign of the project

    County officials have said they have had enough of suburban-style development where subdivisions are seperated from commercial and industrial areas, leading to sprawl and an endless need to widen roads.  The idea is to build compact communities where people live near their work and shop.

    Benderson hasn't named the other two mall anchor stores , but Benderson's development partner, The Forbes Co. is known for attracting high-end retailers like Nordstrom, Neiman Marcus and Bloomingdale's to its projects.  Benderson says it will seek department stores which are unique to the Sarasota market, with the possible exception of Macy's, which already has a store here.  Naming Nordstrom as an anchor gave credibility to a project that has long been criticized for being promoted as a high-end regional mall when its only big tenant was to be a Super-Target.

    Part of the allure of the project to Sarasota County is it will stop the flow of sales tax dollars northward to Manatee County and Tampa for years.  It is believed that keeping Sarasota County shoppers within the County will add up to $7 million a year in sales taxes to Sarasota County revenues.

      For a permanent home, vacation getaway or an investment property, the Sarasota real estate market, with its recent price correction, is hard to beat.  I invite you to request my free Sarasota Real Estate Package or call me directly on my cell phone at 941-228-2321 for more immediate service.