The project, located at the corner of Stickney Point Road and South Tamiami Trail, is expected to break ground early next year.
Article provided by Sarasota Magazine
Major developer Benderson Development is preparing to break ground on Siesta Promenade, a project that will transform the gateway to Siesta Key in southern Sarasota.
As the project at 6450 S. Tamiami Trail moves steadily toward a construction start in 2024, Benderson Development has exclusively revealed what will be built on the long-vacant site.
The 24-acre Siesta Promenade project, near what locals call “South Bridge,” is scheduled to break ground early next year. Built on the northwest corner of South Tamiami Trail and Stickney Point Road, the project “we think is one of the best corner sites in the state,” Rex Burger, Benderson’s vice president of retail development, told us back in 2005.
The project will consist of a total of 10 retail and restaurant buildings, including a yet-to-be-named grocery store. There will be 140,000 square feet of retail space, a minimum of 7,000 square feet of office space and a 414-unit apartment building, of which 25 will be affordable. The affordable units will be targeted to people earning 80% of the area's annual median income, which equates to $51,200 per person and $73,100 for a family of four. This is Benderson's first multifamily development in Sarasota County.
Siesta Promenade will also be home to an 80-foot-tall, 130-room hotel, larger than any on nearby Siesta Key, which has limited space for such densely packed hotels.
Building heights will vary across the site, with the hotel being the tallest, although details about the number of floors each building will have are subject to change before construction breaks, according to Benderson Marketing Director Julie Fanning. The hotel and grocery store will be located on Stickney Point, while the residential buildings will be located on the north side of the project, away from high traffic areas, and some of the retail and restaurant options will front on the busy South Trail.
The retail and residential areas will be built simultaneously and will take about two years to complete, followed by the hotel. “When residents move in, the stores and restaurants will be open so they can immediately enjoy the amenities and lifestyle experience on-site,” Fanning said.
Benderson bought the property in 2005 for $17.1 million. The property formerly housed a Shell gas station and the Pine Shores Mobile Home Park, which has about 140 mobile homes.
Siesta Promenade was approved by Sarasota County in 2018. “The property was intended as a mixed-use development from the beginning, but through the planning process the design evolved from a town center to a neighborhood destination with a coastal village feel,” Fanning said.
The buildings will feature a variety of architectural styles, from Florida Modern to Coastal Contemporary, and “the village environment will be enhanced by inviting outdoor spaces and landscaping that will provide an opportunity to relax and rejuvenate,” Fanning added.
On Sept. 27, the Sarasota County Commission will vote on a plan to add 39 parallel parking spaces along the residential streets of Glencoe and Crestwood avenues, a move that has been a source of contention for neighbors, but Fanning said the additional parking spaces are “one of many traffic calming measures Benderson is considering to maintain a neighborhood feel and create a more pedestrian-friendly area.”
But opponents argue the additional parking doesn't comply with conditions agreed to when the County Commission originally approved the development, such as the creation of a 20-foot landscaped buffer for nearby neighborhoods.
Founded in 1949 in Buffalo, New York, Benderson Development's portfolio includes more than 800 properties and more than 50 million square feet across 40 states, including grocery-anchored centers, warehouse and industrial facilities, offices and hotels.
In March, Benderson Development opened a Publix at The Landings on U.S. 41 south of Proctor Road, and is also working on Fruitville Farm, a mixed-use development with a Publix anchored, currently underway at the intersection of Fruitville Road and Lakewood Ranch Boulevard. Benderson also recently completed a deal for the former Cafe Bachi restaurant at 4001 S. Tamiami Trail and purchased the Walgreens at the corner of Bee Ridge Road and Beneva Road.
The company acquired the Sarasota County Courthouse and surrounding parking lots last year and plans to redevelop the land into a mixed-use development with residential, office, and retail space by the end of 2025.
“Tamiami Trail and Stickney Point Road are the literal gateway to Siesta Key, a world-renowned tourist destination,” Fanning said. “The property was severely neglected when we acquired it, so this is a tremendous opportunity. Once complete, it will be a vibrant destination that both locals and tourists can enjoy.”
Original article from Sarasota Magazine