Down the Pike - Summer 2018

On a quarterly basis of late, hotels and multi-family rentals have jockeyed for the No. 1 position in development activity is Sarasota. What this tells us about our community is nothing new – this area is a wonderful place to visit and live. This quarter hotels have again captured the top spot, as three new projects are in process. Two of the new lodging properties are being planned on Fruitville Road, while the third is in the embryonic planning stages for a Sarasota County-owned surface parking lot at Main Street and North Washington Boulevard. All the projects seem to have solid financial foundation and are being developed by groups who have weathered the financial storms of oversupply and past recessions. The other real positive is the diversity of product being planned – from a five-star, high-end hotel to more affordable short-stay offerings. Though we are often asked “who will occupy all these new hotel rooms?” we’re not overly concerned. The nation’s demographics are changing, and people are traveling more often. Baby boomers are retiring in full force and checking off bucket list travel to places like Sarasota, fueled by Siesta Key Beach’s repeated designation as the best in the U.S. Millennials, too, seem to be traveling more than their parents did, as they make experiences and travel more a priority.