Focus on Downtown Sarasota - Fall 2016

Downtown Sarasota is comprised of five real estate components: Office and retail space, including restaurants, lodging and residences. Churches and cultural draws are also integral parts of the larger mosaic. In downtown Sarasota today, there exists roughly 2 million square feet of office space; 3,000 residential units divided among apartments and condominiums; some 700 hotel rooms; about 500,000 square feet of retail space; and 190,000 square feet of restaurant and related entertainment space. Over the next 18 months, however, 3,000 new residential units and 1,000 hotel rooms are scheduled to be delivered. While many of these properties will contain ground-floor retail or restaurant/club space its impact will be marginal. Downtown needs to protect the equilibrium of retail to entertainment in a market when entertainment uses looking at our market eclipses retail uses looking.