Sarasota, Florida, is witnessing a remarkable transformation, with its skyline increasingly dotted with cranes and the sounds of construction echoing through the streets. This bustling activity is not just noise it's a testament to Sarasota's emergence as a top player in the national real estate market.
Recently, Insurify placed our region at the pinnacle of its "Top 10 Home Markets to Watch in the Country" list.
The vibrancy of our real estate market is evident in the numbers: between June 2022 and June 2023, new construction in Sarasota and Manatee counties soared by 24 percent. Our population also surged by nearly 7 percent between 2020 and 2022, dwarfing the national average increase of 0.6 percent. This influx has led to an astonishing 218.37 new residential units per 100,000 residents – the highest in the nation.
But it's not just residential units shaping Sarasota's new landscape. A recent City of Sarasota development update revealed the extent of the ongoing and upcoming projects in the area. In the past year alone, eight significant projects in downtown Sarasota were greenlit, adding 573 residential units and over 3,600 square feet of financial institution space.
Currently, 14 significant projects are underway along major corridors such as Fruitville Road, U.S. 301, and U.S. 41. These include 1,457 residential units, assisted living, memory care, transient lodging units, and substantial commercial and office spaces.
Here's a closer look at some key developments reshaping Sarasota:
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Progress at University (1400 DeSoto Road): This ambitious project is set to introduce 280 multifamily units across four-story buildings on a 16.57-acre site.
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Sapphire North and South Apartments (4501 and 4415 N. Tamiami Trail; 4229 and 42110 N. Tamiami Trail): These twin projects will add 134 apartment units across two four-story buildings.
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Quay Sarasota Blocks 7 and 8 (0 Quay Commons): A part of the expansive Quay Sarasota Plan, this development will feature 78 luxury condominium units, complete with a fitness facility and a private club.
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Chase Bank (1836 and 1850 Fruitville Road): This new banking facility will span almost 4,000 square feet and offer state-of-the-art financial services.
In addition to these, several projects are under construction, like The DeMarcay, SOTA Hotel, Sarasota Bayside, and the Quay Block 10 Building, each adding a unique blend of residential, commercial, and leisure spaces to the city's fabric.
This flurry of development is not just changing Sarasota's skyline it's redefining our city's identity. With every new project, Sarasota is steadily building a reputation as a dynamic, growing hub that balances modern living with its rich cultural heritage. As these projects progress, they promise to enhance our city's landscape and enrich the lives of Sarasota's residents and visitors alike.
If you have any real estate questions or are considering buying or selling in the Sarasota area, please contact us at The Thompson Group first.
