During the next 10 years or so, about $1 BILLION will be spent on Arts, Culture, and Lifestyle in and around downtown Sarasota. How will this affect the experience of buying and living in Downtown Sarasota?
Communities around the world are looking for ways to improve the quality of life for their residents and visitors for one simple reason — money. Individuals, retirees, families, and part-time residents want to live in a community that has great resources. The better the quality of life in a community the more people and businesses it will attract.
Sarasota is built on weather, culture, good schools, and life-long learning. I strongly believe that the $1B investment in our local community’s quality of life will only strengthen and increase the $81.8B of property values here in Sarasota.
In case you may not be familiar with the major capital campaigns that are either already complete or in progress they include:
The majority of the dollars flowing into these improvements is private money. As all this is going on, there are also plans for more roundabouts, more green spaces, more performances, etc. All this activity is generating exponentially more and advertising and publicity — which shines a brighter spotlight on our community.
My contention is that all this stimulates more engagement from visitors and residents, and also means more people are paying attention to what is going on and how it is being implemented, naturally raising the bar of expectation for planners and developers.
The Halo Effect: Small Community with First Tier Amenities
The improvements in our community also trigger increased revenues. Studies commissioned by the non-profit Americans for the Arts estimated that an average of $37.80 is spent beyond the cost of admission by each audience member for each performance attended. This number includes spending on hotels, parking, food, souvenirs, etc.
The formal venues in the greater downtown area amount to just under 21,000 seats within 10 minutes of Five Points — the intersection of Main and Pineapple — which we consider the epicenter of downtown Sarasota. (This does not include the dozens of restaurants & bars that regularly have live music and/or indoor-outdoor entertainment.) This translates to about $157M for 200 performances. This is a significant amount of money spent in Sarasota as part of attending a show or performance.
Among the EIGHT downtown hotels — five of which are new — there are now 540,930 room nights (1482 rooms per night) that are available. There are now TWENTY-NINE non-stop flights to and from Sarasota — up from just FOUR a short while ago.
Buying and Living Downtown
The investment downtown is attracting a more discerning resident who in turn requires better restaurants, cleaner and safer neighborhoods, and amenities surrounding the arts that are commensurate with the high-quality productions that are being presented. Developers are delivering residences at a variety of price points, however, all new construction condos are being built to a higher standard of design and finish.
The challenge is finding the right match for one specific buyer when you incorporate their specific criteria regarding size, view, urban sounds, walkability, etc. One of my concerns is that there is limited turnover in the heart of Downtown Sarasota, and therefore Buyers really need to be super in tune with their own needs and wants so they are prepared to move forward when the right match becomes available.
Interested in moving downtown?
Take a look at our comprehensive guide to New and Pre-Construction Downtown Condos now available on our website. Here you will find all the details on residential options as well as exactly how long it takes to walk to the downtown epicenter.
We counsel our clients to ensure they make the best Investment in Sarasota for them. This means both the investment in their health, happiness, and lifestyle goals, as well as one that makes good financial sense. We invite those who are keen on the urban downtown lifestyle to take a private walking tour of the opportunities in Downtown Sarasota. With the level of investment in the arts, the amenities are getting stronger, and with that, the return on investment is going to increase with time.
Give me a call @941.587.0740.
