The Little-known Bedrock of Sarasota’s Economy, Community and Real Estate Market

There are many factors at play in our community that affect the property market – some more obvious than others. Today I’m discussing the three highly acclaimed colleges we are lucky to have in our town and the positive impact they have on life here, and of course, the Sarasota real estate market.

There are numerous benefits to living in a college town, from access to incredible intellectual talent to diverse programming and idealistic students. CNN commentator and author Fareed Zakaria calls higher education America’s best industry and I happen to agree. Not only on a personal level – what could be more important than shaping the lives of young people? – but from a business standpoint: a community’s value is increased by its assets and the caliber of universities in Sarasota definitely has a positive impact on property values.

I have maintained that one of the better ways to protect real estate values and our local economy is for industry diversification and better quality and therefore higher paying jobs. Colleges play a big part of bringing both good quality jobs to the area, and also paving the way for young graduates to pursue idealistic goals and solve challenges facing global populations, often by creating opportunity in our own neighborhoods. In this month’s newsletter I share some of the work that is being done both on and off campus by Sarasota colleges, which is adding to the economic and social fabric of our community.

USF Sarasota-Manatee (University South Florida Sarasota-Manatee)

The newest and largest addition to the Sarasota university roll call celebrates its 40th anniversary this year. Program highlights which have benefited our community include:

• Age Friendly Sarasota – An initiative to engage government, businesses, and organizations in building a lifelong community by creating more livable environments.
• Culinary Innovation Lab – This is open to the public, and craft beer brewing courses in partnership with four breweries.
• A successful women’s rowing team which may transition to division 1 this year – a major boon for any town.
• The fastest growing program is biology, where students get to partner with Mote Marine to learn from some of the world’s foremost experts and gain a love for the protection of our waterways.

New College of Florida (NCF)

NCF has been delivering high quality education in Florida since 1960. Boasting more Fulbright Scholarships than many of its Ivy League counterparts, NCF demonstrates the huge benefits of this prestigious international program. With 155 participant countries, Fulbright awards allow students and teachers to bring and learn valuable skills and lessons globally.

In the last five years, 33 awards have been given to the NCF community (which is consistently ranked in the top 5 public liberal arts colleges in the country). For me, one of the strongest examples of the importance of having great higher education opportunities in our community is the role modeling, mentoring, and tutoring which can be of benefit to our 350 different community organizations.

• Many of the faculty at NCF have received substantial grants to conduct research. In fact, over $3M has been awarded locally since 2008. These awards have come from multiple entities including the National Science Foundation, the National Endowment for Humanities and even the US Army.
• NCF students have donated 41,000 hours of community service during the past five years. This is valued at about $1,000,000. This commitment to service is reflected in our larger community as well.

Ringling School of Art and Design

Sarasota’s oldest school is the Ringling School of Art and Design. It was created by Sarasota’s most famous citizen, John Ringling, in 1931. While the number of students and reputation has grown, it is still committed to teaching artists. John Ringling also leaves a powerful cultural legacy of philanthropy which is still palpable in Sarasota today.

• Part of the school’s legacy is that its presidents have been actively engaged in the community for decades – with one even serving as mayor of Sarasota. Rarely a week goes by that I don’t meet someone locally who has attended Ringling.
• Ringling is also a great draw for international students with 20% of the incoming class this year coming from outside the US.
• And here is one of the best benefits of having great schools in your backyard: the community gets the first chance at having this highly artistic and talented group remain locally after graduation.

Students (and the community) get four years to sample and experience Sarasota, which is uniquely positioned to capture the imagination and innovation of youth, their enthusiasm and creativity, and the growth mindsets that contribute to a diverse community.

Robert Berdahl, President of the American Association of Universities, agrees. He says:

“engaged citizens, students, faculty, and staff bring their energy and expertise to their communities in such ways as mentoring and tutoring in K-12 schools, sponsoring community health clinics, spearheading environmental initiatives, and providing ongoing assistance to elderly and disadvantaged residents.”

In Sarasota, the combined efforts of the student bodies, faculty, and staff of these three schools continue to make an indelible mark on the fabric of our community. In my estimation, however, there is still so much more that can be done to leverage the greatness of culture, academia, and excellence. Collectively, the economic impact is hundreds of millions of dollars and for our real estate values and quality of life as a three-college town, there is no limit to the possibilities.
Let me take you on a tour of our three-college town today: 941.587.0740.