Siesta Promenade, from Benderson Development That's Headed to South Sarasota

Are you intrigued by the changing landscape of South Sarasota? If so, it's time to turn your attention to the ambitious new project spearheaded by Benderson Development. We're talking about Siesta Promenade, a development that promises to redefine the gateway to Siesta Key. Read on for an in-depth look at what this exciting project entails.

Siesta Promenade: An Overview

Slated for groundbreaking in 2024, Siesta Promenade is a 24-acre project located near the South Bridge. According to Rex Burgher, Benderson’s Vice-President of Retail Development, this corner of South Tamiami Trail and Stickney Point Road is "one of the best available corners in the state."

A Mixed-Use Paradise

The development plans include 10 retail and restaurant buildings, an apartment building with 414 units, and a whopping 140,000 square feet of retail space. The commercial components are designed to serve not just the residents but also visitors, adding a new dimension to Sarasota’s social fabric.

Focus on Affordability

Among the 414 apartment units, 25 will be designated as affordable housing. These units will be geared towards residents earning 80% of the area's annual median income—making the project inclusive and accessible.

Siesta Promenade's Impact on Local Hospitality

The project also includes an 80-foot high, 130-room hotel, which will be the largest of its kind near Siesta Key. The sizeable hotel will offer more lodging options for tourists and could be a game-changer for local hospitality.

Transition in Building Heights

According to Julie Fanning, Benderson's marketing director, building heights will vary across the property. The hotel will be the tallest structure, followed by residential and retail spaces. The idea is to ensure a smooth transition that fits with the surrounding environment.

Timelines and Phases

Retail and residential spaces are planned to be built simultaneously and should take about two years to complete. The hotel construction will follow. The goal is for the shops and restaurants to open in tandem with the residential move-ins, allowing immediate access to amenities.

The History of the Site

This 24-acre property was acquired by Benderson back in 2005 for $17.1 million. The site previously housed a Shell gas station and Pine Shores Mobile Home Park. The transformation aims to elevate the value of the land and offer a better quality of life for the community.

Approval and Controversies

Siesta Promenade was greenlit by Sarasota County in 2018. However, there's been some public contention regarding the addition of 39 parallel parking spaces along residential roads. Benderson argues these spaces are part of their broader plan to create a pedestrian-friendly area, but opponents claim it violates initial stipulations.

Benderson Development: A Brief

Founded in 1949, Benderson Development is no stranger to large-scale, impactful projects. With over 800 properties in 40 states, their portfolio spans various sectors, including retail, residential, and hospitality. This makes Siesta Promenade yet another feather in their already impressive cap.

What This Means for South Sarasota

For Julie Fanning, the Siesta Promenade represents a "vibrant destination for both locals and visitors." Given its prime location at the gateway to Siesta Key, the project has the potential to become a new landmark, drawing in tourism and boosting local business.

Conclusion

Siesta Promenade promises to be a transformative development for South Sarasota. With its multi-faceted approach that includes retail, residential, and hospitality sectors, it's set to become a new hub for both locals and tourists. As we inch closer to the groundbreaking in 2024, there's a palpable sense of anticipation for what this project will bring to the community. So, keep an eye on this space; Siesta Promenade might just be your next favorite spot in Sarasota.