Newsletter 129

NEWS FROM THE SUNCOAST …..

SPRING BREAK SOARS, SPRING TRAINING RESUMES

It’s been about two years, but Wellen Park’s neighborhood pizza joint has yet to experience a normal spring training season. In 2020, Bocca Lupo Coal Fired Pizza was preparing to open its location near CoolToday Park, the spring training home of the Atlanta Braves in North Port, right as the COVID-19 pandemic reached Florida. A year later, when the pizzeria was fully operational after a period of selling pies on a to-go-only basis, spring training returned, but it was at a reduced capacity.

This year, the Major League Baseball lockout caused the restaurant to miss out on a few weeks of baseball business. Bocca Lupo owner David Valentino said he doesn’t want to complain. Sales are strong. Bocca Lupo has established itself in Wellen Park, and its success is what Valentino hoped it would be before COVID-19 was a thought in anyone’s mind. But at the same time, he said, the pizzeria and restaurant hasn’t fully absorbed the benefits of its proximity to CoolToday Park. “I’m not sure we’ve ever seen what a full game day crowd means for us, business-wise,” Valentino said. Spring training returns this week after a three-month Major League Baseball lockout that threatened the prospect of the pre-season games happening at all. Now that ownership has reached agreement with the players’ union on a new contract, owners of businesses near the three local sports stadiums said they’re excited to reap the benefits. For more on this story, courtesy of the Sarasota Herald-Tribune, please click here: Spring Break, Spring Training

SIESTA BEACH NAMED #2 IN US, #14 IN WORLD

Sarasota County’s most famous stretch of sand is back in the national spotlight. 

For its annual Traveler’s Choice Awards Best of the Best Beaches, Tripadvisor named Siesta Beach No. 2 in the U.S. and No. 14 in the world. Ranked at No. 17 in the country last year, Siesta Beach did not place on the world list in 2021.

“Travelers have been raving about the white powder sand in Tripadvisor reviews, calling it a ‘great beach for people watching, sunsets, breakfast/morning walk on the beach and finding sand dollars,'” a Tripadvisor spokesperson said in an email issued Wednesday. The travel company noted that “these awards are based on authentic reviews from travelers on Tripadvisor throughout 2021.” Nine Florida beaches ranked in the Top 25 this year, more than any other state. They include the nearby Pinellas County destinations of Treasure Island (No. 19 in the U.S., down from No. 16 in 2021), St. Pete Beach (No. 22 in the U.S., down from No. 1 in 2021) and Clearwater Beach (No. 24 in the US, down from No. 18 in 2021). Hapuna Beach State Recreation Area in Hawaii was ranked No. 1 this year by Tripadvisor. Siesta Beach took the top spot in the U.S. in 2020 and was also ranked No. 11 in the world that year. If you’re interested to read more, please click here: Siesta Beach is #2

SARASOTA HOME PRICES UP AGAIN

The Sarasota metro area continues to post year-over-year housing appreciation figures that would have been hard to imagine just two years ago. Single-family residential properties in the metropolitan area reaching from Bradenton through North Port saw a 36.2% increase in the CoreLogic Home Price Index from January 2021, compared to the national average of 19.1% appreciation from the previous year, according to the real estate analytics company. The month-over-month national appreciation figure came in at 1.4%, compared to the Sarasota metro area’s 2.57% increase. “In December and January, for-sale inventory continued to be the lowest we have seen in a generation,” Frank Nothaft, chief economist at CoreLogic, said in a news release. “Buyers have continued to bid prices up for the limited supply on the market. However, the rise in mortgage rates since January further eroded buyer affordability and is expected to slow price gains in coming months.” While Sarasota’s increase was notable, both Naples (38.9%) and Punta Gorda (38.3%) led the nation for a second month in a row in home price appreciation, according to CoreLogic. Please click here to read more: Home Prices Up Again

LUXURY CONDO MARKET BOOMS

Two more condominium developers have announced plans for more luxury properties in downtown Sarasota, an area that’s in the middle of a condo boom.

Sarasota’s luxury condo market saw several towers built between 2004 to 2006 in the downtown area, amid the last real estate boom. While the recession slowed condo development, the announced projects over the past 12 months have seen brisk sales with projects selling out during development. Right now, hundreds of condos are either under construction or in various stages of the development process, many achieving sustained sales figures unprecedented for this stretch of the Gulf Coast. The new development will add thousands of new residents to the downtown area, bolstering the demand for restaurants, retail and other entertainment options. A new project on Golden Gate Point called the Peninsula Sarasota will include two 110-foot buildings built with eight floors of residences over three floors of parking. Peninsula One will have eight residences, each unit encompassing the entire floor, with the other tower having 15 residences. Development of residences at the Peninsula Sarasota is expected to begin this fall, according to a news release. Prices for the 2,400-square-foot to 3,000-square-foot units range from $2 million to $6 million.There’s more on this story here: Luxury Condo Market Booms

GROWING INFLUX OF NORTHEAST BUYERS

Sarasota and Manatee counties’ luxury property has never been in higher demand or sold for so much money as it does today. Part of the reason for the increase in prices is the overall hot market, local real estate experts tell the Herald-Tribune, due to a dearth of homes for sale combined with an increase in demand. However, some experts have also noted the area has been attracting more buyers from the northeastern coast of the United States who often have different price expectations, which has impacted the area’s luxury market. In combination with fewer homes and stronger demand, luxury price points have been pushed ever higher. Illinois buyers accounted for just over 6% of buyers in the roughly 3,600 sales Coldwell Banker Realty real estate agents represented in 2021. Just behind Illinois, New York residents accounted for nearly 5% of Coldwell Banker buyers in Southwest Florida, covering the coastal counties from Manatee to Collier, followed by Ohio at 3.6% and New Jersey at 3%. Florida Department of Motor Vehicles data backs up the Coldwell Banker Realty statistics. In 2021, Sarasota County saw 2,149 New Yorkers turn in their Empire State driver licenses for Sunshine State driver licenses. Please follow the jump for more on this story: Northeast Buyers

AFFORDABLE HOUSING CRISIS BURNS BUSINESSES

Facing a deadly pandemic and a fast-growing region, Sarasota Memorial Health Care needs nurses to help staff its hospitals and health care centers. But in just one week last month, three prospects rejected offers one after the other. Why? They started researching the housing market. “They are in sticker shock,” said Laurie Bennett, vice president of human resources. The job candidates frequently say they can’t afford to live here, Bennett said, though in many cases the open positions are not entry-level and come with annual salaries between $40,000 and $50,000.

Affordable housing was a term once mainly discussed for the very poor or disabled receiving Section 8 or other government help. Now, some of the area’s largest employers warn that Sarasota and Manatee’s affordable housing problem is not just an issue for residents worried about soaring rents and home prices, it has also blown into a broad-based business crisis that impacts jobs and broad sectors of the local economy. In a recent survey, the Economic Development Council of Sarasota County asked its members to rank their top priorities and concerns. Affordable housing came out clearly on top, said Lisa Krouse, president and CEO.

“That is extremely telling about how businesses are feeling, what they are experiencing and what they need help with,” Krouse said. “I don’t think there is a sector that is immune.” In 2021, apartment rents in the North Port-Sarasota-Bradenton area rose by 44.3%, according to apartmentlist.com. By comparison, from 2017 through 2020 the average increase was just 1.5% per year.

Home prices rose by more than 33% last year, well over double the national average, according to CoreLogic. After Sarasota County staff recommended spending just $5 million on affordable housing from the $84 million the county was receiving in federal COVID-19 relief funds, a coalition of local advocates helped persuade the County Commission to increase that to $25 million. There’s more on this story here: Affordable Housing Crisis Burns Businesses

FLORIDA HOMEOWNERS STRUGGLE WITH INSURANCE

Thomas and Eileen Schoenberg had to get a new homeowners insurance policy when purchasing their St. Lucie County condominium in December 2019. Capital Insurance Agency, Inc., had offered them a yearly rate around $1,100, Thomas Schoenberg said. But despite installing a new roof and hurricane-proof windows, the company raised the Schoenberg’s policy to $2,600 the next year — a 136% increase. The couple successfully found a cheaper alternative, a roughly $1,700 annual policy with Florida Peninsula Insurance Co., Schoenberg said, but faced a similar fate going into 2022: another price hike, this time reaching $3,000 a year.

Neither insurance company justified the increase, he added. “We’re powerless. Insurance companies won’t even talk to you. They do what they want to do,” said Schoenberg, 71, who has lived in St. Lucie County for about 18 years. “It’s criminal. It’s absolutely criminal that we let them get away with this.” Many Floridians are in the same boat. Homeowners insurance premiums are up nearly 25% this year and aren’t expected to level off soon, said Mark Friedlander, spokesperson for the Insurance Information Institute, a nonpartisan association that provides insurance education and research. Moreover, Florida had the highest average premium nationwide in 2021, at $3,600 — 157.5% more expensive than the $1,398 U.S. average, Friedlander said. There are a few reasons why, industry experts told TCPalm: Unrenewed policies, fraudulent roofing schemes, increasing replacement costs and limited legislative oversight. Dozens of insurance companies are either not renewing existing policies or no longer writing new ones statewide, including Progressive Insurance, Friedlander said, which this year dropped about 56,000 policies with roofs older than 15 years. That’s because business isn’t turning a profit, Friedlander said, and insurance companies are shedding high-risk properties. In 2020, Florida’s insurance companies reported $1.6 billion in underwriting losses, he added, mainly caused by roofing fraud and increasing replacement costs. “Insurers are bleeding terribly here,” he said. “They are in such a precarious financial position right now. They don’t want to continue taking on so much risk.” Please click on the link for more: Home Insurance Rates Soar

TREE ORDINANCE CHANGES EYED

The city of Sarasota is considering changing its tree ordinance to give homeowners more flexibility when it comes to planting or removing trees in their yards. The city’s Tree Advisory Committee has developed a list of recommendations for how to improve Sarasota’s tree ordinance. For these recommendations to be adopted, the City Commission will have to amend the ordinance. “The TAC recommendations provide a great deal more flexibility,” said Assistant City Attorney Joe Mladinich at a recent commission meeting, where the board discussed the tree ordinance.

When residents remove a tree from their yard, they generally need to plant one or more new trees to replace the one cut down, or pay the city a fee. The ordinance requires trees with a diameter of over 30 inches to be replaced with three trees that are at least 7 inches in diameter. When a 16- to 30-inch tree is cut down, it must be replaced with two trees that are least 5 inches in diameter. And when a 4- to 15-inch tree is removed, it must be replaced with a tree that’s at least 3 inches in diameter. The advisory committee is advising the city to decrease the minimum size of required replacement trees. Their recommendation is that for canopy trees, the replacement trees must have a minimum diameter of 3 inches, and for all other trees, the replacement trees must have a minimum diameter of 2 inches. Smaller replacement trees allow homeowners to plant a greater variety of species, Mladinich said. There’s more on this story: Tree Ordinance Changes

FLORIDA STUDIO THEATRE UNVEILS PLANS

Florida Studio Theatre has unveiled plans for its new Arts Plaza – an 11-story building that will include new performance spaces, parking spots and affordable housing for Sarasota arts workers. The theater company, founded in 1973, has expanded several times over the years. “Today, we need to grow again, because of a number of reasons,” said Richard Hopkins, Florida Studio Theatre’s producing artistic director, at an event Monday evening. One reason: FST needs more parking. The Arts Plaza will have four floors of parking, which will make it easier for patrons to find a spot before attending a show. The building will be constructed on First Street, next to FST’s Hegner Theatre Wing. Florida Studio Theatre also needs more theater space. The Arts Plaza building will house a new mainstage – a larger theater – and two new cabaret theaters – which are smaller performance venues. The building will also have a restaurant, lobbies and dressing rooms. FST wanted to improve its actors’ housing, too. The theater company currently owns 18 houses in Sarasota where actors live, according to Hopkins. “We started looking at that and saying, ‘Well, if we want to continue growing and attract the best actors in America, we need to improve our housing,’” he said. He noted that Florida Studio Theatre had two options: it could renovate its existing houses, or sell them and build new housing. FST chose the latter option. Click here for more: Florida Studio Theatre Expands

LEGACY TRAIL EXPANSION AHEAD OF SCHEDULE

Two years and nine months ahead of schedule, Sarasota County celebrated the completion of an 18.5-mile stretch of the Legacy Trail that connects Payne Park in the city of Sarasota with the Historic Venice Train Depot and the Venetian Waterway Park. “It was just five months ago that we had our ribbon cutting for Segments 1 and 2,” Sarasota County Commission Vice Chairman Ron Cutsinger said recently at the Payne Park ribbon-cutting ceremony for the latest trail stretch completed.

When connections in and around Venice – including the Venetian Waterway Park – are included, a paved link stretches roughly 20 miles. In the past year – prompted in part by people seeking outdoor recreation options during the COVID-19 pandemic – the number of trail users has more than doubled to more than 524,000. “That’s before opening this section,” Cutsinger said. “One day, we’ll be talking about a millionth visitor, won’t we?” Payne Park, at 2010 Adams Lane, is one of two trailheads that have opened, offering parking and restroom facilities to those traveling the trail. The Sarasota Springs trailhead at 4012 Webber Street has opened as well. In June Sarasota County will open the Pompano trailhead adjacent to the Babe Ruth Baseball complex at 601 S. Pompano Ave. That trailhead will offer easy access to the Sarasota County Fairgrounds and the nearby Lee Wetherington Boys and Girls Club. It will also include a meeting room in the structure once used by the Florida Division of Motor Vehicles for driver license tests, and 12 lighted pickleball courts. Click here for more: Legacy Trail Expansion Ahead Of Schedule

SARASOTA OFFERS TROLLEY RIDES TO ISLANDS

Local residents and visitors are now able to hop on a trolley in downtown Sarasotaand ride it to St. Armands Circle or Lido Beach. The trolleys, which have white paint and blue letters that read “the Bay Runner,” are meant to alleviate traffic congestion between downtown Sarasota and the barrier islands, according to a city press release. The free service started at the beginning of March. “We’re just very excited,” said City Commissioner Liz Alpert, “and I’m hoping that everybody uses it.” Alpert said the wait times for the trolley shouldn’t be longer than 20 minutes. The Sarasota Bay Runner app, which will be available on the App Store, Google Play and SarasotaBayRunner.com, will have real-time information, including approximate arrival times. The trolley service has six stops in the downtown area, including the intersection of Main Street and School Avenue and the intersection of Main and Palm Avenue. The trolley then travels across the Ringling Bridge and Bird Key before making a stop on the John Ringling Causeway. It then stops at a few locations at St. Armands and Lido Beach before ending its route at Ted Sperling Park at South Lido Beach. Passengers can also use the trolley to return to the downtown area. There’s more to read here: Sarasota Trolley To Islands

FLORIDA LEADS U.S. IN RUSSIAN BUYERS

Over the past six years, Russian buyers of U.S. real estate have preferred the sunny coasts of Florida over property in any other state in the nation. Wealthy Russians have reportedly bought so many luxury condo properties in the north Miami city of Sunny Isles Beach that some have termed it “Little Moscow.” “They love to be here, and they like to spend their money and enjoy their life,” Lana Bell, a South Florida real-estate agent told NewsNation.com. But it’s not just the wealthy Russian elites seeking Florida sunshine. Across the state from Warm Mineral Springs in North Port all the way up to small town of Steinhatchee near the Panhandle, Russians and Eastern Europeans have established communities, according to population data from the U.S. Census Bureau’s American Community Survey. Over the past six years, 29% of Russian real estate transactions in the United States occurred in Florida, the most in the nation, according to a report from the National Association of Realtors. But even as countries across the world impose sanctions on Russian for invading and waging a brutal war against its neighbor Ukraine, the impact to U.S. home or property prices is not expected to be meaningful, even without any Russian purchases of Florida real estate. “Russia has little direct impact on the U.S. real estate market as it accounted for less than 1% (0.8%) of all foreign buyers who purchased U.S. residential property from April 2015 through March 2021, according to data from NAR’s survey of foreign buyer transactions of its members,” covering about 5,000 respondents, the report said. There’s more on this story here: Russian Buyers Love Florida

MORE EQUITABLE DEAL FOR MARINA JACK?

The saga of Marina Jack and its decades-long lease of city property appears to be in for another chapter after a letter from Sarasota Mayor Erik Arroyo asserted the deal needs to be “more equitable” for taxpayers. Marina Jack is the most iconic waterfront destination in downtown Sarasota, boasting a high-quality restaurant, hundreds of boat slips at a marina and gorgeous views of Sarasota Bay for both visitors and restaurant customers. However, the company does not own the land.

Jack Graham secured in the 1960s a long-term lease from the city and built the marina and restaurant property over decades into what it is today. Graham died in 2002 and his family no longer owns the business. Jack Graham Inc. and some of its subsidiaries were acquired by Dallas-based Suntex in 2016. According to Herald-Tribune archives, Graham won a rare court victory in the 1980s that exempted his company from paying property taxes for decades on the land where Marina Jack is located. Sarasota County Property Appraiser Bill Furst sued the owner of Marina Jack in 2010 for back taxes, calling the previous arrangement outdated, and noting in a 2012 interview that other more recent municipal leases required business to pay property taxes for the land leased. The lawsuit was settled in 2012 with Marina Jack’s owners agreeing to pay 50% of the property taxes owed on the property going forward and $250,000 in back taxes. However, the terms of the lease regarding rent paid to the city were not addressed in that lawsuit. The long-term lease for the property, which was renewed in 2009 by the City Commission, has options for Marina Jack’s parent company to extend it to 2047. If you’re interested in reading more, then click here: Marina Jack Deal

PINEY POINT TO CLOSE IN 2024?

Manatee County is moving quickly to drill a well needed to finally close the tumultuous former Piney Point fertilizer processing plant. The troubled facility made national headlines last April when a breach led to the emergency release of about 215 million gallons of polluted wastewater into Tampa Bay through Port Manatee. “The problems we’ve had, leaks, well side-wall bursts actually, is something that is going to continue to happen unless we close it out,” said Tampa-based attorney Herb Donica, who was appointed in court to take over operations at the Piney Point site from owner HRK Holdings. “In terms of public safety, it’s really important that we close it out.” Donica submitted a 256-page plan prepared by Ardaman & Associates to the Florida Department of Environmental Protection this month that shows closure of the facility is a complex process. Officials plan to treat the wastewater from Piney Point and dispose of it underground in the Lower Floridan aquifer through a controversial injection well that is already under construction by Manatee County. Once the water is drained, officials will entomb the remaining sediment and the necessary fill-dirt in between the old liner that currently covers the facility’s phosphogypsum stacks, or gypstacks, and a new liner that would be installed as part of the process. The new liner would be covered with two feet of soil and vegetation. Gypstacks are mounds built from the byproduct of phosphate production, which took place at the site from 1966 to 1999.

“It’s a very complex project,” Donica said. “We are going to end up re-lining the entire place, and after we re-line it we are going to put in two feet of dirt and then vegetation. That was not done the last time.” Click here to read more on this story: Piney Point To Close In 2024?