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SRQ DAILY Oct 19, 2015

Monday Business Edition

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Monday Business Edition

"The city really did work with us and put in a lot of effort at the end to get this permit done."

- Greg Kveton, XAC Developers
 

[Real Estate]  Inventory Declined in August

According to the Realtor Association of Sarasota and Manatee, the inventory of homes fell to a combined 3,303 in Sarasota County and 2,534 in Manatee County, a sign of strong sales. This compares to 3,745 last August in Sarasota County and 2,724 in Manatee County, or declines of 11.8 percent and 7 percent, respectively. When the market reached an equilibrium between buyers and sellers in 2013, there were roughly 5,500 properties for sale in Sarasota County and 5,000 for sale in Manatee County, according to the association. 

[Development]  Permit Issued for DeMarcay

A building permit has been issued for construction of The DeMarcay, a luxury condominium high-rise on Palm Avenue in Sarasota. The approval marks the end of a months-long negotiation between developers and city building officials, and also after a dozen reservations had already been made for units. “It was a stringent review,” said Greg Kveton, co-principal of XAC, “but I also want to say the city really did work with us and put in a lot of effort at the end to get this permit done. "

The project was originally approved in January 2007, before the housing collapse. Like many projects, the residential high-rise was put on hold when sales in the market suffered a sharp and stark decline. But since the economic recovery, a number of long mothballed condominium plans downtown have come to fruition. 

The DeMarcay went through such a lengthy negotiation process in part because of disagreements about deviations to the plan; at one point Sarasota city officials said a new site plan could not be approved because the 18-story building was a few inches inches too tall. “That was not negotiable,” Kveton says. The building was allowed to be 246 feet, 10 inches tall; 247 feet was forbidden. The Demarcay could have sought a new site plan, but that would mean developers would need to start the entire approval process again.

Kveton said the developers respect the strict city rules, and some deviations from the original plan were put in place that improve on the 2007 approval. Many of those changes keep the building up with current city code. The project certainly still has interest; it will have a rooftop pool and will stand in one of the most important retail areas in Downtown Sarasota.

The construction permit was ultimately approved on Thursday, the last day that developers could obtain approval under the existing site plan. In accordance with the original site plan, XAC will contribute $50,000 to the Palm Avenue Merchant’s Association and agrees to preserve the historical facades of two original buildings still in their current locations.  XAC has hired Naples-based BCBE as contractor, Sarasota-based firm Parker Walker Group as architect and JKL Design Group as designer. Developers promise the design will include historical elements in The DeMarcay’s lobby from the former cigar factory and hotel originally located on the site.

Units range in size from 1,144 to 3,106 square feet, with the ability to combine units for more space. As for cost, the units range in price from $500,000 to upward of $3 million. A $10,000 deposit is required to reserve a spot. There will be a total 39 units in the structure, and retail and restaurant space will be built on the first and second floors. Leasing on the commercial space will start next year, and Kveton said there is already strong interest in the space. Construction is expected to begin in the first quarter of 2016 and is scheduled to open 18 months later. 

[Agenda]  All About Roundabouts
Jacob Ogles, jacob.ogles@srqme.com

Sarasota City Commission: The board meets today to discuss the roundabout project on U.S. 41, including matters of connectivity, and will also discuss donation of art from Embracing Our Differences for display in a downtown roundabout. The evening session begins at 6pm at City Hall.

Manatee County Commission: The board meets Tuesday to discuss creating a Citizens Financial Structure Advisory Board and to make an appointment to the Planning Commission Advisory Board. The meeting begins at 9am at the Manatee County Administrative Center in Bradenton. 

Sarasota City Commission

[Recognition]  RE/MAX Climbs MREI rankings

For the fifth consecutive year, RE/MAX Commercial is ranked in National Real Estate Investor magazine’s Top Brokers list. RE/MAX Commercial moved up two spots from the previous year to rank 15th in the 2015 list, based on 2014 volume. RE/MAX Commercial reported $9.8 billion in total sales volume, a 12-percent increase from the previous year. The division also had a healthy 21-percent increase in number of transactions during the same time period. 

RE/MAX Commercial

[Exec Moves]  Knowles Elected as Centerstone Chair

Timothy A. Knowles, principal with the law firm of Porges, Hamlin, Knowles and Hawk, has been elected board chair for Centerstone of Florida, a Bradenton-based provider of mental health and addiction care services that annually serves more than 15,000 people in our region, including 4,200 children and teens. Knowles has practiced in the firm of Porges, Hamlin, Knowles and Hawk since 1984 with a focus on business transactions includingreal estate and banking transactions. 

Porges, Hamlin, Knowles and Hawk

[Renovation]  Dream Weaver Sets Grand Reopening

Boutique clothing retailer Dream Weaver Collection is reopening after an interior remodel to create a more sophisticated look in keeping with its wearable art collections by American and European designers. A grand reopening is planned Oct. 22-24 in conjunction with a trunk show of fashions by European designer Tatiana Palnitska, according to Joan Morgan, who opened Dream Weaver in 1989. A soft opening was held Oct. 10, following a 12-day closure to install hardwood flooring and to change the interior color scheme and fixtures for a sleek look with clean, modern lines. 

Dream Weaver Collection

SRQ Media Group

SRQ DAILY is produced by SRQ | The Magazine. Note: The views and opinions expressed in the Saturday Perspectives Edition and in the Letters department of SRQ DAILY are those of the author(s) and do not imply endorsement by SRQ Media. Senior Editor Jacob Ogles edits the Saturday Perspective Edition, Letters and Guest Contributor columns.In the CocoTele department, SRQ DAILY is providing excerpts from news releases as a public service. Reference to any specific product or entity does not constitute an endorsement or recommendation by SRQ DAILY. The views expressed by individuals are their own and their appearance in this section does not imply an endorsement of them or any entity they represent. For rates on SRQ DAILY banner advertising and sponsored content opportunities, please contact Ashley Ryan Cannon at 941-365-7702 x211 or via email

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