The Commercial Real Estate Alpha Site

Rosemary project near downtown Sarasota continues advancement

by: Alex Mahadevan | Digital Content Producer

A $20 million mixed-use project planned for the Rosemary District continues to navigate the development process, while a new overlay district promoting redevelopment becomes a reality.

Sarasota city commissioners unanimously approved a purchase and sale agreement for Rosemary Square Monday, which includes the sale of city-owned land on the 1400 block of Boulevard of the Arts and Fifth Street for $1.05 million to the developer. The contract mandates a redevelopment agreement between the city and Rosemary Square LLC within 120 days, and for construction to start 30 days after closing.

“In that redevelopment agreement we get into details and milestones of the project,” said Sarasota Chief Planner Ryan Chapdelain.
Those include the type of permitted uses for the property, if and how many phases in which construction will be conducted and other development constraints.

The development team, led by Mark Kauffman, plans to build 40 urban apartments “affordable as rental units for young professionals,” 34,000 square feet of a mixture of retail, office and arts space and a 7,000-square-foot town square. Rosemary Square will also include 40 parking spaces, according to the firm’s invitation to negotiate documents.

Rosemary Square stakeholders have stressed an emphasis on arts in the development, and have initial plans for a boutique cinema or live theater company.

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