SARASOTA, FL - The developer of a high-rise apartment complex near Whole Foods Market Centre downtown is asking for a density increase from 42 apartments to 168. In exchange for the density increase, developer Leonard Garner says he would make the complex affordable, with the units ranging from $530 a month for a 400-square-foot studio to $1,800 for a three-bedroom apartment.
The City Commission on Monday delayed final approval of the project until they hear more details about the length of time the apartments will remain priced in an affordable range. Commissioners will vote next month, giving the developer time to provide more details.
A draft agreement stipulates that at least half of the apartments will remain "attainable" for 15 years, but commissioners talked about increasing the number of affordable units or extending the time period.
The city defines attainable as homes available to households earning from 60 percent to 120 percent of the area median income. For a family of four, the median income in Sarasota is $54,000.
In addition to the apartments, the developer intends to include parking and retail and office space in his planned 10-story tower. Garner is also asking for an unspecified amount of city funding from a fund set aside to stimulate redevelopment.
Source: Herald Tribune