Issue link: https://newsleader.uberflip.com/i/223368
Sarasota News Leader December 6, 2013 ROSEMARY SQUARE The ITN response was spearheaded by two local professionals. Dr. Mark Kauffman and architect Jonathan Parks propose to enlarge the 1.1-acre parcel by adding one-third of an acre at the corner of Coconut Avenue and Sixth Street. Kauffman and Parks' team have an option on the so-called Parker property at the corner, which may account for theirs being the only response to the ITN. Their submission to the city says, "The Rosemary Square proposal, with the Parker property, will have a far greater economic impact in the Rosemary District than could be achieved with the City property alone. As the principals of Rosemary Square control the Parker property, no other proposal could offer the same economic impact." The project is pure infill. Based on current Downtown Edge zoning, the 1.58-acre parcel will accommodate 40 residential units. It will include 34,000 square feet of office, retail and "arts space," and a 7,000-square-foot "urban town square creating a lively outdoor focal point for use by residents, cafes, business and the public." A second phase will add space for a "boutique cinema" or a live theater company, as well as a parking structure. Page 12 investment," says the developer's response to the ITN. Kauffman and company are willing to take the risk, but they are asking the city to come to the table ready to work out the details. For example, the ITN calls for development of 40 public parking spaces. At $30,000 per space, that is $1.2 million the company needs to put up for a public amenity. In return, the group would like to pick up the 1.1 acres of city property for a flat $100. While city water, sewer and stormwater facilities are available, they will need to be upgraded "to accommodate the new Rosemary Square development and future redevelopment of the block and surrounding properties," the proposal also says. In return, Kauffman and his partners will pay $500,000 to bring the Parker property into the plan, $400,000 in impact fees, $175,000 in building permit fees and $100,000 to move overhead power lines underground. Construction of the buildings and parking will cost an estimated $14 million, with other "soft" expenses for design, marketing, commissions and legal and other charges expected to exceed $1 million. The "total cost of development" is estimated at $19.8 million. If Rosemary Square LLC's proposal is Construction could begin in January 2016. accepted, it will become the starting point for The ITN response indicates the development negotiations with the city would generate $335,000 in annual property THRASHING THROUGH THE TERMS taxes and more than $1 million in sales tax. The retail and office spaces would create 170 "Failure of the Rosemary District to attract jobs. investment and redevelopment at a significant scale is due partly to economic factors, The city's property is now zoned "G" for govbut more significantly to the perception that ernment, and Kauffman's firm wants the city the Rosemary District is not a safe place for to bear the cost of rezoning it to Downtown