Sarasota Real Estate Blog

Backers of the downtown Proscenium project highlighted its eye-popping numbers and their lawyers said the $1 billion mix of shops, office space and condominiums would be an “economic engine” as city commissioners prepared to cast a deciding vote Monday night. 

The possibility of creating 5,000 construction jobs and 1,600 other jobs weighed in the developer’s favor as city commissioners voted unanimously to approve it.

Opponents of the six-acre development — which would include a Waldorf-Astoria hotel and a performing arts center — warned that it would generate enough traffic to choke already busy U.S. 41.

The city’s attorney has warned that, if built, it would create the need for $28 million in road improvements that are not being covered by the developer.

But commissioners were swayed by the other set of numbers: Economic impacts like $3 million annually in property tax revenue and thousands of jobs.

“This project is what Sarasota hopes to be,” said Commissioner Ken Shelin.

Commissioner Kelly Kirschner, who had voted against it in the past, called it a “jolt in the arm” for the local economy and changed his vote, noting that he still had major concerns about traffic.

Commissioner Fredd Atkins called it “another fantastic opportunity to do something.”

The plans include 300,000 square feet of office space and 211 condominiums. Lion’s Gate President Gary Moyer said he hopes to be building by next spring.