First Street - Attainable Workforce Housing Project

The development will offer workforce housing in downtown Sarasota one block from Main Street for approximately 400 individuals. A majority of the units will be limited to renters at 80-120% AMI (Area Median Income), allowing teachers, electricians, firefighters, journalists, hospitality employees and more the opportunity to live and work in Sarasota.

The purchase price for the properties is $7.4 million with the Barancik Foundation already committing $1.5 million toward acquiring the parcels. Fundraising support from the Community Foundation of Sarasota County and the Gulf Coast Community Foundation is expected, with both enthusiastic about the initiative. The City Commission authorized funding partnership agreements with the three foundations to be drafted. The City Manager also was authorized to contact government agencies and non-profit organizations that may be interested in becoming a funding partner with the attainable workforce housing initiative.

The City of Sarasota will commit funds from its Affordable Housing Trust Fund and other monies to fill any funding gap.

The proposed development will use the City’s new downtown affordable housing density bonus and the State of Florida Live Local Act for the initiative, which will include:

  • Two 12-story buildings with a total of ± 192 residential units
  • ± 15,100 square feet of ground floor commercial space
  • Parking garage with three levels and ± 280 spaces
  • 12 surface parking spaces
  • ± 7 on-street parking spaces

Ground floor commercial space in each building will be sold with proceeds paying down a revenue bond that will be issued for the estimated $70-80 million construction costs.

Maximum rent will be established to ensure the attainable workforce housing program is sustainable, self-funded and does not require an infusion of tax dollars. A private management company will manage and operate the rental property on behalf of the City of Sarasota.

Studio (540 square feet), one bedroom (720-800 square feet) and two bedroom (900-1,100 square feet) units will be available.

Rent will be based on family size and AMI, and will range from approximately $1,280 for one person at 80% AMI to $1,920 for an individual at 120% AMI.

The U.S. Department of  Housing and Urban Development establishes AMI annually by region. Current AMI for an individual in the Sarasota region:

80% AMI:  $51,200

  • Examples include: medical assistants, paramedics, HVAC technicians, electricians
  • Proposed maximum rent for one workforce person: $1,280 with utilities

100% AMI:  $64,000

  • Examples include: firefighters, licensed practical nurses, police and sheriff patrol officers, elementary school teachers
  • Proposed maximum rent for one workforce person: $1,600 with utilities

120% AMI:  $76,800

  • Examples include: special education teachers, respiratory therapists, web designers, power line installers/repairers
  • Proposed maximum rent for one workforce person: $1,920 with utilities

The Affordable Housing Advisory Committee would establish criteria for the lease of the units.

Concept drawing of two buildings with a parking garage in between

Attainable_Housing_Presentation.pdf(PDF, 14MB)

 

Back to top