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Growth gone east

A new grocery store and hundreds of residences are set to transform Upper Main Street into downtown’s next hot spot.

ANDREW WARFIELD

When he introduced plans to develop SOTA — the 12-story condo/hotel mixed-use project at the corner of Main Street and Goodrich Avenue — Rodrigo Trepp of Trepp Development called the area “what’s happening next” in downtown Sarasota.

Indeed, redevelopment is active on the eastern end of Main Street, also known as upper Main Street, with multiple residential and mixed-use projects either under construction or in planning. Located in one of four federally designated opportunity zones, the area bisected by the intersection of Main Street and U.S. 301 is ripe for investment.

“Sarasota is viewed as one of the better opportunity zones in the country due to its proximity to the downtown core,” said broker Kevin Robbins of Robbins Commercial. “Because of the zoning and density, this location is very attractive for development with as-of-right zoning in addition to the opportunity zone status. This combination will attract apartment developers, which will increase the opportunity for affordable housing.”

Already under construction is One Main Plaza, the first significant redevelopment project in the area, at 1991 Main St., bringing hundreds of apartments and thousands of square feet of street-level retail and commercial space. Soon to follow is SOTA, its location best known as the site of Il Panificio restaurant.

Meanwhile, planning is underway for the first phase of Park District, which will include 331 multifamily residences and nearly 8,000 square feet of retail just east of U.S. 301 bounded by Fruitville Road and Main Street. And still considering its final form is Artist’s Court at the corner of U.S. 301 and Adams Lane.

“The east end of Main, or upper Main Street, close to Highway 301 is ripe for development,” Robbins said. “The project located at 1991 Main St. (One Main Plaza) is serving as a catalyst for the entire area. This location has always had the ingredients for a vibrant area and has been known as Sarasota’s central business district, as there are numerous office towers and it houses the judicial center.”

Opportunity zones are an economic development tool that encourages investment in distressed areas to spur economic growth and job creation in low-income tracts while providing tax benefits to investors. Low-income census tracts are nominated by governors and certified by the U.S. Department of the Treasury into which investors may make qualifying investments into new projects and enterprises in exchange for certain federal capital gains tax reductions.

Up to 15% of the deferred gain is permanently excluded from income if the opportunity zone investment is held for more than seven years.

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2023-06-08T07:00:00.0000000Z

2023-06-08T07:00:00.0000000Z

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