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Feature Article, January 2006
Hometown Developer
Sarasota, Florida-based Casto Lifestyle Properties has been instrumental in the commercial and residential revival of its hometown.
Randall Shearin
Casto Lifestyle Properties is in the process of transforming downtown Sarasota, Florida. In addition to a successful condo/retail development the company opened in September, it recently announced plans to develop Sarasota Bayside, a mixed-use project along the bay.
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Casto Lifestyle Properties is developing Sarasota Bayside with Dublin, Ireland-based Irish American Management Services.
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Downtown Sarasota is going through a revival, and Casto Lifestyle Properties is one of a number of developers helping to make the city's vision come alive. In addition to the condominiums already built (the Casto project recently added 95), there are currently 1,100 condominium units permitted or under construction in downtown Sarasota, helping to make the city a true live-work-play environment. And these aren't starter homes; the units range from the high $400,000s to millions of dollars. With this much luxury residential space coming online downtown, there is a need for cultural amenities, restaurants and high-end retail to feed the burgeoning demand. “There is a renaissance going on downtown,” says Casto Lifestyle Properties President Brett Hutchens. “Our Whole Foods-anchored project has helped to quench some of the demand for service retail, but there is a need for luxury goods and services in the area.”
That demand is bringing about Sarasota Bayside, a new project that Casto Lifestyle Properties is developing along with Dublin, Ireland-based Irish American Management Services. Irish American has amassed a large site in downtown Sarasota. The site where Sarasota Bayside will be developed was formerly occupied by a 73,000-square-foot office building, 130,000 square feet of vacant retail, as well as a building that currently houses 48 condominium units. Casto Lifestyle Properties has joined with Irish American in assembling all of these properties to form 15 acres of property that it will redevelop. And by redevelop, it means to demolish and rebuild. The site sits on a basin adjacent to Sarasota Bay. The site also sits in between the Ritz-Carlton and Hyatt hotels. Casto Lifestyle Properties will demolish the existing buildings in summer 2006. It has received entitlements to build 715 residential units, plus commercial and hotel space. Included in that space will be 130,000 to 140,000 square feet of retail.
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A rendering of Sarasota Bayside in downtown Sarasota, Florida.
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“The retail space will be on the very high end of the market,” says Hutchens. “There will be three to four tablecloth restaurants and the balance will be a condo/hotel project.” Casto Lifestyle Properties is in negotiations with several high-end hotel operators to complement the Ritz-Carlton, which adjoins the project. Hutchens predicts that 45,000 to 50,000 square feet of the retail will be high-end boutique luxury retailers. Larry Horton, a New York City-based leasing consultant, is handling the luxury leasing for the project. Casto Lifestyle Properties will lease the balance of the retail, which is anticipated to be mostly national high-end retail. Local restaurants will dominate the dining scene at Sarasota Bayside. A site study, done by Jeff Green Partners, compares the site's demographics very favorably to that of Forbes-Cohen's Waterside Shops, located in nearby Naples, Florida. And, unlike Naples, Sarasota has a downtown daytime population of 50,000 within a mile of the Sarasota Bayside site.
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A waterfront view of Sarasota Bayside.
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Casto Lifestyle Properties is working with the city to further enhance the city's vision of downtown Sarasota as a cultural and commerce center. It will incorporate visions that the city has into its projects, including cultural elements. The result of its efforts will be an $800 million value to the city. The city of Sarasota has made extreme efforts to make itself an attractive and culturally rich environment in which to live. The city has input on every project being developed. In 2001, the city hired famed urban planner Andres Duany (of the Miami-based firm Duany Plater-Zyberk & Company) to do a master plan for the city. It has strictly abided by the master plan in the face of a lot of opposition.
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Casto Lifestyle Properties and the city of Sarasota have taken very proactive roles in revitalizing the downtown area.
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“Sarasota is a hot market,” says Hutchens. “It has been dormant for upscale retail over the past several years. Without question, the demographics and the demand are here for that retail product. In the past, it has been difficult to develop here, but the city has taken a very proactive role in revitalizing the downtown area.”
Originally, Irish American was just going to develop residential on the site. The city suggested that the company add a retail component and make the project mixed-use with a street system that would open up to the waterfront. Irish American then sought out a development partner. With its mixed-use and lifestyle background, Casto Lifestyle Properties was the choice.
After demolition begins next August, Casto Lifestyle Properties plans to begin construction. The company plans to open all facets of Sarasota Bayside in spring 2008.
©2006 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.
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