Recent Developments in the Commercial Real Estate Market in Bradenton, Florida

Going into the final quarter of 2017, commercial space development along the Bradenton-Sarasota area of the Gulf Coastal region continues to be very active. A surge in multi-family construction across the greater Bradenton region, including the significant number of mixed use developments around the Lakewood Ranch eastern outer hub of the Bradenton-Sarasota metro area, and along the University Parkway corridor, is charging up the region with bustling commercial activity.

Retail

Clark Road & Bee Bee Extension — The Sarasota County Planning Commission (Oct 6, 2017) has recommended approval of rezoning to permit development of 1,725 acres at Clark Road. The mixed use development is to include 3,450 residential units across 9 individual neighborhoods, along with 300,000 square feet of retail and office space.

Lakewood Ranch — Along the southeastern Bradenton metro band, the overlap line constituting the Bradenton-Sarasota metroplex, Lakewood Ranch, the nation's 5th most rapidly developing master-planned community is taking shape.

Publix — A new Publix supermarket will anchor a new shopping plaza to span the area northeast intersection of University and Lorraine Road. The Publix construction follows completion of road construction to ease the heavy traffic along the rapidly growing Lorraine Road area.

Water's Edge — The heart of the commercial segment of the mixed-use Water's Edge development features The Players Theater.

Connect Bradenton — The downtown area undertook construction on its cutting-edge collaborative work and meeting space in January 2017.

Village of the Arts — This multi use development is growing to include new galleries, coffeehouses, and bakeries over the coming year.

Murphy Oil — Manatee County Building and Development Services has received plans for a new six-station Murphy Oil gas service station and convenience store on the outer lot of the Wal-Mart shopping center at I75 and State Road 70.

Aldi — A commercial construction permit application was submitted by the Sunnus Corp. in April 2017 for a new store to be built on 14th Street at the location of the former Sonny’s BBQ restaurant. This growth will increase Aldi's Bradenton metro area presence to a total of three stores.

Bayside Pet Resort of Lakewood Ranch — A 14,600 SF pet resort is planned for a 68-acre space along State Road 70 at Lakewood Ranch. This facility will add to Bayside's three existing locations in the Bradenton-Sarasota metro area.

The B12 Store — The new dietary supplement store applied for a business permit in May, 2017, and is expected to move into a location in the Mall at University Town Center.

Whitaker Lofts — The new mixed use condominium and retail complex is planned for development on the empty building lot across the street from Whitaker Gateway Park, on North Tamiami Trail and 14th St.

Clark Road & Bee Bee Extension — The Sarasota County Planning Commission (Oct 6, 2017) has recommended approval of rezoning to permit development of 1,725 acres at Clark Road. The mixed use development is to include 3,450 residential units across 9 individual neighborhoods, along with 300,000 square feet of retail and office space.

Hospitality

Spring Hill Suites — One of the several key developments underway around Bradenton's urban core is the 9-story hotel SpringHill Suites hotel. To be located along Bradenton's downtown waterfront, hotel will feature a restaurant and a roof-top bar.

Industrial

The Herald-Tribune — The publication is relocating its 27,909 SF operation into the SunTrust Bank Building. (The move is being transacted by MS&C Commercial.)

Sarasota Memorial Hospital — The hospital expansion will increase services to residents throughout the Sarasota-Bradenton metroplex.

Office

Clark Road & Bee Bee Extension — The Sarasota County Planning Commission (in Oct 6, 2017) has recommended approval of rezoning to permit development of 1,725 acres at Clark Road. The mixed use development will include 3,450 residential units across 9 individual neighborhoods, along with 300,000 square feet of retail and office space.

Multi-Family

Grand Palm — Eight new models for this master-planned community in the Venice are of the Bradenton metro area. The development is a Neal Communities project. And, a new road now intersecting with Observation Boulevard facilitates entry for residents and visitors into the Discovery Center on Wacissa Drive.

Provence — Four new luxury floor plans are planned for construction at the upscale Provence community, a gated development on Honore Avenue (between Ashton and Proctor Roads). Neal Signature Homes' plans for the new French Country themed designs measure from 2,110 to 2,731 SF.

Whitaker Lofts — As mentioned, the condominium and retail complex will be constructed across from Whitaker Gateway Park, along North Tamiami Trail and 14th St.

The Mark Sarasota Breaks Ground — Kolter Urban has begun construction of its new mixed use development, south at Pineapple Avenue and State Street (just south of Main Street). The project is expected to completed construction in late 2019. The property will include a 12-story condominium tower with 157 high-end residential units and 35,000 SF of retail space at the street level.

Bellacina — The Nokomis community has launched operations of its ammenities center at the Bellacina development, including a fitness center with an aerobics facility, library, catering kitchen, and social gathering space. Features also include a heated lagoon-style pool and spa, kayak launch, pet park, fire pit, adventure isle, and an area for outdoor events. On-site staff will include a special activities coordinator.

Lakewood Ranch — Currently, this development is reportedly the 5th fastest growing master planned community in the United States. The community plan includes a development goal for growth, by adding one job to the area employment market for each home sold. The Players Theater (relocating from Sarasota) will be the centerpiece of the commercial development.

Lake Timber neighborhood — The Pulte Home's company will develop single family residential homes in the Lake Timber neighborhood (priced from the high $200,000s), with views overlooking Lake Babcock and the Founder’s Square.

Villages at Riverwalk — Currently, along the waterfront perimeter of downtown Bradenton, a mixed use development is underway, which will include residential lofts above retail spaces, and condominiums.

Clark Road & Bee Bee Extension — As mentioned above, a proposal has been submitted to the county for zoning changes that would allow a mixed use development on a vast tract of land at Clark Road, to include 3,450 residential units across 9 individual neighborhoods.

Bradenton Beach area conversions — The beach boundary of the greater western Bradenton metro region, including Bradenton Beach, and extending onto the Siesta, Lido, and Long Boat keys has recently seen multiple hospitality properties converted to multi family condominium development. Turtle Crawl Inn, Holiday Inn, and the Half Moon Beach Club, to name a few, have undergone conversion to residential use.

Overview

An up-swing in the rate of population growth throughout the Bradenton-Sarasota-Venice MSA over recent years has encouraged the increased multi family residential sales and new construction that characterizes the area's current commercial real estate market environment.

In fact, while the Bradenton commercial real estate market, overall, is not realizing a significant amount of new commercial projects development at this time, the numerous large multi family projects across the metro area municipalities are clearly vigorous contributors to the overall strength of the commercial market's current growth. And, that growth can be predicted to naturally further encourage retail development over the long term.

This strong growth in multi family and mixed use development, along with currently exceptional tourism business, accounts for the continued robustness of the metro region's restaurant and retail performance. And, medical facilities development has naturally followed. The Bradenton market is further maintaining gains through increased land sales over recent periods. And, steady rates of office space leasing are adding to the general stability of the commercial market. These development activities around the Bradenton metro core, together appear to be driving the Bradenton commercial real estate market toward a year end position of very strong regional area growth.