Sarasota, Florida, is experiencing a construction boom, claiming the top spot on the “Top 10 Home Markets to Watch” list in the United States, as reported by Insurify. The region saw a remarkable 24% surge in new units between June 2022 and June 2023, coupled with a substantial 7% population growth from 2020 to 2022—far surpassing the national average. Crane-filled skies and the hum of construction have become synonymous with the area, signaling a thriving real estate market.
The development landscape in Sarasota is rapidly evolving, with recent approvals showcasing the approval of eight downtown projects. These projects will contribute 573 residential units and 3,692 square feet of financial institution space. Beyond downtown, 14 ongoing projects along major corridors, including Fruitville Road, U.S. 301, and U.S. 41, are currently under construction. This broader initiative encompasses 1,457 residential units, 104 assisted living units, 37 independent living units, 20 memory care units, 156 transient lodging units, 124,362 square feet of commercial space, and 45,169 square feet of office space.
Several major projects secured approval in the past year, adding to Sarasota’s urban transformation. These include Progress at University, Sapphire North and South Apartments, Quay Sarasota Blocks 7 and 8, Chase Bank, 2101 Main Street, 1800 Residences, and 780 SRQ Condos. Simultaneously, ongoing construction projects such as The DeMarcay, SOTA Hotel, Sarasota Bayside, Sarasota Main Plaza, Cocoanut and Fourth, LaVerne Concierge Living Building, Quay Block 10 Building, Villa Ballada, Quay Blocks 2 and 3, City One Stop Shop, Quay Blocks 4 and 5 Building (Bayso), Bath & Racquet Club, Sarasota Car Wash, and Zahrada II underscore the city’s vibrant development scene.
In essence, Sarasota’s real estate market is witnessing unprecedented growth, with a multitude of approved and ongoing construction projects reshaping the city’s skyline. The surge in both residential and commercial developments reflects the region’s appeal as a prime real estate destination.