Developer pitches higher-density housing for Tenth Street

A proposal to build 157 apartments on 3.2 acres at 10th Street and Cocoanut Avenue drew mostly positive reactions from participants in a lightly attended online community workshop.

The team behind the planned Luxe on Tenth project outlined the details of its application with the city during a Sept. 16 meeting. The development would be the first in the area for Cincinnati-based Capital Investment Group, which has specialized recently in multifamily projects in urban settings.

To build the four-story apartment, the development group must first get the city to approve a comprehensive plan change and a switch to a high-density zoning classification at 1313 10th St. Capital Investment Group is seeking a change in the property’s future land use classification from community office/institutional to multiple family, high density.

The developer is also requesting a rezone to the Residential Multiple Family-7 district, which is not in place for any property in the city and allows up to 50 units per acre. The city is in the process of considering an amendment to the RMF-7 district that would incorporate incentives for creating affordable housing.

The development team characterized the project as a natural transition from the Rosemary District just to the south, which allows taller buildings and higher densities. Christian Dial, the vice president of development with Capital Investment Group, said the project team anticipated rents for market-rate units would range from $1,000 to $2,800 for apartments between 535 and 1375 square feet. Dial said the group was eager to comply with whatever affordability requirements the city might attach to the project.

“It’s important to [us] to provide an option here that is workable and affordable for people that want to be in Sarasota and earn a regular, living wage,” he said.

Two residents in attendance at the workshop expressed enthusiasm about the project, welcoming the prospect of development and activity on a now-dormant site.

“I think this whole proposal sounds wonderful,” resident Lynne Sheldon said.

Questions focused on plans for sidewalks, lighting, landscaping and other specifics. Speakers encouraged the project team to create a pedestrian-friendly environment around the site.

Joel Freedman, a planning consultant working with Capital Investment Group, said the project team intends to file for a comprehensive plan amendment in early October, with a site plan to follow shortly afterward. Freedman anticipated that public hearings on the development proposal would go before city officials in spring 2021.

If approved, the development team hopes to begin construction in early 2022, with the project expected to take 18 months before completion.

“Our hope is that long-term, there are either other types of uses that pop up or existing uses that can succeed because we’re adding more people to this area that are shopping and living and frequenting these establishments,” Dial said.