26-17HR_Exhibit_B_Scope_of_Services_-_Project_Description.pdf

Scope of Services - 26-17HR Real Estate Development Consultant Services

Attainable (Workforce) Housing Project – 1st Street Sarasota continues to experience a critical shortage of affordable and attainable workforce housing, placing increasing pressure on working individuals and families, affecting local businesses, and threatening the community’s long-term vitality. In response, the City has identified and secured a key downtown site capable of supporting attainable rental housing within walking distance of Main Street and is actively pursuing an additional parcel to complete the land assembly needed for the project.

The City has also initiated outreach to philanthropic, community, and government partners, with strong preliminary interest in collaboration. Recent changes in both City and State housing policy create a timely opportunity for Sarasota to move forward with meaningful action. This initiative is envisioned as a long-term, sustainable workforce housing solution in downtown Sarasota, delivered through a community-driven partnership approach.

Since the project’s initial introduction through a presentation on affordable workforce housing by former City Manager Brown at the April 15, 2024 City Commission meeting [View Agenda Materials and Commission Presentation] the goals and needs of the project have continued to evolve. In addition, changes in City leadership have contributed to new perspectives and priorities. As a result, the selected vendor will be responsible for developing a refined and updated vision for the project.

The 1st Street Housing Project is intended to provide attainable housing in downtown Sarasota, one block from Main Street, serving households across a range of income levels. The development concept may include a mix of residential units for various household income levels, ground-floor commercial space, and public parking facilities. Potential features include multi-story residential buildings, active street-level commercial uses, structured and surface parking, and on-street parking. Ground-floor commercial space may be sold or leased, with revenues applied toward construction financing.

Rent limits may be established to support a financially sustainable attainable housing program without reliance on ongoing tax revenue. A qualified third-party firm may provide property operations and management services on behalf of the City or the selected developer.

The project may leverage the City’s Downtown Affordable Housing Density Bonus and/or Florida’s Live Local Act (Section 166.04151, Florida Statutes). The selected vendor will assist the City in refining the project based on public input, financial feasibility, regulatory requirements, and City policy objectives, and will continue working with the City through developer selection, contract execution, and project implementation.

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Properties – 1st Street Attainable (Workforce) Housing Project

Property Address Parcel ID Zoning Land Area (Approx.)

Status

1 1530 1st Street 2027030026 DTC – Downtown Core 17,000 sq. ft. Acquired

2 1544 1st Street 2027030024 DTC – Downtown Core 5,000 sq. ft. Acquired

3 1558 1st Street 2027030022 DTC – Downtown Core 10,000 sq. ft. In Negotiations

4 1590 1st Street 2027030018 DTC – Downtown Core 20,000 sq. ft. Acquired

Sarasota City Hall

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Properties

Attainable (Workforce) Housing Project – 1st Street