Southgate Mall renovations begin!

sarasota real estate

Westfield Group’s Southgate Mall has begun renovations that will transform the indoor mall into an outdoor shopping and nightlife destination.

The Australian-based mall developer announced the mall’s plans for redevelopment  in May at the International Council of Shopping Centers Recon Convention in Las Vegas. The mall will add 46,000 square feet of new space to the existing property. Construction was supposed to begin by the end of the year, though plans have been pushed back.

Westfield’s plans for Southgate Mall comes after an announcement by its premiere anchor Saks Fifth Avenue — and possibly others — to leave the Sarasota mall in favor of a new, $315 million enclosed retail hub being developed at Interstate 75 and University Parkway by a joint venture between Taubman Centers Inc. and Manatee County’s Benderson Development Co.

Last year, a New York-based real estate firm O’Connor Capital Partners bought 49.9 percent interest in six of Westfield’s Florida malls in March, a deal that included both Sarasota properties.

The first phase of the multimillion dollar investment at Southgate Mall includes the installation of new travertine tile, upgraded furnishings, fixtures, outdoor landscaping and color scheme, according to a statement by Westfield Group.

This initial phase will also feature refurbished shopper amenities, a new interior trellis system, fountains and new lighting.

“It’s Westfield’s philospohy to continually invest and reinvest in our properties,” said Sam Davidson, district marketing director of Florida for Westfield. “The plan for Westfield Southgate is the perfect model of that commitment. We’re taking a very strong shopping center and adding new elements and energy to enhance its appeal for gulf coast residents, the many domestic and international vistiors as well as for our retail partners that cater to these shoppers.”

The mall’s name will also change, from Southgate Mall to Westfield Siesta Key. Westfield officials claim that “retailer interest in the project remains very high.” The next phases of renovation will include bringing in new chain stores and rebranding the shopping center. Those additions will be announced next year.

Article courtesy of: heraldtribune.com

5 new restaurants planned at new Sarasota mall

 

The developers of the Mall at University Town Center made five new restaurant openings official on Monday for the $315 million project scheduled to open in October 2014.

Though the chain brands had been previously reported on by the Herald-Tribune, Manatee County’s Benderson Development Co. and Taubman Centers Inc. announced the following restaurants for the 880,000-square-foot mall rapidly being built on University Parkway near Interstate 75:

• Brio Tuscan Grille, “northern Italian cuisine made from the finest and freshest ingredients in a Tuscan villa atmosphere.”

• The Capital Grille, “dry-aged steaks, fresh seafood, award-winning wine list and personalized, professional service.”

• The Cheesecake Factory, “full-service restaurant known for its extensive menu, generous portions and legendary desserts.”

• Kona Grill, “modern American favorites, award-winning sushi and seasonally inspired menus in a casually elegant atmosphere.”

• Seasons 52, “a fresh grill and wine bar, featuring natural cooking techniques, the freshest ingredients at the peak of ripeness and an award-winning international wine list.”

All five chains are new to Sarasota and Manatee counties. That polished, upscale chains are coming here bodes well for the region, said Darren Tristano, executive vice president of Technomic, a food consultant firm in Chicago.

“This year has been harder than most restaurant operators expected so even successful brands are cautious to expand,” Tristano said. “This mix of brands shows that Sarasota is a market that can support it. Restaurants have struggled to find good expansion locations, but they are smarter about where they do open.”

For example, the Cheesecake Factory, known for its expansive menu offerings and decadent cheesecake desserts, typically builds elaborate 10,000- to 12,000-square-foot restaurants. But in recent years, the chain has scaled back its restaurant footprints — to 8,000 square feet to 10,000 square feet — as it entered more suburban markets and connected “dots” geographically between restaurants.

“This grouping of restaurants, with retail and entertainment in the mix, creates a destination which consumers feel is worth driving to,” Tristano said. “The developers that take the ‘create it and they will come’ attitude have been successful in the past, if they find the right mix of retail, restaurants and entertainment to compliment one another.”

High-end stores

According to a recent site plan obtained by the Herald-Tribune, the mall also will play host to a bevy of new high-end stores, including Gucci, Tiffany’s & Co., Armani and several dozen others that have tentatively committed to the property.

Other new stores scheduled to debut at the mall, according to the site plan, include Anthropologie, Michael Kors, Kate Spade, Sony and Salvatore Ferragamo.

Those are names that often find homes in high-end centers like the Mall at Millenia in Orlando and International Plaza in Tampa, two other Taubman properties in Florida. All five chains have restaurants at other Taubman Center malls across the country.

H&M — which stands for Hennes & Mauritz — also is slated to open its first store in the Sarasota-Bradenton market at the Mall at University Town Center. The Swedish retailer sells trendy, fashionable apparel and accessories for young men and women.

The mall’s three confirmed anchors are Saks Fifth Avenue, Macy’s and Dillard’s.

When plans to build the mall stalled during the height of the Great Recession, high-end anchors Nordstrom and Neiman Marcus dropped from the roster.

But with brands like Tiffany’s and designer fashions from Salvatore Ferragamo, the mall will compare favorably with other luxury properties across the state.

It also will be the only upscale mall between International Plaza in Tampa and Waterside Shops in Naples, and the only enclosed one between Tampa and Miami.

The Mall at University Town Center is only the second new mall in any phase of construction in the U.S. since 2012. The other, City Creek Center in Salt Lake City, opened in March 2012.

EARLIER: The developers of the Mall at University Town Center made five new restaurant openings official on Monday for the $315 million project scheduled to open in October 2014.

Though most of the names already had leaked out, Manatee County’s Benderson Development Co. and Taubman Centers Inc. announced the following restaurants for the 880,000-square-foot mall rapidly being built on University Parkway near Interstate 75:

• Brio Tuscan Grille, “serving authentic, northern Italian cuisine made from the finest and freshest ingredients in a Tuscan villa atmosphere.”

• The Capital Grille, “a fine-dining establishment renowned for its dry-aged steaks, fresh seafood, award-winning wine list and personalized, professional service.”

• The Cheesecake Factory, “a popular full-service restaurant known for its extensive menu, generous portions and legendary desserts.”

• Kona Grill, “offering modern American favorites, award-winning sushi and seasonally inspired menus in a casually elegant atmosphere.”

• Seasons 52, “a fresh grill and wine bar, featuring natural cooking techniques, the freshest ingredients at the peak of ripeness and an award-winning international wine list.”

All five chains are new to Sarasota and Manatee counties.

According to a recent site plan obtained by the Herald-Tribune, the mall also will play host to a bevy of new high-end stores, including Gucci, Tiffany’s & Co., Armani and several dozen others that have tentatively committed to the property.

Other new stores scheduled to debut at the mall, according to the site plan, include Anthropologie, Michael Kors, Kate Spade, Sony and Salvatore Ferragamo.

Those are names that often find homes in high-end centers like the Mall at Millenia in Orlando and International Plaza in Tampa, two other Taubman properties in Florida.

H&M — which stands for Hennes & Mauritz — also is slated to open its first store in the Sarasota-Bradenton market at the Mall at University Town Center. The Swedish retailer sells trendy, fashionable apparel and accessories for young men and women.

The mall’s three confirmed anchors are Saks Fifth Avenue, Macy’s and Dillard’s.

When plans to build the mall stalled during the height of the Great Recession, high-end anchors Nordstrom and Neiman Marcus dropped from the roster.

But with brands like Tiffany’s and designer fashions from Salvatore Ferragamo, the mall will compare favorably with other luxury properties across the state.

It also will be the only upscale mall between International Plaza in Tampa and Waterside Shops in Naples, and the only enclosed one between Tampa and Miami.

The Mall at University Town Center is only the second new mall in any phase of construction in the U.S. since 2012. The other, City Creek Center in Salt Lake City, opened in March 2012.

 

Article Courtesy of: www.heraldtribune.com

 

The C & G International Team is one of the top Real Estate Teams at Keller Williams Lakewood Ranch. Call us now for any of your real estate needs! 941-556-5030 or 941-266-3872.

 

Angela Cegnar ~ Marty Garcia ~ Nancy Curtis ~ Theresa Shelley

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RANCH ADDS NEW COUNTRY CLUB EAST NEIGHBORHOOD WITH GOLF COURSE LOTS

Lakewood Ranch is proud to announce the addition of its newest neighborhood, Windy Hill, located in Country Club East. The neighborhood is comprised of 37, 62-foot home sites. All sites are amenitized, many with unbelievable golf course views overlooking 10th hole of the Royal Lakes Golf Course – a challenging, dog-leg par four. Other home sites are situated on a preserve, overlooking a protected wetland. Most have southern exposures. “This is a great addition to Country Club East, as we have not had golf course home sites for almost two years” said Jimmy Stewart, vice president of sales for LWR Communities. “The ongoing demand for new product in Country Club East is part of the continuing momentum that Lakewood Ranch has realized over the past few years. As of June 30, 332 new homes had been sold in Lakewood Ranch; a 7 percent increase compared to the same period in 2012. There are currently 328 homes in various stages of construction, Stewart said, with new home sales representing more than 55 percent of all homes sold in Lakewood Ranch. Homes will range from 2,000 to 3,800 square feet, with home and home site packages beginning in the $400s. Windy Hill’s six approved builders are Arthur Rutenberg-Nelson Homes, Lee Wetherington Homes, John Cannon Homes, John Neal Homes, Homes by Towne, and Cardel Homes. There will be no builder models in Windy Hill; visitors can tour the available models in Country Club East’s Haddington neighborhood. Lots are available immediately.

Country Club East is a private, gated community built around lakes, nature preserves and 18 holes of Rick Robbins-designed golf. Every home built in Country Club East meets the Florida Green Building Coalition’s standards for energy efficiency, clean indoor air, sustainability and drought resistant landscaping.

Lakewood Ranch is the 17,500-acre award-winning master-planned community in Sarasota and Manatee counties on the West Coast of Florida. Just minutes from the Gulf Coast beaches and cultural assets in Sarasota, Lakewood Ranch is already home to more 18,000 residents and features A-rated schools, a hospital, the Sarasota Polo Club, the 75-acre Premier Sports Campus, Ancient Oak Gun Club, its own Main Street with theaters, shopping and dining, and four million square feet of commercial property

Call us for more information 941-556-5030

article courtesy of Lakewoodranch.com

Housing Inventory Shortages Start to Ease

A pair of hands holding a small house.  Real estate or insurance concept.

The percentage of homes for sale has risen 25 percent this year and housing inventories have started to outpace typical seasonal upticks, realtor.com® reports. 

Rising home prices likely are encouraging more home sellers to test out the market. The inventory crunch may be showing signs of easing with listings rising 5.8 percent in May. Still, the number of homes for sale is low by historical standards. Listings in May are still 10 percent below year-ago levels. 

The places where the number of homes for sale rose the most were Atlanta (rising 3.4 percent in May), Miami (2.8 percent), and Tuscon, Ariz. (1.8 percent). 

“Even with the increases, inventories in many markets remain tight, but any easing in the extreme shortages of the past year could ultimately cool the pace at which home prices have been rising,” The Wall Street Journal reports.

Meanwhile, median asking prices rose 4.8 percent nationally over year-ago levels, according to the report. Sacramento posted the highest increase in asking prices (rising 42.3 percent from April 2012) and Oakland (a 38 percent increase). 

 

 

Source: “Housing-Inventory Crunch Could Be Easing,” The Wall Street Journal (June 13, 2013

NEW Listing: 6923 RIVERSEDGE STREET CIR, BRADENTON: $575,000

NEW Listing: 6923 RIVERSEDGE STREET CIR, BRADENTON: $575,000

Rarely Available ! Excellent value on one of only a few acreage lots on the river in the Golf Course Community of River Club. Incredibly well maintained Arthur Rutenberg Bimini model with so many possibilities. From the HUGE pool and spa area to the 2+ acre homesite you’ll find nature all around as well as a place to launch kayaks and canoes in your own backyard. Call us @ 941-556-5030 for more info!