Loading
After the recession put hotel development on hold, one Sarasota developer is gearing up to break that trend.
Barry D. Edwards & Associates Inc., the developer behind Rosen Way Office Park and more recently the nearby 46,000-square-foot Clark Station Office Park, is putting together the pieces to construct a 97-room mid-range hotel near the Clark Road and Honore Avenue.
Barry D. Edwards & Associates is partnering in the hotel with Tierra Verde-based MPH Hotels Inc., which will be responsible for design, construction and operation of the $10 million hotel.
“There is a real lack of hotels in this area,” Barry Edwards says. “Plus there's also the age of the hotels that are here. Remember this is the gateway to Siesta Key. Everyone was so focused on developing along University Parkway that they forgot that 60,000 cars a day drive along Clark Road.”
If everything continues as expected, construction on the hotel is scheduled to start in June. The developer already has a special exception for the hotel from Sarasota County on the seven-acre site and water retention and concurrency permits. While the developer pursues final site plan approval and additional construction permits, it is looking for additional investor financing. The project already has a financial commitment from Montgomery Bank in Missouri.
“My partner Joe Patane, [a tax attorney and financial planner in Sarasota] had a banking relationship with Montgomery Bank,” Edwards says. “We went that route first. It really put us ahead of the game [on financing].”
Edwards declined to name the likely hotel flag until the franchise agreement is finalized, but says it would be in the Hampton Inn-Fairfield Inn range.
Construction of the hotel is expected to take 10 to 11 months.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
