- THREADS
- Vengroff stormed out of a previous meeting over objections to a proposed city property inspections.
- He plans to construct as many as 393 apartments in five, six-story buildings, with rents ranging from $650 to $950 per month.
The City Commission on Monday cleared the way for Sarasota’s first large-scale affordable housing project, unanimously agreeing to change its long-range growth plan to accommodate the complex.
The comprehensive plan amendment reclassifies the property at 2211 Fruitville Road as part of the downtown core, allowing developer Harvey Vengroff to build a higher-density apartment complex than would otherwise be permitted. Vengroff plans to construct as many as 393 apartments in five, six-story buildings, with rents ranging from $650 to $950 per month.
It was the commission’s second such hearing on the matter. The first, on May 2, ended with Vengroff storming out of the meeting over his objections to a proposed city requirement that he submit to annual, municipal property inspections not required of other housing.
The city has since agreed to drop that requirement, as long as Vengroff provides it copies of the annual inspections an insurance company will perform as part of its coverage of the property.
Vengroff said after the meeting he was pleased with the city’s compromise and the commission’s unanimous decision, and looks forward to advancing the project to the next step.
If all goes well, he said, construction could start within the next year and a half.
Most commissioners praised Vengroff’s project, saying it will fulfill a desperate need for housing among residents who struggle to afford Sarasota’s typically high rents.
But they also defended their right to ask tough questions about the development to make sure it would be built and managed correctly. Mayor Willie Shaw noted that such questions had elicited boos and scowls from project supporters during the first public hearing — at least one person had to be removed for this behavior — and Shaw said he didn’t appreciate it.
“We are responsible for the health, welfare and safety of our community,” Shaw said. “If we didn’t ask those questions, we would be held remiss.”
Some of the most pointed queries had come from Commissioner Susan Chapman, who reiterated her concerns Monday and levied new allegations that investors stood to reap huge financial rewards on the backs of low-income renters.
“I think we need to enter into this with eyes wide open,” Chapman said. “The characterization is that this is a totally philanthropic effort, but I’ve heard it will get a return on investment of 40 percent, which is unheard of with rental properties.”
Chapman also called the development incompatible for the neighborhood and worried about potential fire hazards due to the proximity of propane tanks located at the nearby Midco Petroleum.
Vengroff and his business partner, Joe Barnette, dismissed those concerns and ensured the utmost safety of the future tenants. Barnette further called Chapman’s comments about the alleged 40 percent return on investments “an ambush” and a “distortion of the facts.”
“The last time I looked at the project, we’re talking about a 9 percent return,” Barnette told her, “and I’m eminently more qualified to discuss this than you are.”