Caption: Master Plan lays the groundwork to transform a 53-acre, city-owned site into a more inclusive and welcoming community waterfront destination.
| Project Name |
The Bay Park Redevelopment, Sarasota, Florida |
| Location |
Sarasota, Florida |
| Project Sponsor / Borrower |
Sarasota, Florida & Bay Park Conservancy (BPC). |
| Program Areas |
 |
| Value Capture Techniques |
Asset Recycling, Development Impact Fees, Private Contribution, &
Tax Increment Financing |
| Mode |
Local Road / Multimodal Redevelopment |
| Description |
The Bay is a citizen and community led civic initiative to transform 53 acres of city-owned land into a signature public park on Sarasota Bay that is open and accessible, free, and welcoming to the full and rich diversity of the community.
The Bay is a community-led, $150 million project that will take 10 years over three more phases to complete. The Bay Park Conservancy (BPC), led by former Procter & Gamble CEO Lafley and former Kimley-Horn & Associates Senior Vice President Waddill, is a 501(c)(3) nonprofit formed in 2019 to implement the master plan approved by the City Commission to conserve the public land for a signature park. The BPC entered into a long-term partnership with the city to fund, develop, operate and sustain the Bay
Phase I: of the park is set to debut with a 10-day grand opening event beginning Oct. 14. The 14-acre phase features largely passive recreation space, nature trails, an event lawn, playground, a mangrove bayou and a welcome center, among others. 80% of (Phase 1) was paid for by private money.
Phase II: At a cost of $65 million, the Sarasota City Commission approves $48 million in TIF-backed bonds for the second phase of The Bay park redevelopment. The four projects within The Bay phase two are projected to cost $65 million.
- Dockside/South Canal District: $15 million
- City Side Cultural District: $20 million
- Sunset Boardwalk/Pier: $15 million
- Western Shoreline: $15 million
- Subtotal: $65 million
The Sarasota Bayfront Master Plan lays the groundwork to transform a 53-acre, city-owned site on the stunning "Cultural Coast" of Florida into a more inclusive and welcoming community waterfront destination. The project delivers a long-term master plan to guide future improvements to the valuable site - establishing a cultural and economic legacy for the region while ensuring open, public access to the Bayfront. The plan, once implemented, will enhance the cultural vitality of the site, provide expanded public open space, improve connectivity to other parts of the city, and offer an economically and environmentally sustainable long-term management strategy. |
| Cost |
- Phase I: $ 40.5 million (Phase 1 - completed in 3 years, at a cost of $40 million. 90% private / 10% government)
- Phase II: $ 65.0 million
|
| Funding Sources |
Phase I: 80% private / 20% government sources
Phase II
- $ 12M Gov't Grants
- $Â 5M Private
- $ 48M TIF backed City bond
|
| Project Delivery / Contract Method |
Public-Private Partnership. The Bay Park is coordinated and managed by The Bay Park Conservancy (BPC), a not-for-profit organization with the responsibility to design, plan, develop, and help fund the park in phases, and then operate, program, and sustain each phase as it is built out and completed |
| Private Partner |
Bay Park Conservancy (BPC) is the exclusive design, planning and development, co-funding, and management partner of the City for The Bay Park |
| Project Advisors / Consultants |
HDR Inc. |
| Lenders |
N/A |
| Duration / Status |
Phase I: Start Date: January 2020 & Finish Date: December 2022. Official Grand Opening of The Bay park, October 2022
Phase II: Between 2023 and 2026, the Bay Park Conservancy will complete the circle plan for the new public park south of the 10th Street boat launch.
|
| Financial Status / Financial Performance |
Phase 1 - completed in 3 years, at a cost of $40 million. 90% private / 10% government.
Phase 2 - estimated completion in 5 years, at a cost of $65 million, 80% government; 20% private and grants
- $5 million private grant
- $12 million Gov't Grants
- $48 million TIF backed City bond
|
| Innovations |
- Community engagement and dialogue and employed the full range of in-person meetings, site tours, The Bay website, and social media for for 360 communications. Completed park user survey with more than 2,500 respondents.
- Partnership with The Bay Park Conservancy (BPC) focuses on conserving public land for public use, environmental restoration, enhancement and sustainability, design and development, funding, and management of a new, signature public park in Sarasota.
- Transforming 53 acres of parking lot and underused or vacant facilities into a park, improves accessibility and services for boaters, environmental restoration, enhancement, and sustainability - by adding significantly more green space and shade, more resilient shorelines; continuing to improve water and air quality
- Providing the best and most sustainable returns in Economic, Conservation and Environmental Value, Improve Community Health, and Community and Social Value
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| Related Links / Articles |
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| Contacts |
Cathy Layton, Chair
Bill Waddill, Chief Operating Officer (COO) for The Bay Park Conservancy
bill.waddill@bayparkconservancy.org
(941)266-1717
AG Lafley, Founding CEO at The Bay Park Conservancy
ag.lafley@bayparkconservancy.org
941-366-3468
L. Lori Denny - Project Coordinator at The Bay Park Conservancy
lori.denny@bayparkconservancy.org
(941) 203-5316
Julia Groom,
julia@dreamlarge.org
(941) 365-9200 |
