Rookie no more

Entrepreneur Bruce Weiner made his career, and fortune, in luggage and promotional products.

That's why his chief operating officer, Debra Alward, was stunned when Weiner came to her one day in 2011 and declared his intention to build apartments in Sarasota. Not just any apartments, but a high-end community in the Rosemary District — a long neglected neighborhood just north of downtown. Obstacles were stacked: The economy was in the dumps, for one. Also, city officials and numerous neighborhood organizations created what many in the business community considered a climate unfriendly to development.

Then there was this, summed up with a simple question Alward asked Weiner: “What do you know about building apartments?”

Although Weiner's knowledge about development and construction is minimal, he decided to give it a shot. That project, CitySide, is now part of a budding Rosemary revitalization, one of nearly a dozen planned residential developments in the neighborhood.

Plans for CitySide include more than 450 residences in four-story buildings, from studios to two-bedrooms with living dens. Rents will likely be in the $1,000-$2,000 a month range. Leasing is expected to begin late next year.

CitySide went from Weiner's vision to next step April 1, 2013, when an entity he controls, Rosalyne Holdings, bought the 6.5-acre site, between Florida and Cocoanut avenues.
Rosalyne Holdings paid $4.55 million for the land. Construction began over the summer.

Weiner's passion for CitySide is evident when he takes visitors on a tour of the construction site or chats about the project. But excitement, Weiner has learned, doesn't equal experience.

“This is the hardest thing I've ever done,” says Weiner, who spends time between homes in Pittsburgh and Lido Key. “The development business isn't for the faint of heart. Every time you turn around there are problems that could cost thousands.”

Weiner addressed his lack of development experience by hiring a team of prominent area professionals. The list includes developer Jay Tallman, who has built multiple successful projects on Longboat Key; real estate attorney Bill Merrill; land consultant and urban planner Joel Freedman; and architect Michael Carlson.

Another roadblock Weiner faced early on was density, or lack thereof. Original density rules for the area maxed out at 25 units per acre. But a figure that low, says Weiner, “didn't pencil out,” when compared against his costs.

Multiple people, in business and city government, warned Weiner that asking the city for more density would be futile. But Weiner plowed ahead — he spent at least $200,000 on consultants and studies — and was ultimately rewarded: City officials, in October 2014, approved the Rosemary Residential Overlay District. This allows for 75 units per acre, with a few stipulations. “The city has been helping us take down obstacles,” Weiner says, “rather than put them up.”

With density in place, the CitySide team has gone about building a project with what Weiner calls “subtle amenities.” These go beyond the standard gym, community room, private dining areas, pool and gazebo, he says. One additional perk: parking on the floor where you live.

Yet amenities also present another challenge for Weiner and Alward. It's the battle to make the project standout, but with reasonable rents. Walls and floors will be made from concrete, for instance, not wood-frame. That's better for sound protection, but costs 5% more. Another example: developers upgraded the paint on the railings, so it will last longer. That cost an extra $50,000.

“We aren't going to build this and flip it,” says Alward. “This isn't a good-enough mentality.”

Follow Mark Gordon on Twitter @markigordon.