Prominent Sarasota real estate execs team up on 48-unit affordable housing project

The builder of some of the lowest-priced housing in Sarasota is teaming up with the broker of some of its most expensive for 48 attainable apartments across School Avenue from Payne Park.

One Stop Housing is partnering with Michael Saunders — the individual and not her real estate company — who owns the 0.875-acre site at 295 School Ave. All apartments are planned to be priced at 80% or below area median income, according to One Stop Housing Managing Partner Mark Vengroff.

Known as On The Park, the project held its pre-application conference with the Sarasota Development Review Committee Sept. 16

The plan is to build a five-story building with surface parking next to the David Weekly Homes-built Payne Park Village townhomes. It will include some 1,300 square feet of commercial space on the first floor, likely a cafe-style use, according to project consultant Joel Freedman. 

The parcel is currently vacant, with a never-built hotel or commercial space approved by the city in 2017. Options for the site were a 100-room hotel and a 4,000-square-foot restaurant or 62,000 square feet of office uses.

Photo by Andrew Warfield

A public hearing before the City Commission was held Sept. 21 for approval of a mutual termination agreement of those prior plans to clear the way for On The Park to proceed — once it advances beyond staff review and administrative approval. 

Because David Weekly Homes was a party to the original agreement, commissioners were hesitant to grant the termination request, although attorney Dan Bailey said the builders’ rights to develop the site have expired after multiple extensions.

“I've spoken with their counsel over the years and coordinated with them on those extensions. They’re neutral on this situation,” Bailey said. “They've sold out their property. Their rights expired in 2025 because they didn't extend, so they're not really a party to this agreement now.”

Short of that documentation, the commission unanimously approved a motion to place the final version of the termination agreement on the Oct. 19 City Commission meeting agenda for a required second public hearing. 

A version of this article originally appeared on sister site YourObserver.com.