Today the City Staff made their presentation and the Isaac Group made their pitch.
The term sheet differences were outlined - basically the planning staff believes that the deal is tilted toward the developer side.
An interesting report was given by the city's parking consultant. This analysis showed that the proposed Pineapple Square project additions for downtown (retail, condos, etc), and taking into consideration the 1064 total parking spaces proposed for the building, the net result will be a deficit of 213 parking spaces.
In other words, after all is said and done, the parking situation will be worse downtown. New residents and shoppers will consume all the new spaces and will be looking for an additional 213 spaces. By their questioning, it was apparent that several Commissioners did not want to believe this. After the session the developer's attorney was complaining to Commissioner Palmer that is was unfair to hold the developer to a "new standard".
For this, the developer wants the city to give them in excess of $18,000,000 in land and cash.
No decision was made. The discussion was continued until Tuesday at 1PM.
Many participants indicated that the "lobbying" pressure was more than they had experienced in a long time, if ever. The business interests were out in force with stickers indicating: I "heart" Pineapple Square.
Several comments were heard afterwards along the lines of "Sarasota has a reputation of giving away anything the developers want," as they shook their heads.