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SMH Move Downtown is Win-Win-Win - Spring 2019

11.9% - Amount of available Class A office space downtown after the SMH purchase

The recent purchase of the former Sarasota Herald-Tribune building at 1741 Main St. by Sarasota Memorial Hospital for $10.85 million is significant on multiple levels. First, the hospital needed more space and this building will address that demand at a price significantly lower than the cost to develop a new building, which the healthcare provider reportedly contemplated. Taxpayers, like Harshman & Co. who help fund the hospital, certainly appreciate that savvy business move. Second, this purchase removes 72,400 square feet from the “available” market of downtown Class A office space, which drops the “available” rate from 16.4% to 11.9%.  Finally, and perhaps most importantly, the hospital’s relocation of non-clinical operations to downtown is projected to bring hundreds of well-paid SMH employees to Main Street, increasing the vitality of the entire surrounding area and providing consumers for nearby shops and restaurants. All in all this is a three-way win!!!!