Benderson Betting on Economic Up-Tick

Nobody’s out-and-out saying the Great Recession is over. But one savvy development player is starting to limber up for what could be the Great Recovery.

Todd Mathes was a last-minute substitute speaker at the Sarasota County Council of Neighborhood Associations (CONA). He is the director of development for Benderson Development, a Manatee-county based national build-to-rent company specializing in the rehabilitation of shopping centers. It also builds hotels and has other real-estate interests.

Benderson has projects in 34 states. In Sarasota and Manatee counties, the company has 25 different projects either under ownership or in development. Mathes came to brief the CONA meeting of neighborhood leaders about his company’s on-going efforts.

What’s new is how many projects are ramping up. “What we’ve seen in Florida and nationally, things have jelled a little bit,” he said.

He reported a number of Benderson projects are either on-going or in the process of ramping up. He pointed to a strip mall rehabilitation under way in Venice at the southern junction of U.S. 41 and the 41 by-pass with as an anchor. “What Benderson is really good at is re-adapting existing shopping centers, giving new life to them. This project is an example,” he said.

Benderson also owns the old Kmart site north of . It was to be a new Home Depot, but plans fell through. “What we see coming in a three-month time frame is something like this Bonefish Grill project with a good tenant mix,” he said.

Farther north, he talked about the now-vacant Benderson site at the northwest corner of U.S. 41 and Stickney Point Road (the south bridge to Siesta Key). “This is a key and important piece of property for us, the community and the county,” said Mathes. “We might be talking to the neighbors within the next six months, to start thinking about an overall building plan.”

At the Sarasota-Manatee county line, he looked at Benderson’s mall. “We will start construction of the mall 12 to 18 months from now,” Mathes said.

In Bradenton, construction of a new Fresh Market is under way in the Northwest Promenade, at the corner of 67^th Street and Manatee Avenue West. “Fresh Market is hoping for a mid-Fall opening,” he said. “It will be upscale, to attract the higher incomes on or near the water.”

Benderson documents indicate the average household income within three miles of the Fresh Market is $73,659. “It will be exactly like the Fresh Market on University [Parkway],” said Mathes. “It’s an exciting redevelopment project.”

Most of the evening’s discussion was about rowing. The is drawing national and international attention. Teams are already making plans to come from the northeast and Canada to practice this winter. Sarasota County has pledged $20 million from tourist taxes to pay for the basic layout.

Mathes was the last-minute substitute for Paul Blackketter, Benderson’s point man for rowing.

Next year Mathes said the park could be the scene of a national championship. And the year after – 2014 – the first international rowing regatta could be held there.  The rowing “season” runs from late February into April.

As part of Benderson’s agreement with Sarasota County, after the extension of Cattlemen Road is completed this December, Benderson is committed to start building two hotels in Sarasota County near the park.

Both Manatee and Sarasota Counties have embraced the rowing craze. This year three new rowing teams formed in Manatee, said Mathes. “Rowing is really evolving in this community. The partnership between Manatee and Sarasota County is growing,” he said.

But beneath the talk of dragon boats and international regattas, Mathes indicated Benderson is poised to build two new hotels, a major upscale mall at University Parkway and start thinking about 40 acres at the southern entrance to Siesta Key. In addition to on-going shopping mall upgrades from Venice to Bradenton.

The company that doubled its market value in the last decade is clearly betting on economic recovery.