Florida Construction News staff writer
Sarasota Performing Arts Foundation and the City of Sarasota have released an economic impact study highlighting the expected impact of building a new performing arts center.
Prepared for the Foundation by HR&A Advisors, the study forecasts $150 million in annual economic activity and 1,200 permanent jobs.
Key findings:
$562 million in spending countywide during the construction phase, including about 3,200 temporary jobs and $162 million in temporary wages.
More than $150 million in annual economic activity generated from operations, programming, visitation, and cultural tourism, with 358,000 annual visitors anticipated.
Creation of 1,200 permanent jobs, contributing $52 million in annual wages
“This Economic Impact Study showcases the incredible power of the arts and the opportunity for the Sarasota Performing Arts Center to serve as a critical economic driver of our vibrant community,” said Foundation CEO Tania Castroverde Moskalenko. “This study reaffirms what we know to be true in Sarasota – that the arts are not only part of our shared identity, fueling innovation and creativity, but also play an extraordinary role in our economic development.”
Local architectural firm Sweeet Sparkman has been selected to be the architect of record for the new Sarasota Performing Arts Center (SPAC) and Italian-based firm Renzo Piano Building Workshop (RPBW) is the design architect for project. Approved in 2018, the center will be built on The Bay campus, just north of the now-open waterfront park next door.
For an executive summary of the Economic Impact Study, click here.
“This study provides important information for the City Commission and Sarasota community,” said City Manager Marlon Brown. “It shows the Sarasota Performing Arts Center will be a significant economic driver from the very start of construction. The study underscores the value of this generational project and the 50-50 public-private partnership with Sarasota Performing Arts Foundation.”
