St. Armands

Residents Association

St. Armands Parking Garage

Sarasota County Property Appraiser information:  click here

In 2017, there was a $13,595,000 bond issuance for the construction of the St. Armands parking garage.  The bond term is for 20 years, ending on October 1, 2038 with an annual payment by the City of Sarasota of approximately $690,000.  (source:  city handout at 2/26/2026 St. Armands visioning workshop). The bonds are callable on 10/1/2027 at par. The bond covenant required the creation of the St. Armands Parking District and the paid parking spaces within that district must be preserved for the duration of the bond.

The 2016 Bond Resolution is 16R-2568 (link): 

Authorizing the issuance of not to exceed $17,500,000 in aggregate principal amount of the City of Sarasota, Florida St. Armands Paid Parking Area Improvements Revenue Bonds, Series 2017A and Series 2017B for the purpose of financing and/or reimbursing the parking garage and area improvements, respectively, as described herein; providing that such bonds shall be limited obligations of the City payable solely from certain non-ad valorem special assessments, net parking revenues and, if amounts in the reserve account are insufficient, a backup covenant to budget and appropriate legally available non-ad valorem revenues of the City in the manner and to the extent herein provided; providing for the rights, securities and remedies for the owner of such bonds; making certain covenants and agreements in connection therewith; authorizing a bond validation; authorizing certain officials and employees of the City to take all actions required in connection with the sale, issuance and delivery of such bonds, etc. (Title Only)

The following news articles document the St. Armands Parking Garage development.

November 5, 2018

Backup Material from a Regular City Commission Meeting regarding the burying of power lines along John Ringling Blvd between Coon Key Bridge and St. Armands Circle:  click here

August 30, 2022

Email from City Manager to City Commissioners regarding unsolicited offer from Sunrise Capital Investors to purchase the St. Armands Parking Garage AND the Fillmore Parking Lot:  click here - Letter of Intent:  click here

September 6, 2022

On the same day, there were both Special and Regular Meetings of the City Commission Meeting.  The Regular Meeting was temporarily paused, then there was the Special Meeting, and then the Regular Meeting resumed.

    • Link to video of Special Meeting:  click here
    • Sunrise Capital Investors speak about their offer:  fast forward to 0:03:50  (0 hours, 3 minutes, 50 seconds)
    • Link to video of Regular Meeting:  click here
    • City Manager responds that no offer will be presented to the City Commission unless it is accompanied by an appraisal:  fast forward to 7:15:12 (7 hours, 15 minutes, 12 seconds)


September 2, 2025

Regular City Commission Meeting.  Two items on the agenda (link) related to the St. Armands Parking Garage:

    • VII.1 - The final assessment to commercial landowners (typically passed through to their tenants due to the terms of a triple-net lease) (more info)
    • VII.3 - A loan from the city's general fund to make post-2024 hurricane repairs (more info)

It's been reported to us that, on the site of the parking garage, there used to be an older, two story parking garage, and, before that, a water tower.




St. Armands Residents Association

P.O. Box 2482, Sarasota, FL  34230

e-mail us at: st.armands.residents.assn@gmail.com

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