Sarasota commission approves $250,000 CRA grant for banquet-hall renovation on MLK corridor

The Sarasota City Commission, meeting in a special session as the Community Redevelopment Agency, unanimously approved a $250,000 grant to Margo Ventures LLC to renovate a banquet hall at Dr. Martin Luther King Jr. Way and Leon Avenue, a project presented to support redevelopment of the Newtown corridor.

Wayne Appleby, the city’s economic development manager and staff liaison to the Newtown CRA advisory board, told commissioners the CRA set aside $900,000 last year for corridor redevelopment and that the board identified the banquet-hall renovation—marketed as “2700 Margo’s”—as a shovel-ready project. "The CRA created this initiative and placed $900,000 into a fund for redevelopment opportunities," Appleby said.

Carlos Yancey, vice chair of the Newtown CRA advisory board, presented the board’s recommendation to award $250,000 toward a project with a total estimated cost of $513,000. The advisory board’s recommendation was conditional: the applicant must provide proof of non‑CRA matching funds (about $263,000), documentation of actual costs, and evidence of payment/reimbursement; CRA funds would not be disbursed until the owner’s private funds had been spent.

Terrell Salem, the project’s prime contractor and the owner’s representative, said the owner already has expended about $80,000 on engineering, architecture and permitting and described the project as ready to begin. "We have about a $500,000 improvement cost," Salem said, adding that the owner expects the county tax assessor to reassess the property and that ad valorem revenue could increase by roughly $66,000 annually. Salem also said the operation would employ several people—he estimated seven part‑time positions—while the advisory board materials listed one full‑time and one part‑time job as expected.

Commissioners asked for clarifications on several points. Commissioner Erin Koch said the record should emphasize local hiring and asked that the agreement’s publicity language expressly include recognition of the City of Sarasota; Appleby said staff could add that language if the commission wished. Commissioners also pressed for clarity about what "from the community" means for hiring; Appleby said it was intended as a good‑faith expectation focused on the Newtown community rather than a legally enforceable requirement.

Public commenter Martin Hyde questioned the advisory board’s three‑zero vote and raised concerns about oversight and past unfinished projects. Appleby responded that the three members who voted (Vice Chair Yancey and two members) declared no financial interest in Margo Ventures LLC and that the grant agreement includes conflict‑of‑interest provisions. Commissioner Koch specifically referenced Article 12 of the grant agreement on conflicts of interest when placing that safeguard on the record.

Commissioner Erin Koch moved to approve the grant agreement "to provide $250,000 to Margo at 2700 with the caveat that the local hiring is stressed and the addition of the City of Sarasota to Article 8" (publicity). Commissioner Battee seconded. After discussion emphasizing urgency for Newtown revitalization, the commission voted and the motion passed unanimously.

The grant approval includes the advisory board’s required conditions and the requirement that private funds be spent before CRA dollars are released. Project proponents estimated construction financing and a loan process could begin within about 60 days and, if the schedule holds, the contractor estimated the venue could be operating in early 2027.

The commission moved on to the consent agenda following the vote.