Saunders Donates $3.75M for 48 Affordable Apartments in Sarasota

Real estate executive Michael Saunders donated a 0.875-acre parcel valued at $3.75 million to One Stop Housing for an affordable housing development on School Avenue, directly across from Payne Park.

The five-story building, called On The Park, will contain 48 apartments priced at 60% or below the area median income, plus roughly 1,300 square feet of ground-floor commercial space. One Stop Housing managing partner Mark Vengroff said the company's vertical construction model cuts building costs to under $6.7 million, about 40% below traditional development.

Saunders, whose real estate staff struggled with long commutes and housing costs, approached Vengroff to develop the vacant site after deciding against locating her company headquarters there. "I hate that they have long commute times," Saunders said. "I've been grousing about no affordable housing and speaking up about it at different meetings."

One Stop Housing secured $4.2 million in Sarasota County Resilient SRQ funding and $4.7 million in bank debt. The company will manage the property and keep at least 51% of units at 60% area median income or less for 41 years. A priority agreement with the Sarasota County Sheriff's Office will help the agency recruit and retain employees.

The Sarasota City Commission must approve the project before construction begins.