Building a new Sarasota Performing Arts Center could inject over $150 million annually into the local economy, not to mention $562 million in temporary construction spending and over $300 million in new tax revenues over 30 years, according to HR&A Advisors.

This economic impact study supports the Sarasota Performing Arts Foundation’s (SPAF) campaign for the project, estimated to cost $275 million, with funding split equally between public and private sectors. Public funds would come from tax increment financing, grants, and ticket surcharges, while the remaining $138 million would be raised through philanthropy.

SPAF CEO Tania Castroverde Moskalenko emphasized the economic benefits, noting the potential for new restaurants, coffee shops, hotels, and an increased tax base. The new center is expected to bring 30% more economic benefit than the existing Van Wezel Performing Arts Hall due to greater seating capacity and enhanced features.

While the project is not under The Bay Park Conservancy, it would anchor The Bay, a 53-acre city park. The Sarasota City Commission has approved up to $44 million for the design work by Renzo Piano Building Workshop, with local firm Sweet Sparkman Architecture as the architect of record.

However, county commissioners Mark Smith and Ron Cutsinger are hesitant to approve the county’s $11 million share without more financial details. To address this, SPAF has committed to funding the county’s portion to proceed with the design phase.

The HR&A report highlights a significant multiplier effect, estimating that every dollar spent locally generates $2 to $2.50 in new spending. The project is expected to create 3,200 temporary and 1,200 permanent jobs, and catalyze $1.7 billion in new development around The Bay.

The economic benefits of the new performing arts center include:

• Construction Impact: $562 million in spending, nearly 3,200 temporary jobs, $162 million in wages, and $16 million in tax revenue.
• Annual Impact: 358,000 visitors, 1,200 permanent jobs, $52 million in wages, and $163 million in taxes over 30 years.
• Neighborhood Impact: $1.7 billion in new development, yielding $150 million in new property tax revenues over 30 years.