Projects

Car Bank SRQ 2.0

Project facts

Status: Pre-Development
Address: 5864 Derek Avenue
City: Sarasota, Florida
Region: Southwest Florida
Submarket: Sarasota; Bradenton
Units: 26
Amenity tier: Premium
Key amenities: Owners' Clubhouse/Lounge, Private Bathrooms, Vehicle Lift Capability, 14'+ Roll-Up Doors, 18'+ Clear Heights, Climate Control, Mezzanine Capabilities
Construction: Tilt Wall
Finish level: High-Quality
Projected delivery: 2027
Flood zone: X

Location Summary

Sarasota / Sarasota; Bradenton Overview

Car Bank SRQ 2.0 is a planned 26-suite, premium-tier collector garage community at 5864 Derek Avenue in south-central Sarasota, just off Clark Road between the established Gulf-side neighborhoods and the Palmer Ranch growth area. The North Port to Sarasota to Bradenton metro counted 948,158 residents in the July 2025 Census estimate, and Florida's lack of an individual income tax continues to pull high-income households south at a pace that netted the state about $20.6 billion in adjusted gross income in the latest IRS filing year. Within the platform, the Sarasota and Bradenton corridor carries the highest wealth percentile in Southwest Florida at 69.6 and posted the region's strongest one-year pricing gain at 20.5 percent, against a $385 per square foot trailing median.

The immediate trade area reads as mature, affluent, and car-dependent: roughly 9,551 households within five miles earn $200,000 or more, half the five-mile population is 55 or older, and one in six housing units is held seasonally, the profile of established owners with multiple vehicles and limited secure space at home. Per platform records, the tilt-wall project plans an owners' clubhouse, lift capability, and 18-foot-plus clear heights, with delivery targeted for 2027.

The Interstate 75 interchange at Clark Road sits about 2.5 miles east, US 41 runs about 2 miles west, and the Siesta Key beaches lie roughly 4.5 miles west. Sarasota Bradenton International Airport, which handled a record 4.5 million passengers in 2025, is about a 20 to 25 minute drive north.

Current Events & Infrastructure

I-75 at Clark Road Interchange: FDOT completed the $52.6 million reconstruction of the interchange about 2.5 miles east of the site as a diverging diamond, adding auxiliary lanes on I-75, rebuilt ramps, new signals, and bicycle and pedestrian improvements along Clark Road, with the ribbon cutting in September 2026. It is the site's primary interstate on-ramp, shortening the run to the airport and east county.
Clark Road Corridor Resurfacing and Legacy Trail Bridge: A $5 million FDOT resurfacing, drainage, signal, and sidewalk project on Clark Road from Honore Avenue to west of Gantt Road ran from June 2025 to mid-2026, and a $13.2 million pair of Legacy Trail pedestrian bridges over Clark Road and Bee Ridge Road, about 1 mile west of the site, opened in 2025. Together they upgrade the project's front-door corridor and connect it to the county's signature multi-use trail.

Key Demand Drivers

The trade area is adding thousands of new apartments and attached homes with limited parking, while established owners already carry more vehicles than their homes can shelter; that shortage of secure, climate-controlled space for collector vehicles and toys is what the project is built to fill.

Sarasota Square Redevelopment (about 2.5 miles southwest): The former mall at US 41 and Beneva Road is being rebuilt on nearly 100 acres into a mixed-use district with about 530,000 square feet of retail anchored by a roughly 35,828 square foot Whole Foods Market, up to about 1,200 residences, and a first phase of 355 luxury apartments targeting first occupancy in early 2028; demolition was under way in August 2026 and phase one retail is slated for early 2027. (Unit and tenant figures come from a local real estate site; treat as indicative.)
Palmer Ranch East (about 10 to 15 minutes southeast): Sarasota County commissioners approved on September 10, 2026 a 2,351-acre master plan east of I-75 at the future State Road 681 interchange with up to 5,702 homes and about 1.48 million square feet of commercial, office, and light industrial space, plus school, park, and fire station sites. It is the largest new source of households within a short drive of the site.
Sarasota County Administration Center (about 5 miles north): The county opened its new $100.15 million, 121,160 square foot administration center at 1 Apex Road near I-75 and Fruitville Road in August 2026, relocating a major public employment base toward the interstate corridor.
1660 Ringling Boulevard (about 15 minutes northwest): Benderson Development is converting the 158,149 square foot former county administration building downtown into Class A office space, a roughly $25 million redevelopment that won a unanimous planning board endorsement in July 2026.

Location Highlights

MSA Position: The North Port to Sarasota to Bradenton metro has grown at several times the national rate since 2020 and sits in the platform's deepest coverage region.
Enthusiast / Collector Culture: Southwest Florida's organized collector-car, boating, and business-aviation culture and a November to April high season concentrate event and show activity along this coast.
Infrastructure & Recreation: The Legacy Trail, about a mile west, and the Siesta Key beaches give owners year-round recreation within minutes.
Market-Specific Factor: Florida's property-insurance market has moved into active relief, with Citizens filing an 8.7 percent average rate decrease in early 2026, easing a drag on buyer activity; Flood Zone X at the site supports that story.
Tax & Quality of Life: No state individual income tax and sustained high-income in-migration underpin demand for second-home and seasonal ownership.
High Net Worth Concentration: About 4,443 households within 3 miles, 9,551 within 5 miles, and 13,920 within 7 miles earn $200,000 or more, with median home values climbing from about $457,000 at 3 miles to $523,000 at 7 miles.

Area Demographics (ACS 2024)

Wealth Index: 7.2 / 10 (SCK portfolio-relative)

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