on May 15, 2024

HR&A Study Finds New Sarasota Performing Arts Center Will Generate $194 Million in Annual Economic Impact

This press release was originally issued by the Sarasota Performing Arts Foundation.

 

Sarasota, FL – March 5, 2025 – The Sarasota Performing Arts Foundation is pleased to share updates to the Economic Impact Study that highlight the contributions of a new performing arts center for Sarasota and Sarasota County. Originally released last May, the updated study reflects the latest building brief and business plan, including a larger theater with 2,700 seats, which is an addition of 500 seats.

 

Prepared by HR&A Advisors—one of the nation’s foremost real estate and economic development firms—the study projects over $194 million in annual economic activity. This figure exceeds the current economic impact of the Van Wezel Performing Arts Hall by 68%, marking a substantial advancement for the city’s cultural and economic vitality.

 

Key findings of the HR&A Advisors study include the following:

• • Annual Economic Activity: The study projects over $194 million in annual economic activity, highlighting a significant increase in projected benefits.

  • Visitor Impact: Expected annual visitors have increased to 495,000, underscoring the center’s draw as a cultural landmark.

  • Job Creation and Wages: The performing arts center is anticipated to generate more than 1,550 permanent jobs, with annual wages totaling $68 million.

  •  Construction Phase Benefits: During construction, the study forecasts an injection of $669 million in countywide spending, creating 3,700 temporary jobs and yielding $192 million in temporary wages

  The Economic Impact Study powerfully illustrates how the arts drive community transformation,” said Tania Castroverde Moskalenko, Chief Executive Officer of the Sarasota Performing Arts Foundation. “Our commitment to the arts is an investment in Sarasota’s future, generating benefits that extend well beyond the creative walls.”

“Arts and culture have long been at the heart of Sarasota’s identity, drawing thousands of visitors each year,” said Alex Stokes, the study lead who was previously a principal at HR&A Advisors and now a senior advisor with Stokes Urban Strategies. “The center is poised to become a vital cultural beacon that not only enriches the community but also drives significant economic growth through new jobs, increased visitor spending, and boosted tax revenues.”

 

For more details, please visit https://www.performingartsfoundation.org/performing-arts-center

 

Read the full executive summary here.