Peninsula Bay in Cortez good for environment, economy, says developer Whiting Preston

CORTEZ -- Whiting Preston is marketing Peninsula Bay, his planned new housing development in the village of Cortez, as environmentally friendly, good for the economy and as offering locals more recreational access to Palma Sola Bay.

He is also advocating for biking and walking trails and "support efforts" to accelerate road improvements and ameliorate potential congestion the subdivision's new residents bring to the fishing village.

Speaking publicly for the first time this week about his new general development plan for Peninsula Bay, Preston said he wants it known that his development will make something that is already good better.

"Our community is really about the water," Preston said Thursday, five days after his development plan was delivered to county planning officials. "We really want to preserve shoreline because we think shoreline is significant. People really care about the environment and people want access to the water. That's what we are really after with Peninsula Bay."

Peninsula Bay would put 1,800 homes, a marina, a 150-room hotel and 90,000-square feet of commercial and retail space on 359 acres owned by his family's Manatee Fruit Co. One acre of mangroves would be lost, Preston said. The project might also include a public boat ramp that could be dedicated to the county.

The project site fronts on nearly a mile of Palma Sola Bay.

Using the tagline "connecting people to the water," Peninsula Bay would be the second tract of Preston farmland in southwest Manatee County to be sited for housing. In August, the county's board of commissioners approved a general development plan for Lake Flores, a 1,322-acre mixed-use community that would bring 6,500 homes, 500 hotel rooms and millions of square feet of retail and commercial space to market.

Located between Cortez Road and Palma Sola Bay, Peninsula Bay is described in its development plan as an "eco-friendly waterfront fishing village and resort, building on the character of the Cortez community while integrating new vacation and living options." A plan for the subdivision was first submitted to the county eight years ago, but the Great Recession prevented the project's start.

Preston said he will develop Peninsula Bay with an eye toward preserving the shoreline ecosystem. He plans to leave almost all the existing wetlands and mangroves in place, although about an acre of mangroves would be removed. Development will be further separated from the shore with the construction of a 67-acre lake on the property.

"Our project, one of the things we want to try to avoid is wetland impacts," Preston said.

Those assurances may not be enough for local environmentalists. Glenn Compton, chairman of the environmental activist group ManaSota-88, said the shoreline development will pollute nearby waters.

"Ultimately, if you develop in this low-lying area, you will have urban runoff," he said. "It's adjacent to Sarasota Bay and that creates a potential pollution problem."

Compton said Peninsula Bay would be difficult to evacuate in the event of a hurricane. The amount of traffic funneling through Cortez from the nearby bridge to Anna Maria Island and the village itself would make it impossible.

Traffic impacts

Preston acknowledged that Peninsula Bay would add vehicles to the roadway. A traffic analysis in the development plan shows that 17,841 new daily trips would be generated by the subdivision at its predicted 2027 buildout.

But Preston said Peninsula Bay traffic would only be part of a problem that already exists. The development plan notes that several road segments serving the area already fail to meet levels of service designated by the county and state. The traffic analysis projected a possible future need for up to six lanes on Cortez Road from the Peninsula Bay main access point to Palma Sola Boulevard.

Since Peninsula Bay falls under Manatee County's large project review process, a traffic study had to be conducted. It showed that the roads will be over capacity in the future "with or without the Peninsula Bay development." The subdivision's traffic will add to this overcapacity, according to the development plan.

Preston said adding more traffic lanes is not the only solution for moving people through the area. Multimodal trails, like those proposed for his Lake Flores development, are a consideration, he said.

"I think we are now at the cusp of a big discussion on how to promote that for the community," Preston said. "We ought to be promoting those opportunities to get people off the roads and get people to the island in different ways."

Congestion could also be eased by a low number of people per household in Peninsula Bay, Preston said. While Manatee County estimates 2.2 people per household, Preston said his subdivision would be a vacation and second-home community. At the county ratio, Peninsula Bay would add about 3,900 residents to the 4,200 who already live in Cortez.

Economic impacts

Regardless of the traffic and environmental factors to be weighed at Peninsula Bay, Preston said the development represents a net positive for the county because of the tax base it would generate. Part of the taxes collected from the subdivision could be used to fund the Southwest Tax Increment Financing District. The money could fund public safety, transportation, small business projects and rehabilitation in southwest Manatee County.

Much of the expected revenue for the TIF would come from tax receipts from new development projects such as Lake Flores and Peninsula Bay. In this vein, Peninsula Bay has the potential to enhance the area in a big way, Preston said.

"This is a way you get the real shot in the arm and help the district," he said.

The real estate value of Peninsula Bay at build out is estimated at $620 million. Property related tax receipts would be about $6.3 million, Preston said. He also estimates there will be 226 full-time workers in Peninsula Bay, including at his new marina.

Neighbors welcome Peninsula Bay

As an infill development, Peninsula Bay would surround and be surrounded by existing residential subdivisions. Its location is expected to tie development together on the north side of Cortez Road West. That, say those with property interests nearby, could make the area more valuable as a destination and a place to have a home or business.

Kathy Valente, a Realtor with Michael Saunders & Company who has a lot for sale in the Harbour Landings subdivision adjacent to Preston's Cortez land, said new housing is something southwest Manatee County needs. She said it is often difficult for her to find new homes in that area to show clients.

"What they want is new product," she said. "We don't have a lot of that, especially near to the beach."

Bob Gertz, who lives in the Sagamore Estates neighborhood that partly bisects the Peninsula Bay property, said he is generally pleased to see the project move forward. Gertz also owns the 36-slip Parrot Cove Marina, which sits on the shore adjacent to Sagamore Estates and the neighboring Sunny Shores mobile home park.

Gertz has the marina up for sale. He believes new development will drive up the selling price.

"The marina is for sale and being the only marina on the bay surrounded by this new development, it raises the value of the marina," he said.

Still, the prospect of adding a public ramp and second marina gives him pause. He said the area's shallow sea grass habitat could easily be destroyed if water traffic is not tightly controlled.

Preston said he needs to hear opinions positive and negative concerning Peninsula Bay. He said he will meet with the neighbors.

"I'm interested in hearing what they have to say," Preston said. "We are certainly going to listen to them."

The general development plan for Peninsula Bay is currently being reviewed by Manatee County planning staff. County staff comments are due Nov. 12.

Claire Aronson, Manatee County reporter, can be reached at 941-745-7024. Follow her on Twitter@Claire_Aronson.

This story was originally published October 16, 2015 at 10:25 PM with the headline "Peninsula Bay in Cortez good for environment, economy, says developer Whiting Preston ."