Sunz Insurance completes move downtown under incentive agreement

Sunz Insurance Co. completed its headquarters move to downtown Bradenton a few months ago and recently made its presence known by installing its company name on the front of the building.

An 11-year-old worker’s compensation insurance company, Sunz Insurance moved its corporate headquarters from a building on Sarasota Center Boulevard near Fruitville Road to the six-story office building at 1301 Sixth Ave. W. in May. The move was sweetened by an incentive package provided by the city of Bradenton’s Central Community Redevelopment Agency.

Bringing Sunz Insurance to downtown Bradenton was important for several reasons, Bradenton City Administrator Carl Callahan said.

“The great addition is the quality of jobs they were bringing in,” Callahan said. “We’re starting to get a really good mix of tenants downtown. And the fact that it was on the other side of Manatee (Avenue) was key for us.”

The city and CRA want to “move toward the south and toward Village of the Arts to fill some of the gaps that exist,” Callahan said.

The jobs Callahan refer to must pay at least $41,625 for the company to receive the $1,750 per job promised in the incentive agreement. Sunz Insurance must provide Callahan with an employee roster with total W-2 wages and job titles to receive the funds.

The company has the potential to bring more than 200 jobs to the city of Bradenton, per the agreement. Sunz Insurance employs “over 100 employees enterprise-wide,” Sunz Insurance President Terri Stevens said in an email.

The move allows Sunz Insurance to “accommodate our entire staff in one location,” she said.

Another part of the project pertains to the benefits of revamping an old building. The building was constructed in 1976 and Callahan knew how dire the building’s need for rehabilitation is because he worked there in the 1980’s. The CRA will provide up to $100,000 to Sunz Insurance for what the agreement calls “public domain improvements.”

Sunz Insurance also owns the parking lot directly across 14th Street West.

The city of Bradenton’s CRA helped the Hampton Inn in a similar fashion.

“We want to help get a certain look and feel downtown,” Callahan said.

It was only natural to provide the companies with assistance to streamline the appearance of downtown Bradenton office buildings while they renovate the building, he said.

“Sunz is currently renovating both the exterior and interior of the property and the process is ongoing,” Stevens said.

Funds for the project come from tax increment funds received by the CRA Trust Fund, according to the agreement. Sunz Insurance did not receive economic development incentives from Sarasota County, according to county spokesman Jason Bartolone.

Sunz Insurance purchased its new headquarters on Sixth Avenue West in December 2015 for $2.295 million. The seller, Missouri-based First Bank, had owned the building since 2007. The sale to Sunz Insurance marked the fifth time the 59,000-square-foot building was sold, the Herald previously reported.

Herald urban affairs reporter Mark Young contributed to this report.

This story was originally published November 15, 2016 at 5:11 PM with the headline "Sunz Insurance completes move downtown under incentive agreement."