A Look at Benderson Development Company's Impact on our Region
Founded in 1950 in Buffalo, N.Y., Benderson Development Company is one of the nation’s largest private real estate companies, owning, developing and managing retail, commercial, hotel and residential properties in 38 states.
Benderson first made its mark on Sarasota in 1998 when it purchased a dying outlet mall near University Parkway and I-75 and upgraded the property to The Shoppes at University Town Center. More nearby retail developments followed: The Square at University Town Center, The Market at University Town Center, The District at University Town Center and, of course, The Mall at University Town Center. The projects have transformed the University Parkway corridor into a bustling center of commerce, dining and shopping.
In 2004, the company moved its corporate headquarters to Sarasota, where it’s become an advocate for economic development and has supported a number of causes. It also partnered with the county to build Nathan Benderson Park, which includes a rowing facility that has hosted competitions since 2010 and will be the site of the World Rowing Championships in 2017.
As Benderson’s local portfolio has exploded, so has its influence. The company has made major investments in the community, creating jobs and economic growth, but some complain that it has too much sway over county officials. That perception was heightened in April, when a jury ruled that the company and another Sarasota developer, Henry Rodriguez, attempted to use relationships with some commissioners to conspire against former business partner Hugh Culverhouse. They were ordered to pay Culverhouse $20 million in damages. A judge later reversed the jury’s decision and threw out almost all of the $20 million verdict.
To get a clearer picture of the company’s local footprint, we ran the numbers.
Nathan Benderson
(1917-2012). A child of the Depression, he made his first real estate deal in 1949 when he redeveloped a bankrupt brewery in Buffalo, N.Y. The company he later founded transformed much of Buffalo. A major philanthropist, he supported causes in New York and Sarasota.
Randy Benderson
Nathan’s son, Randy, 60, acts as president of Benderson Development and serves on the board of the Nathan Benderson Park Foundation, which is responsible for raising private funds to partially support construction at the Nathan Benderson Park rowing facility.
Shaun Benderson
An executive vice president with Benderson Development, Shaun, 34, joined his father, Randy, when Benderson Development moved its headquarters from Buffalo to Sarasota.
The Company
700-plus
No. of properties owned by Benderson Development Company
Source: Benderson website, “About us”
40 million-plus
National square footage owned by Benderson
Source: Benderson website, “About us”
14.2 million
Square footage of property owned by Benderson and related companies in Sarasota County
Source: Sarasota County Property Appraiser
$55.4 million
Just (market) value of those Sarasota County properties
Source: Sarasota County Property Appraiser
22.5 million
Square footage of property owned by Benderson and related companies in Manatee County
Source: Manatee County Property Appraiser
$176.4 million
Just value of those Manatee County properties
Source: Manatee County Property Appraiser
840.6
Total minimum acreage of properties in both counties
Source: Sarasota and Manatee County Property Appraisers
The Mall
880,000
Square footage of The Mall at University Town Center
Source: Benderson and Taubman Centers press release
$315 million
Cost of mall development
Source: Benderson and Taubman Centers press release
$7.1 million
Total impact fees paid by Benderson, Taubman, Macy’s, Saks and Dillard’s to Sarasota County for the mall
Source: Sarasota County
$142,000
Property taxes paid on the mall by Benderson and Taubman in 2014
Source: Sarasota County tax collector
$7.1 million
State’s total design cost for the diverging diamond interchange at University Parkway and I-75
Source: Florida Department of Transportation website
276
Acreage of Sarasota Interstate Park of Commerce
Source: Benderson Development Concept Plan
500
Proposed number of nearby hotel rooms
Source: Benderson Development Concept Plan
1,750
Proposed number of nearby residential units
Source: Benderson Development Concept Plan
1,000
Estimated number of construction workers employed to build the mall
Source: Mall fact sheet
2,000
Estimated number of mall employees
Source: Mall fact sheet
$83 million
State’s total estimated cost of diverging diamond interchange
Source: Gov. Rick Scott press release
The Rowing Park
602
Acreage of Nathan Benderson Park, owned by Sarasota County
Source: Sarasota County Property Appraiser
$18.8 million
Amount contributed by Sarasota County to pay for rowing facility construction
Source: Sarasota County
$10 million
Amount so far approved for the project by the Florida Legislature and Gov. Rick Scott
Source: Sarasota County
$11 million
2015 fund-raising goal of the Nathan Benderson Park Foundation
Source: Nathan Benderson Park Foundation
$11 million
Additional funds the Nathan Benderson Park Foundation will be seeking from the Florida Legislature this year
Source: Nathan Benderson Park Foundation
$463,722
Maximum recurring annual expenses Sarasota may have to pay for park maintenance, personnel and more
Source: Sarasota County
$10 million-plus
Amount the Benderson family has so far invested in the rowing park, through cash and in-kind donations to Sarasota County and Suncoast Aquatic Nature Center Associates (SANCA).
Source: Benderson Development Co.
40,000
Projected number of park visitors for the 2017 World Rowing Championships
Source: USRowing
$24.6 million
Projected economic impact of the 2017 championships
Source: USRowing
The Political Contributions
$225,000
Amount donated by the Benderson family and company to Gov. Rick Scott’s 2014 re-election campaign
Source: Let’s Get to Work website
1
Rank of Benderson among all donors to Rick Scott’s re-election campaign in Sarasota-Manatee
Source: Let's Get to Work website
$175,000
Amount donated by Benderson Development to the Republican Party of Florida in 2014
Source: Florida Division of Elections website
$25,000
Amount donated by Benderson Development to a PAC run by state Sen. Bill Galvano, R-Bradenton, in 2014
Source: Florida Division of Elections website
10
Number of $200 maximum contributions to Sarasota County Commissioner Alan Maio’s 2014 campaign by the Benderson family and related companies
Source: Sarasota County Supervisor of Elections website
$8,500
Amount donated to Manatee County Commission campaigns in 2014
Source: Manatee County Supervisor of Elections website
$135,600
Amount donated since 2006 to the campaigns of U.S. Congressman Vern Buchanan, R-Florida’s 13th District
Source: Federal Election Commission
The Charities
Nathan Benderson was renowned for his philanthropy, and the company has continued the tradition of giving in its new hometown. The company declines to disclose the amounts it has given; among the charities it supports are these: Gulf Coast Community Foundation, JFCS, Nathan Benderson Park Foundation, Nate’s Honor Animal Rescue, All Faiths Food Bank, Boys and Girls Club of Sarasota County, Kobernick Anchin, the local chapter of the American Cancer Society, Selah Freedom and the Healthy Start Coalition of Sarasota County. Source: Benderson Development Company