New College initiates $11.5M land purchase from Sarasota airport
By Henry Queen
Tampa Bay Business Journal
Published: Dec 13, 2023

New College of Florida plans to purchase about 31 acres of land it is currently leasing from the Sarasota-Manatee Airport Authority.

The 99-year-old lease expires in 2056. Sarasota-Bradenton International Airport President and CEO Rick Piccolo had been warning New College for years to come to an agreement in advance of cost increases. In a statement, he praised Monday’s New College Board of Trustees vote to approve the $11.5 million purchase.

“This deal supports the immediate and long-term needs of SRQ and provides future stability for New College, one of our community’s most special assets,” said Piccolo, who also serves on the University of South Florida’s Board of Trustees.

The Sarasota Herald-Tribune reported that the airport receives a below-market $108,000 annual payment under the current lease. That means the airport will gain roughly $8 million compared to what it would have received from the lease.

Several New College dormitories and a theater are located on the property. One piece of land on the property’s northern end will be transferred back to the airport to aid its expansion plans.

“SRQ is a great neighbor, and the deal we’ve set in motion will benefit both organizations, which in turn elevates our entire region,” New College President Richard Corcoran said in a statement.

The deal still must be approved by the airport authority and the Federal Aviation Administration before the New College board can have its final say in 2024.

Additionally, New College needs funding appropriated for the sale from the Florida Legislature, according to a release. Gov. Ron DeSantis’ budget continues to invest heavily in the college.