A new appraisal commissioned by the Sarasota Manatee Airport Authority (SMAA) raises two
important questions about the proposed sale of SRQ Airport land to New College of
Florida: What is the land actually worth, and why is the new valuation so much higher than
the value used when SMAA offered to sell the property to New College in 2024?

BBG Real Estate Services prepared the new appraisal for SMAA, dated June 10, 2026. The
report indicates a land value of $25 per square foot.

New College currently leases approximately 34 acres of airport land. SMAA has proposed
retaining approximately 3 acres and selling approximately 31 acres to New College.

At $25 per square foot:
31 acres × 43,560 square feet × $25 = $33,759,000

The indicated value of the land that could be sold is therefore approximately $33.8 million.

That is more than twice the $15 million New College recently requested from the State of
Florida to acquire the airport property.

From $11.5 Million to $33.8 Million

The new appraisal also raises an obvious question that deserves further examination.

In 2023, that airport land was valued at approximately $11.5 million, and SMAA subsequently
offered to sell the property to New College for that amount. Now, only a few years later, a new
appraisal commissioned by the same Airport Authority indicates a value that would place those
31 acres at about $33.8 million.

That is nearly three times the earlier amount.

Real estate values can change, and differences in appraisal methodology, assumptions, property
configuration, highest and best use, comparable sales, and market conditions can produce
substantially different conclusions. The two appraisal reports need to be examined carefully
before conclusions are drawn about the reason for this extraordinary difference.

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But the difference is particularly noteworthy because the FAA itself questioned the earlier
appraisal work.

The FAA Had Already Raised Concerns

In its April 10, 2024 letter declining to release the airport property, the FAA identified problems
with the appraisals submitted in support of the proposed sale.

The new $25-per-square-foot valuation makes those earlier concerns more significant.

If the 2023 valuation substantially understated the fair market value of the airport property, then
the proposed $11.5 million sale would have transferred valuable public airport land to New
College at a price far below the value suggested by SMAA's own 2026 appraisal.

That does not establish why the earlier valuation was lower. But it does raise a legitimate
question about whether the proposed transaction would have provided an unusually favorable
financial benefit to New College — a state institution whose leadership and expansion plans
have received substantial support from Florida's political leadership.

The approximately $22 million difference between $11.5 million and $33.8 million makes that
question worth examining.

A New Financial Obstacle

The principal obstacle to the sale remains the FAA.

On April 10, 2024, the FAA declined SMAA's request to release the property from the federal
obligations protecting airport land. More than two years later, nothing has resulted in FAA
approval of the sale. As additional time passes, the likelihood of FAA approval appears
increasingly remote.

The new appraisal creates a second problem.

Even if the FAA eventually reversed its position, New College and the State would still have to
confront the current fair market value of the property. A land acquisition for which New College
recently requested $15 million may instead require more than $33 million.

Federal requirements require airport sponsors disposing of federally obligated airport property to
receive fair market value unless the FAA approves an exception. SMAA therefore cannot simply
establish a sale price based on the amount New College would prefer to pay.

For the State, spending more than $33 million to acquire this property could also attract
additional scrutiny because New College's expenditures and relatively high cost per student have
already generated public debate.

When Does Pursuing Alternatives Make More Sense?

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The proposed sale has now remained unresolved for years. During that time, SRQ passenger
traffic has tripled, the FAA has declined to release the property, and New College has continued
waiting for an outcome that may never occur.

The new appraisal adds another reason to reconsider that strategy.

At what point does it make more sense for New College and the State of Florida to pursue
other expansion alternatives, such as using the newly acquired USF-SM campus, rather
than continue waiting for airport property that the FAA has already declined to release
and that may now cost substantially more than previously anticipated?

The Airport Authority also has a responsibility to consider the issue from SRQ's perspective.
Airport land is finite. The FAA's April 2024 decision concerned the airport's long-term aviation
needs, not merely the monetary value of the property. The new appraisal reinforces just how
valuable this land has become.

The proposed sale therefore now presents three closely related questions:

 

Will the FAA ever approve it? Why has the apparent value of the property increased from
approximately $11.5 million to $33.8 million? And even if federal approval were eventually
obtained, would spending more than $33 million for this particular land with dilapidated
old buildings still make sense for the State of Florida?

Those questions deserve answers before this proposed transaction proceeds any further.