Nearly nine years after Marie Selby Botanical Gardens unveiled a sweeping plan to remake its downtown Sarasota campus—and after a public debate forced it back to the drawing board—the project’s second phase is beginning to rise.
Selby Gardens announced Tuesday that it completed a $41.9 million tax-exempt bond sale in July, started vertical construction and raised $59.7 million, or 98 percent, of its $60.9 million fundraising goal for Phase Two.
The bonds provide money for construction while donors fulfill multiyear pledges and represent borrowed money—separate from the nearly $60 million Selby says it has raised for the phase through its capital campaign.
Selby says the offering drew orders from 15 investors, totaling roughly 10 times the amount of bonds available. R.W. Baird underwrote the sale and the Capital Trust Agency issued the bonds…