Venice City Council to consider $2.5 million Sharky's expansion

VENICE — The Venice City Council will consider an amendment to the city's lease with Venice Pier Group that would permit a $2.5 million expansion and renovation of outdoor dining at Sharky's on the Pier.

It would also grant VPG the option of two additional five-year lease extensions, up to a maximum lease term of 50 years, and increase the minimum seating capacity from 350 seats to 450 seats, and the maximum from 697 seats to 897 seats.

VPG operates Sharky's and Fins at Sharky's at the Venice Fishing Pier, along with Snook Haven along the Myakka River and the concession at Siesta Key Beach.

The amendment, on Tuesday's Council agenda, would be the fifth to VPG's current lease, which dates back to 2008. The original lease for Sharky's was entered into in the 1980s.

The memo states VPG has been working on the design and permitting of a significant capital improvement for several years.

"The project will provide significant structural improvement to the property, will meet all current building and hurricane codes and represents an investment into the property of approximately $2.5 million dollars," it says.

Increased seating capacity "will allow for optimization of the outdoor dining area and will encourage increased percentage rent payments in the future," the memo says.

VPG pays a monthly ground rent and a percentage rent based on the gross receipts.

A table in the memo shows rent paid to the city has nearly doubled in the last 10 years, from $637,856.52 in 2015 to $1,204,843.60 for this year, with some down years attributable to red tide and the pandemic.

According to the memo, VPG has received all the necessary permits for the project and is ready to commence construction next month, with a goal of completing it prior to the 2025 tourist season. The restaurants would remain operational throughout the project, it stated.

"This proposal represents a significant investment in the City’s property and an opportunity for enhanced future revenue for the City through this existing lease agreement," the memo concludes.