LAKEWOOD RANCH — An Atlanta-based developer will soon break ground on an apartment complex directly across from Lakewood Ranch Main Street.
Davis Development will start construction in January on three four-story buildings that will be home to 237 apartment units at the northwest corner of Lakewood Ranch Boulevard and Health Park Way. The complex, called The Venue at Lakewood Ranch, will have elevators within the buildings, and will not be walkup-style, said Brian Kennelly, president of LWR Commercial Realty.
“It’s going to be a dynamic product,” Kennelly said. “I’m really exited about it. I’m excited for Main Street, too. It’s bringing more people into that neighborhood.”
Kennelly said the 8.5-acre project is within walking distance of several community amen- ities, including Publix and Walgreens, as well as neighboring shopping plazas.
The complex will have amenities such as a fitness center and pool area, but will be designed differently due to the land parcel’s size and location.
“(It will be) amenitized for a more a suburban-urban feel,” he said.
The new complex will join Lakewood Ranch’s two existing apartment communities, Colonial Grand and Lost Creek Apartments. Lost Creek, located across from Manatee Technical Institute and Lakewood Ranch High School off Lakewood Ranch Boulevard, opened in January 2012 and reached 100% occupancy within about six months of opening.
“I think the runner pool and the type of product (at this new project) is significantly different than Lost Creek and I think it’s a perfect fit for our Town Center,” Kennelly said. “(It’s) immediately across the street from Main Street for shopping and dining and adjacent to hospital. I think we’re going to have people that work on the Ranch renting these apartments.”
Davis closed on the land Nov. 15, at a purchase price of $3.4 million.
Kennelly said plans for a hotel along Health Park Way, behind the new apartment complex, are being resurrected, as well. The project, which was shelved during the recession, is intended to be a Marriott Residence Inn, he said.