Lake Uihlein condos aim high

LAKEWOOD RANCH — As Homes by Towne makes preparations to construct 80 upscale condominium units behind Lakewood Ranch Cinemas, another developer has a similar venture in mind.

Larry Pearce, managing partner of Realco, a real estate investment and development organization, is finalizing plans for 44 more condo units along a narrow strip of land between The Fish Hole Miniature Golf and Michael Saunders & Co., behind Lakewood Ranch Main Street on Lake Uihlein.

And he plans to bring the qualities of a luxury single-family home to the multifamily home market with The Lakeshore at Lakewood Ranch.

The private community will consist of two five-level buildings — four residential levels above one level of parking — as originally approved.

Homes by Towne’s project will have buildings up to seven levels — a height that spurred controversy with neighbors.

Realco partnered with development company Casto around 2005 for the residential portion of the 100 Central project in Sarasota. Following that venture, Realco partnered with Casto to construct the 20 above-retail units on Lakewood Ranch Main Street called “The Lofts.”

But as Realco and Casto (then a former partner for the condos) prepared to construct the remaining 44 units, they decided to delay — until now.

“The project was planned and designed,” Pearce said. “We actually submitted the working drawings to the county and had building permits issued. We were getting ready to start building Lakeshore in 2007, but it began to appear to us the market conditions were changing and that we needed to be cautious of our timing.”

Realco considered other uses for the property — assisted living and senior housing or a hotel, for example — but didn’t pursue them.

Pearce bought out his partners in August 2014 and began working with former Lakewood Ranch Commercial Realty president and local Realtor John Swart on new plans.

They scrapped the project’s original Mediterranean flavor, trading it instead for what they call “classic design, contemporary living.”

“The project, as it will be developed, will represent a style,” Pearce said. “These are people who will be selling multimillion dollar single-family homes, and they want that same type of living, but in less space.

They want high-end appliances, crown molding and base molding, 9-foot sliding glass doors to show views of the lake. It’s going to represent the best of luxury residential living in a multifamily environment.”

Buildings will resemble many classic-line structures seen in Paris, or as an extreme example, the Breakers Hotel in Palm Beach, Swart said.

Units generally will be about 2,000 square feet, with penthouses having about 4,000 square feet. Realco still is finalizing price points — likely by March when sales begin — penthouses likely will cost more than $1.5 million, Pearce said.

Amenities, including a pool, will be located between The Lakeshore’s two buildings and, for safety reasons, likely will be constructed after work begins on the second building.

Swart said that as part of the project, Realco will upgrade landscaping along Rodeo Drive.

“It’s going to be striking,” Swart said. “The purpose of the plan is whether you position yourself along Rodeo Drive or the pathway around the lake — whatever perspective you’re looking at The Lakeshore from — every picture that comes to your mind is more upscale than exists today in Lakewood Ranch.”

GOING UP
The Lakeshore at Lakewood Ranch is planned to be the second-highest condo in the area, with 44 units in two five-story buildings. Townes by Home is planning three seven-story buildings to house 80 units.

Contact Pam Eubanks at [email protected].