Plans for property south of Walmart take shape

EAST COUNTY — A Boston-based developer with the ambition to penetrate East County is firming up plans for 150 acres of land it owns just east of Interstate 75, from Linger Lodge Road to State Road 70.

Its three-phase plan would provide a mixed-use package to the community, including apartments, town houses and another undetermined form of development.

Dan Sterner, director of acquisitions in New England and Florida for Forest Properties, says he hopes to sell 76.5 acres south of Ranch Lake Apartments — its under-construction multi-family project — to another developer who would produce up to 250 town homes.

Broker Tony Veldkamp of Sperry Van Ness, on behalf of Forest Properties, has listed that parcel for sale for $6.95 million.

To create flexibility for the buyer, at the end of 2013, Forest Properties submitted applications to Manatee County to allow for more residential units on the property — up to 725 of them — a number that reflects the maximum number of units traffic would be able to serve.

“Town homes would compete with single-family homes in Lakewood Ranch and beat them on price,” Sterner said. “The area, with its amenities and trend toward becoming more residential, is primed for additional residential development.”

Included in its applications to the county, Forest Properties submitted a revised general development plan that substitutes residential homes for office space. The revised plan also adds a 200-unit group care facility.

Manatee County Building and Development Services staff has until Feb. 19 to prepare comments on the changes, which would also go before the planning commission and Manatee County Board of County Commissioners.

“The changes we requested will give the future developer of the land south of Ranch Lake Apartments more flexibility,” Sterner said.

Meanwhile, Forest Properties and its contractor, CORE Construction, is already transforming 48 acres of its 150 acres into the 336-unit Ranch Lake Apartments.

Residents can move in at the beginning of March.

Forest Properties specializes in apartments — it owns and manages 400 apartment units in Sarasota — so it developed Ranch Lake Apartments.

Forest Properties’ plans for the rest of the property it owns are still in their early stages. Sterner said Forest Properties would likely sell the remaining 25.5 acres to another developer, possibly to build a 200-unit group care facility, hotel, retail or a restaurant.

“The strategy if we were going to do the apartments, which was the initial goal, was to make it one big package for the community,” Sterner said.

As it explores its options for the 25.5-acre parcel, Forest Properties will hold onto that property.
Forest Properties purchased its land in December 2012.

The land it owns is part of River Club Park of Commerce, a development of regional impact that also includes River Club Plaza, the Walmart-anchored center owned and managed by Casto.

The breakdown
Forest Properties owns 11 lots south of the Walmart on State Road 70. Its plans for the 150 acres of land include:

A 336-unit under-construction apartment complex on 48 acres. Forest Properties is developing the apartments.

Plans to sell 76.5 acres to another developer to build up to 250 residential units, preferably town homes.

An undetermined use for the remaining property, which Forest Properties will also likely sell to another developer to build a group-care facility, hotel, retail space or a restaurant.

Contact Josh Siegel at [email protected].