Ranch Lake Apartments construction begins

EAST COUNTY — On a winding road behind the State Road 70 Walmart, a 48-acre patch of land is being transformed into a new housing community.

Contractors already have begun framing buildings for a new apartment complex to be called Ranch Lake Apartments when leasing begins late this year.

Boston-based Forest Properties officially purchased the site, as well as plans for the surrounding property, in December, from Village Partners, a venture between Investors Realty and Carr Investment, said John Marling, an original partner in the project.

Although Forest Properties already owns and manages 400 apartment units in Sarasota, the 336-unit, 14 three-story building complex is the company’s first from-scratch development in Florida.

Once finished, it will offer one-, two- and three-bedroom units, and it also will include 24 detached-garage buildings and amenities such as a clubhouse and pool, tennis and basketball courts and a putting green.

“We think this is one of the strongest markets we’re in,” said Dan Sterner, director of acquisitions in New England and Florida for Forest Properties. He noted Forest Properties rents about 4,000 apartment units nationwide and has built other complexes from the ground up. “We’re very excited about the area. We think there’s a lot going on in Bradenton and the Lakewood Ranch area.”

Sarasota-based CORE Construction started preparing the Ranch Lake site in January and began more significant construction activities in April.

“We’re just starting wood-framing activities as we speak,” said Matt Wiseman, CORE’s director of communications. “We have worked through (the rain) as best we can, but it was challenging. We are still on track with our schedule.”

The complex will open in phases.

Sterner said Forest Properties expects to open the complex’s clubhouse in November to start pre-leasing activities. The first group of residents likely would move in in December, and all units would be open by June.

Forest Properties purchased plans from Village Partners for more development, as well.

“Some of the plans are still in the air, but we envision future developments, such as a hotel, a furniture store and town homes,” Sterner said. “It’s still a little preliminary right now. We’re really focused on the new (apartment) property.”

The apartment complex is part of the overall 245-acre River Club Park of Commerce development, now called Ranch Lake Plaza. The property sits just west of Interstate 75 and stretches roughly from Linger Lodge Road to State Road 70.

Original site plans for the project’s S.R. 70 frontage show a 278,000-square-foot shopping center, as well as a 120-room hotel, parking garages, office space and town homes and apartments, farther south.

Forest Properties now owns the hotel, office and other components of the site.

Contact Pam Eubanks at [email protected].