Apartments on rise in Lakewood Ranch

With about 1,400 luxury apartments under construction in Lakewood Ranch and more than 1,000 others in the planning stages, residents might be wondering if it’s excessive.

Not according to Laura Cole, senior vice president of LWR Communities, part of Lakewood Ranch developer Schroeder-Manatee Ranch. She said that through July, Lakewood Ranch was on track to exceed 2019 new home

sales with 1,008 homes already sold.

“Over the last 12 to 18 months, we have largely been playing catch-up on our rental offerings in the Ranch,” Cole said. “New home sales have been very brisk in the Ranch over the past five years. With the new apartment projects delivered and those currently underway, we estimate that approximately 16% of all of our housing stock will be rental/apartments — excluding private home rentals.”

Cole said that figure is more in line with what’s needed given Lakewood Ranch’s scale, various submarkets and growing attraction from people looking for different living experiences.

In total, there are 2,686 new apartments opening, under construction or planned to date in Lakewood Ranch proper, Cole said. Five years ago, there were 1,333 apartment rentals in Lakewood Ranch proper, and 959 units have opened since then.

Sharon Hillstrom, president and CEO of the Bradenton Area Economic Development Corp., said adding such housing to the mix is important for attracting business to the area. She said having affordable housing is important for employers, but even adding the luxury apartments in Lakewood Ranch is attractive for prospective businesses.

“It’s great to have different options available,” Hillstrom said. “Any aspect that comes, we can use [to recruit]. For us, we’re typically trying to recruit high-skill, high-wage workers.”

“There are a lot of people moving here,” she said. “The market here is responding to the trends they are seeing.”

New to the rental market this month are The Oasis at Lakewood Ranch, a 254-home apartment community at the southeast corner of Lorraine Road and 59th Avenue East, and Estia, a community of single-family rental homes.

Estia is located at the northeast corner of Lakewood Ranch Boulevard and Wood Fern Trail.

Both have now opened for tours and will welcome their first residents in early September.

Representatives of both projects said it might seem as if there’s a surplus of luxury apartment rentals in the Lakewood Ranch area, but the demand is there.

“Everyone needs a place to live, and not everyone qualifies for a home yet, or they might not want the maintenance,” said Stephanie Cooper, property manager at The Oasis.

Mike King, director of residential investment for Town Realty Inc., which develops apartments under the Zilber Residential Group brand, said he feels confident the Estia project will be successful after people become familiar with the concept.

“It’s the perfect fit,” King said. “It’s a tremendous area. Our set-up is set up for the same kind of thing is with lifestyle and amenities and the trails that goes along with it. That’s what we’re focusing on, too: the lifestyle people can live in, in this product opposed to traditional product.”

THE OASIS AT LAKEWOOD RANCH

Located at the southeast corner of 59th Avenue East and Lorraine Road, The Oasis at Lakewood Ranch now is leasing units that are within walking distance of a future Publix shopping center, as well as the Lorraine Corners plaza across Lorraine Road.

Property Manager Stephanie Cooper said The Oasis will have one- to three-bedroom units available, but three-bedroom apartments won’t be available until December.

Developer: Picerne Real Estate Group

Address: 14505 Westbrook Circle, Bradenton

Units: 254 units in seven buildings

Bedrooms: 1-3

Starting prices: $1,230/month

Status: Now preleasing; tours available

Info: www.OasisAtLakewoodRanch.com

ESTIA AT LAKEWOOD RANCH APARTMENTS

Developer representative Mike King said he is excited to bring the Estia concept to Lakewood Ranch and expects it to be the first of others like it to come to Florida and other areas of the country.

“To us, it’s an improved type of apartment living,” King said. “No one is above you. No one is below you. You have a private entrance. You have your own private outdoor space. It’s really all the benefits of living in an apartment combined with a lot of the benefits of having your own stand-alone detached residence all in one concept.”

Each unit includes a small fenced outdoor space and has doggy doors leading to the outside.

Developer: Zilber Residential Group

Address: 11225 Estia Drive, Bradenton

Units: 230

Bedrooms: 1-2

Starting prices: $1,395/month

Status: Tours started Aug. 14; first move-in set for Sept. 3

Amenities: Beach-entry pool, fitness center, game room, conference room, summer kitchen

Info: www.EstiaLakewoodRanch.com

BOTANIC WATERSIDE

Davis Development is well under construction of its first phase of apartments located at Waterside Place, the

future downtown hub of the Waterside at Lakewood Ranch community. Waterside Place is slated to have shopping and dining opportunities — tenants including The Yoga Shack, Kilwins and SoFresh have already been announced — along a large lake. The Players Centre for Performing Arts also is slated to have a new theater there.

Davis Development’s Carissa Brogdon said apartments will open this fall, and the project will include a town home product, slated to open in first quarter 2021.

Developer: Davis Development

Address: 1450 Pine Warbler Place, Sarasota

Units: 320

Bedrooms: TBA

Starting prices: TBA

Status: Under construction; opening this fall

Info: www.DavisDevelopment.com

SUMMERHOUSE

Under construction by LandSouth Construction and developed by LIV Development, Summerhouse is a private, gated apartment community of 257 units near the southeast corner of State Road 64 East and 117th Street East.

Developer: Birmingham, Ala.-based LIV Development LLC

Address: 11700 State Road 64 E., Bradenton

Units: 257

Bedrooms: 1-3

Starting prices: TBA

Status: Slated for completion in first quarter 2022

Info: www.LIVDev.com/property/summerhouse

HUE WATERCOLOR PLACE

Davis Development’s second under-construction East County apartment community is on the west side of Upper Manatee River Road, just south of the Waterlefe community.

Developer: Davis Development

Address: 295 107th St. Circle E., Bradenton

Units: 380

Bedrooms: 1-3

Starting prices: TBA

Status: Opening this fall

Info: www.DavisDevelopment.com