Lakewood Ranch sees revitalization of condo project

John Swart stood along Lake Uihlein, looking at the blueprints for the Lakeshore condominium project breaking ground in June.

Now 74, Swart wasn't sure he would see the project get off the ground. It was 2007 when he served as the project's manager for his friend, developer Larry Pearce. It was Pearce who bought the 1.32 acre parcel that year with the hope of building a dynamic condo community in the Lakewood Main Street area.

“They had built 20 units above the retail on Lakewood Main Street in 2006," said Swart, the former lead person for Schroeder-Manatee Ranch for commercial development. “The planning of Lakeshore was done during that time.

“Then in 2008, we experienced the so-called crash. When it happened, there were no sales to be had. Larry put the project on hold.”

The underground site work, including the pilings, already had been completed. The narrow strip between The Fish Hole Miniature Golf and the Michael Saunders building is lawn at the moment, but below, the project has a major step already complete.

“It was sad the project had to be put on hold,” Swart said. “And no one thought it would last this long. It did.”

In June of 2014, Pearce called Swart and asked him to reclaim his role of project manager.

“He knows I wasn't doing anything,” Swart said.

They resurrected the project, hiring architect Gary Hoyt to “modernize” the two buildings, set to house 44 luxury condo units (22 each building). The condos, from 1,702 to 3,588 square feet under air, will be priced from $610,000 to $1.4 million.

Hoyt redesigned the interiors and switched from a peaked roof to a classic, contemporary living design. “It was decided we had enough ranch-looking stuff in Lakewood Ranch,” Swart said with a laugh.

Unfortunately, as the project took off, Pearce had to be left behind. The Realco managing partner became ill.

“We had finished our major redesign, finished our marketing materials,” said Pearce, who lives near Fort Myers. “We had gotten to the point last summer where we were ready to move ahead. We started negotiating with construction companies.

“Then I was diagnosed with cancer and I needed to be in California for surgery. Once I realized the details and the time frames, it was clear I was not going to be able to spend the time necessary to manage the project. We all talked about and decided the best thing to do was to sell the project as a package to another development group.”

Clearwater developer Fred Bullard, Jr., bought the project.

“This is a fantastic project,” said Bullard, whose Bullard Group is known for building Feather Sound in Clearwater, Queen's Harbor in Jacksonville and The Ritz-Carlton Hotel and Residences in Ft. Lauderdale, among many other projects. “We've got a lot on our plate with three projects under design and construction. But this package came across our desks and it was stuff we know how to do.

“We have designed and sold thousands of condos from $200,000 to $7, $8 or $9 million. We are experienced in the price range of Lakewood Ranch. It was a perfect fit.”

Although the Bullard Group has been developing in Florida since the 1960s, Bullard said he had never been to Lakewood Ranch before he was deciding whether to take over the project. “I didn't know this existed,” he said. “I should have been here 20 years ago.”

Pearce is glad Bullard came on board.

“It's a tremendous team to implement the project,” said Pearce, whose treatment is going so well he hopes to be making regular trips to Lakewood Ranch in the near future to see the project progress. “They certainly have the history of expertise.”

Although Bullard has taken over, the plan remains relatively the same. Pearce originally loved the project because he felt it fit an emerging growth pattern that Sarasota was experiencing. He said the new mall is proof of the growth pattern along with the fact Lakewood Main Street is thriving.

“Residentially in Lakewood Ranch, the percentage of housing starts in condos, as a percentage of the total market, was relatively low,” he said. “You clearly have an aging market with people who want to lock the door and (travel).”

Chris Donatella, a sales associate handling pre-sales for Wagner Realty, said the demand for luxury condos is great. “A lot of people want to downsize and they want this lifestyle," she said. "They want the upgrades. They want the maintenance-free living.”

She said some potential buyers in 2007 are still interested in purchasing a unit.

“It's amazing how many people have hung in there,” she said. “This is what people are looking for. Medical services are in walking distances, Their social life, restaurants, everything is here.”

Kim Dowling, a broker associate with Wagner Realty, said the condos are a cut above.

“No one wanted this project to be cookie-cutter,” she said. “Everything stayed on the higher end.

“We have a large demographic, Country Club, Country Club East, the Lake Club, Concessions, Panther Ridge, that is the higher end. They want much higher level amenities.”

Both the Lakeshore and the Homes by Towne condo project, which is being built behind Lakewood Ranch Cinemas, are scheduled to be complete by next spring or summer. The Waterfront at Main Street project (Towne) will offer condos starting approximately $368,000 through $895,000. The project will have two five-story buildings and one seven-story building.

“This is supposed to have been an area that would be urbanized,” said Swart, who predicted neither condo complex would be bothered by competition.

“People are just tired of bigger homes and the maintenance,” he said. “Their children are gone and they want a simpler lifestyle."

Those visiting Lakewood Ranch will get an added benefit as the Bullard Group will enhance landscaping along the parking lot that fronts the buildings. “We are going to replace the oaks there now with palms,” he said. “They will be 30 feet tall with 15 to 18 feet clear of bark.”