Orlando company to build new apartments

Download a PDF of the conceptual drawing here.

LAKEWOOD RANCH — In just a few weeks, the development of Lakewood Ranch’s newest apartment community officially will commence.

Orlando-based P.A.C. Land Development, led by President Thomas Cavanaugh, will begin construction in March on Lost Creek Resort Apartments, a 272-unit complex slated for a more than 20-acre parcel across from Manatee Technical Institute on Lakewood Ranch Boulevard.

The company closed on the property at 13003 State Road 70 E. in December for about $3.46 million.
“(We’re looking to build a) market-rate, well amenitized rental apartment complex to complement the Lakewood Ranch overall development,” Cavanaugh said.

The company plans to build three-story walk-up-style buildings with breezeways. The community will offer amenities such as basketball and tennis courts, exercise and aerobics facilities, volleyball courts, a dog park, a car-care facility, garages, a pool and Jacuzzi, among others.

Cavanaugh said all units in the initial phase will be built at the same time and likely will take about 14 months to complete. P.A.C. will begin accepting applications for one-, two- and three-bedroom apartments in September, he said.

P.A.C. intends to add nearly 230 more units in a later phase.

Lakewood Ranch Commercial Realty President Brian Kennelly said the project will provide much-needed housing opportunities for individuals looking to live in Lakewood Ranch, including medical students at the Lake Erie College of Osteopathic Medicine-Bradenton campus, families who are living on reduced incomes or residents waiting to move into a new home still under construction.

“We saw there was a strong demand for rentals with the schools close by and shopping,” Kennelly said. “(These apartments will) be pulling people in who want to enjoy the amenities of living on the Ranch but for one reason or another can’t purchase a home at this time.”

Kennelly said Lakewood Ranch Commercial Realty conducted an analysis of the rental market and identified several potential developers, including P.A.C., as prospective developers of an apartment complex north of State Road 70. Lakewood Ranch Commercial Realty representatives toured some of Cavanaugh’s properties and were impressed with the quality, amenities offered to residents and even property management, he said.

“We felt he was the right one to move forward with,” Kennelly said. “It’s exciting.”

The apartment complex is the first facility to be developed within the Lakewood Center Development of Regional Impact, which spans from State Road 70 north to Malachite Drive and from Lakewood Ranch Boulevard east to Pope Road. The DRI is slated to have everything from office and retail development, to hotels, apartments and single-family homes.

P.A.C. has constructed more than 4,000 homes throughout the Florida since its inception in 1986. It specializes in luxury condominium and apartment homes.

Contact Pam Eubanks at [email protected].