LAKEWOOD RANCH — An Atlanta-based developer and its construction wing have mobilized in the region and begun construction on a high-end apartment complex across from Lakewood Ranch Main Street.
Davis Development and its sister company, Morrow Construction, began site work on The Venue at Lakewood Ranch — clearing the land for underground construction and clearing and reconstructing a median for a left-turn lane into the community — during the first week of July.
The northbound left-turn lane on Lakewood Ranch Boulevard will lead drivers into the community’s main entrance, at the northwest corner of Lakewood Ranch Boulevard and Health Park Way.
Lakewood Ranch Commercial Realty officials don’t expect construction on the turn lane to impact traffic.
The Venue will also have a second entrance, which will be gated, that exits at Town Center Parkway, near Primose School at Lakewood Ranch Town Center and Goodwill.
Davis Development and Morrow Construction, which develop, construct and manage luxury apartment communities, are anxious to open the complex.
“We already knew Lakewood Ranch is a place where folks want to live,” said Gene Babb, an acquisitions employee at Davis Development. “Once we visited and it became apparent what they had to offer with their planned development, (along with) consistent, steady growth, we knew this was something we wanted to be a part of. The area doesn’t really have anything like this and is short on multifamily options.”
The 8.5-acre project features amenities such as a fitness center and pool area.
The Venue’s three four-story buildings will have elevators and will not be walk-up style, which fits into the area’s urban feel.
“These are luxury apartments with spectacular interiors, such as granite countertops,” Babb said.
Before beginning plans, Babb and Davis staff walked the grounds of Lost Creek Apartments, which opened in January 2012.
Lost Creek, located off Lakewood Ranch Boulevard, reached 100% occupancy about six months after opening.
Babb said his product is different than Lost Creek — less suburban and, likely, pricier.
One-bedroom apartments at Lost Creek rent in the low $1,000s monthly.
Babb declined to name a specific price range for The Venue, which will offer one-, two- and three-bedroom apartments.
“We’re not at the point of setting prices yet,” Babb said. “We’re at the infancy stage of construction, and we’re a ways out from vertical construction.”
Construction for the project was expected to start in January, but was delayed because of permitting procedures and Davis’ new jump into the area.
Morris Construction and Davis Development have developed more than 30,000 units and are managing another 10,000 units nationwide, with a heavy presence in Texas and North Carolina.
Another Davis Development in Florida, the Venue at Emerald Coast, in Destin, will open later this year.
The Venue at Lakewood Ranch will be move-in ready in July or August of next year.
Contact Josh Siegel at [email protected].