The developer building a residential complex on the site of the former Longboat Key Center for the Arts has received final approval to construct The Preserve, a 12-parcel development of single-family homes.
Elevation Development Partners Developer Jim Clabaugh expects the first unit, a three bedroom, three-and-a-half bathroom model home, to be completed within the next six months. Clabaugh said his company is still evaluating the timeline for construction of the other 11 properties, which can be customized to meet a buyer’s demands.
The 12 properties are split among a 2.3-acre lot, with each home ranging between 2,200 and 2,600 square feet on parcels that will range between 7,000 and 7,600 square feet. Home prices will begin at $1.15 million with lots beginning at $350,000.
Clabaugh, who also developed the Tangerine Bay Club and Lighthouse Pointe, said the approval process went smoothly. The site for The Preserve was already zoned residential, so it didn’t require a referendum.
The project was approved with little comment from the town’s planning and zoning board in November and finalized by the town commission on Jan. 9.
In June, Clabaugh purchased the property from the Ringling College of Art and Design for $1.85 million. Ringling is using the proceeds to help fund the $12 million Longboat Key Center for the Arts, Culture and Education, which is planned near Town Hall.
Two historic cottages were located on the property, which Clabaugh donated to Longboat Key Historical Society President Michael Drake. After he relocated them to a lot at 521 Broadway St. earlier this year, Drake is now raising funds to convert the cottages into a permanent headquarters for the organization.