A New 500-Unit Rental Community Is Headed to Lakewood Ranch
Lakewood Ranch's expansion shows no signs of slowing—Category 4 hurricanes or not. Last week, it was 81 Oaks, a new assisted living community. This week, it's Renata, a rental-only community of 502 residential units.
The Manatee County multifamily project broke ground last week within a 33,000-acre master-planned community. Renata will span 37 acres, and is slated for completion in 2024, with pre-leasing to start next year. The land parcel on which the buildings will sit was sold in August to a Minneapolis-based company for just over $10 million. The seller was Florida's SMR North 70, according to Manatee County public records.
JP Bacariza, senior vice president of the Tampa market for Ryan Companies US, which is spearheading the project, declined to share the building costs or final price range for the units, but says they'll be "market rate and on the luxury side, given the number of amenities for residents." Unit pricing will be released in August or September of next year. In 2018, Ryan Companies also built Grand Living, a $50 million senior living project in Lakewood Ranch.
Renata will have 13 four-story apartment buildings with 161 one-, 278 two- and 64 three-bedroom floor plans with an average unit size of approximately 985 square feet. Each building will house between 30 and 44 residences.
Amenities will include a resort-style pool, a spinning room, a yoga room, free weights, bar games, a golf simulator, a putting green, a dog spa and park, lawn sports, multiple barbecue areas, a walking trail around the property’s central lake, sand volleyball courts and a private lakeside beach. The lakes are less functional and more ornamental. "It's a decorative lake," says Bacariza. "It's not a stormwater retention lake. You probably wouldn't want to swim there, but it offers water views."
"Units will be smaller to focus the view on the five lakes and wetlands on the property," he says. Renata will also link to the expansive Lakewood Ranch trail network.
Although Bacariza expects the renter demographic to vary, conference and office rooms for remote workers on the grounds, and proximity to Lakewood Ranch Preparatory Academy (which Ryan Companies also recently built) across the street may attract working families.
With the recent destruction caused by Hurricane Ian, Bacariza says the location is advantageous due to "zero concern of a storm surge." Plus, "the electric is underground so it's both aesthetically pleasing and resilient in a storm."
After the flurry of area condo and residential development, is there still a thirst for new housing in the region? "Yes," Bacariza says. "Our research shows there is still a need. When you see rent price increases the way they are, you know there's not enough housing. The way to satisfy that is to put more on the market."