A real estate development firm has bought nearly 20 acres in Englewood  and plans to build an apartment community called Generation Englewood there. Kaplan Residential, which focuses on multifamily housing and build-to-rent projects across the southeast, bought the vacant acreage last month for $5.3 million. The sellers, Jay and Premala Raja, have an address in the area and bought the land for $1.1 million in 1999.

With construction set to begin in the first quarter of 2024, Generation Englewood will be located at 201 Pine St., on the corner of Crestwood Road and Pine Street in east Englewood in South Sarasota County. The build-to-rent, three-story project will have 306 units spanning a 308,133-square-foot, three-story luxury garden-style building.

Designed by CID Design Group, some units will have views of a 3.5-acre man-made retention pond, which will be surrounded by a paved walking path with benches and the five buildings that comprise the community.

Set for completion in early 2026, Generation Englewood will have 129 one-bedroom units ranging from 765 square feet to 840 square feet, 142 two-bedroom units ranging from 1,038 square feet to 1,180 square feet, and 30 three-bedroom units spanning 1,390 square feet. Prices for the annual rentals will range from $2,000 to $3,500 a month. The complex will also include a 10,000-square-foot clubhouse, a pool, a dog park, and an outdoor gathering space with TVs, lounge seating areas and a bar.

Kaplan Residential is based in Bay Harbour Isles, Florida, but Nathan Kaplan, the partner and managing director, is personally familiar with the area. His mother lives in Lakewood Ranch.

“We’re amazed at how Wellen Park is growing,” Kaplan says. “Downtown Englewood is nearby, with its little restaurants and shops. Then you have Manasota Key and restaurants on the water with water sports and boating."

Another major advantage they saw, Kaplan says, is that "there are very few apartment options in the area while it’s quickly growing.”

Downtown Englewood has recently been redeveloped with multiple infrastructure improvements and other projects on the horizon. It made our list of "10 Neighborhoods Where Everything Is Changing" earlier this year. 

Kaplan Residential works across Georgia, the Carolinas and Florida, and this is the company's second Sarasota County project. Although it’s still in the design phase, the first project is Generation Venice, which is comprised of 239 luxury townhome rentals and located across the street from the new Sarasota Memorial Hospital in Venice.

But, Kaplan notes, Venice has more competition compared to Englewood. “We're happy to be part of how it's developing into a community people want to live in,” he says.