Hurricanes aren’t dampening plans for new construction—and Altera Jacaranda is no exception. Wood Partners, a national developer of multifamily communities, has announced that the 280-unit apartment complex will break ground in January 2025 and be available to the market next year. According to its development team, Altera Jacaranda is set to be the first new-construction, attainable-housing project of its kind in the area, filling a market gap between high-end rentals and affordable housing.

“It’s an answer to a need that hasn't been addressed," says Tyler Hurd, managing director at Wood Partners. "[On the market today] there's either uber-luxury products with all the bells and whistles, or there's the opposite end of that with affordable housing, which might have federal financing behind it with residents who would have to qualify.

"There's a missing middle who can't afford the top of the market but still wants high-quality housing and construction. There hasn't been an answer to that," he says.

​​“Affordable housing” targets those earning 60 percent or less of the area median income (AMI), which amounts to $42,240 a year for a single-person household in our region. 

Meanwhile, “attainable housing” clocks in at 80 percent to 120 percent of the AMI, and  “market rates” start at 120 percent of the AMI.

Another way to measure affordability is to consider that 30 percent of an annual salary should include rent and utilities. Anyone who pays more than that is considered cost-burdened.

According to Hurd, the pricing for this project will be roughly $100 to $150 less per month than market-rate prices, which are roughly $1,700 for a one-bedroom unit and $2,700 for a three-bedroom unit.

Located at 2305 Frederick Drive in Venice, the project spans five four-story buildings with one- to three-bedroom apartments. Wood Partners collaborated with Eastern Meridian Property Group to secure and rezone the land—previously home to two single-family houses and a plant nursery. As part of the development, the team worked with the Florida Department of Transportation and Sarasota County to establish a new access point off Jacaranda Boulevard, facilitating traffic flow through the busy area. The new owner of the site, Jacaranda Apartments LP, purchased the two adjacent sites, 2305 and 2375 Frederick Drive, in August for a total of $4 million. Euro Investor, based in Hamburg, Germany, is an equity partner on the project.

It’s the firm’s first foray into Sarasota County, prompted by the growth in our region. "It's a top destination for relocation and job growth,” Hurd says. 

The location of Altera Jacaranda provides easy access to nearby employment hubs, including the Amazon distribution center and Sarasota Memorial Hospital's Venice campus.

“It's a good location from a commuter's perspective. That's the workforce housing resident we're targeting," says Hurd. Wood Partners is also exploring more sites across the region to address the growing housing demand across all markets, he adds. 

Altera Jacaranda development will include a resort-style pool, co-working spaces, a fitness center and a dog park. Unit sizes range from 693 square feet to 1,300 square feet. Wood Partners plans to complete Altera Jacaranda by mid-2026, marking it the company's second attainable Altera-brand project in Florida—Altera Land O' Lakes is located in Tampa.

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