502-Unit Multifamily Project Breaks Ground in Florida
Along with our joint venture partners PGIM Real Estate, the real estate investment and financing business of PGIM, and Parksprings Development, we’re excited to announce the official groundbreaking of Renata at Lakewood Ranch, a 502-unit, 37-acre multifamily project.
This project is a part of the 33,000-acre master-planned community, Lakewood Ranch, and is set to be completed in 2024, with preleasing starting next year.
"There is a major housing deficit in Central Florida, and Renata at Lakewood Ranch will bring over 500 new market-rate units to the region to help fill the void for the growing population," said JP Bacariza, Senior Vice President of the Tampa market, Ryan Companies. "Renata at Lakewood Ranch is a prime example of Ryan's commitment to delivering quality residential options across the state of Florida. We're proud to launch our multifamily strategy in the Sunshine State with this long-awaited project in Lakewood Ranch."
Renata at Lakewood Ranch will consist of a series of four-story walk-up apartment buildings, including a mix of 1, 2, and 3-bedroom floorplans with an average unit size of approximately 985 square feet. The site will have five lakes surrounding the apartments and a wetland preserve abutting the property's northern edge. Renata at Lakewood Ranch will also include 86 attached garages, 80 detached garages, 42 storage units, as well as a nearby trail built by the Stewardship District that runs north of the property and extends through wetlands, parks, and lakes without crossing any roadways. The infill project will occupy one of the last remaining parcels of land within the Lakewood Ranch community, which is nearing completion.
The multifamily project will include a resort-style pool, spinning room, yoga room, free weights, bar games, a golf simulator, putting green, a dog spa and dog park, lawn sports, multiple barbecue areas, a walking trail around the property's central lake sand volleyball courts, conference and office rooms for remote workers and a private beach. Residents will have access to the amenities of Lakewood Ranch, including over 300 restaurants and retailers, top-rated schools, nine community parks and a health and wellness network. The property is easily accessible to the Tampa Bay metro area and Sarasota.
"Lakewood Ranch is a market we have watched for years as it has grown and garnered a reputation for its high-quality lifestyle while enhancing the value of an entire region. We are very excited to develop a project of this magnitude within such a wonderful community. We'd like to thank the entire Lakewood Ranch team for being such a valued and trusted partner." said Darin Montgomery, Principle of Parksprings Development
Ryan and Parksprings are co-developers, and Ryan is the General Contractor on this project which is one of the largest in the region. PGIM Real Estate is the equity partner on the deal, and Wells Fargo is providing the project financing.
Renata at Lakewood Ranch is the third project for Ryan within the master-planned community, including Grand Living at Lakewood Ranch and Lakewood Ranch Preparatory Academy.