Ryan Cos., with joint-venture partners PGIM Real Estate and ParkSprings Development, has broken ground for Renata at Lakewood Ranch, a 502-unit multifamily project. Within the 33,000-acre Florida master plan, Renata will span 37 acres, which is one of the last remaining parcels of land in the Lakewood Ranch community.
"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," says JP Bacariza, senior vice president of the Tampa market, Ryan Cos.
"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."
The multifamily community will be comprised of a series of four-story walk-up apartment buildings with a mix of one-, two-, and three-bedroom floor plans averaging 985 square feet in unit size. The community will also include 86 attached garages, 80 detached garages, and 42 storage units.
Amenities will feature a resort-style pool, a spinning room, a yoga room, bar games, a golf simulator, a putting green, a dog spa and a dog park, lawn sports, barbecue areas, sand volleyball courts, conference and office rooms, and a private beach. The site will have five lakes surrounding the apartments and a wetland preserve abutting the property's northern edge.
A trail will run north of the property and extend through the wetlands, parks, and lakes without crossing any roadways. Residents will also have access to the amenities of Lakewood Ranch, including over 300 restaurants and retailers, nine community parks, schools, and a health and wellness network.
"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," says Darin Montgomery, principle of ParkSprings Development.
Ryan and ParkSprings are co-developers, and Ryan is the general contractor. PGIM Real Estate is the equity partner on the deal, and Wells Fargo is providing the project financing. Completion is slated for third quarter 2024.