MANATEE COUNTY — Construction of a 300-unit apartment complex within The Green at Lakewood Ranch is moving ahead.
Tavistock Development Co. sold 11.2 acres in the development for $5.84 million this month to an affiliate of BREC Development, a developer of multifamily housing from Birmingham, Alabama, that has partnered on other projects with Tavistock, according to court records.
A notice of commencement was filed last week for contractor Walker & Co. to begin construction on The Greene Apartments, which will contain one-, two- and three-bedroom units.
The Green at Lakewood Ranch is a 37-acre, mixed-use development within the Collaboration Opportunities for Research and Exploration, or CORE, project in Lakewood Ranch. Orlando-based Tavistock plans a 525,000-square-foot project at the northeast corner of State Road 70 and Lakewood Ranch Boulevard that will include 150,000 square feet of retail, office and restaurant spaces.
TDC Lakewood Apartments LLC took out a $48.5 million loan for the project from lender Jones Lang Lasalle Multifamily LLC of St. Paul, Minnesota, court records show. The notice of commencement pegs the construction cost of the apartments at $41.2 million.
BREC had said on its website that construction of the apartments would begin last summer.
CORE is planned as a 305-acre biomedical research park that its owners and regional economic development promoters hope will become a magnet for scientific, educational and research organizations.