A Utah-based real estate developer has acquired a significant parcel in Manatee County, signaling a new multifamily housing project in the region.
The Lotus Co., a prominent multifamily developer from Salt Lake City, has made a notable acquisition by purchasing 7.64 acres on University Parkway in Manatee County. This strategic move paves the way for the development of 210 apartment units, marking a substantial addition to the area’s residential landscape.
The land, acquired for $6.5 million, is situated near the bustling UTC retail and entertainment district. This location, noted for its accessibility and proximity to amenities, makes it an attractive site for residential expansion. Initially zoned for planned commercial use, the property required rezoning to accommodate a multifamily development. Mike Migone, who managed the transaction, highlighted the rarity of such opportunities by stating, ‘this may well be the last property on University west of I-75 available for multifamily apartments.’
The development is expected to benefit significantly from the existing utilities in place, although a detailed timeline for the construction has not yet been disclosed. The land’s readiness in terms of infrastructure underscores its potential for rapid development.
Lotus Co.’s decision to expand in this region aligns with its broader strategy of building and acquiring value-driven residential projects. The company has been active this year, launching three new communities and completing a merger with Florida-based 3rd Wave Development. This growth trajectory indicates Lotus Co.’s commitment to enhancing its footprint in the real estate sector.
The announcement of this development comes as the area around University Town Center experiences an influx of new retail and commercial activities. The scarcity of undeveloped land in this well-traveled locality further enhances the strategic value of the new residential project.
The acquisition by the Lotus Co. marks a significant step in the development of Manatee County’s multifamily housing sector, leveraging a prime location near essential amenities and retail offerings. As the region continues to evolve, this project promises to meet the growing demand for residential units, reinforcing the area’s appeal as a vibrant and convenient place to live.
Source: Businessobserverfl
