15 May South City Partners-led Joint Venture Breaks Ground on Venice, Florida Luxury Apartment Community

South City Partners, a leading multifamily development firm, in partnership with BCDC and Capitol Square, announced today the start of a new 303-unit Venice, Florida luxury apartment community.

The 15.85-acre site is part of a larger development by Meritage Homes (NYSE: MTH), including approximately 700 for-sale residential homes located to the immediate north and south of the development site. The luxury apartments will appeal to a wide array of demographics in the Venice area, including young professionals, mature singles, professional couples, and retirees seeking a flexible lifestyle.

“We are excited to get this project started in Venice. We have been working actively to enter this incredible market for two years. To be doing so with this team of partners and lenders is icing on the cake” said Brooks Young, VP Development for South City Partners.

“We are excited to partner with South City Partners and Capitol Square to bring this community to the Sarasota area,” said Litt Glover, President and CEO of BCDC. “The prime location and access to major employers make it an attractive place to live for our future residents, and we look forward to providing high-quality housing in this burgeoning market.”

Located in Sarasota County, the second-fastest-growing metro in the United States, the site offers easy access to, and visibility from, Interstate 75, providing direct access to major employers of the area. The development will feature a mix of one-, two-, and three-bedroom units with modern amenities, including a fitness center, swimming pool, clubhouse and dog park.

The lenders for the project are Synovus Bank and Trustmark Bank, with preferred equity from Marble Capital. Florida-based Fansler Construction is the general contractor, and Dynamik Design is the architect.

Construction is underway, with leasing expected to begin in Q4 2024.