Multifamily Homebuilding Returns to Sarasota and Manatee County


SARASOTA, FLORIDA, May, 14, 2013 – M/I Homes, one of the area’s premier homebuilders which has built two communities in the Manatee–Sarasota area, is set to further expand its footprint in the region via a multifamily residential project just west of the fast-rising University Town Center Mall. This new community, dubbed as Muirfield Village, is programmed for 62 townhouses which M/I was reported to start building this June and have the first model ready by year-end. The Barclay Group and North Port-based Peach Willow LLC were named as project developers.

Separately, another multifamily housing project close to the University Town Center, The Venue at Lakewood Ranch, has been announced earlier. The Georgia-based company, Davis Development, is behind this undertaking which aims to build three- and four-story apartment buildings for a total of 237 units. The planned amenities for this community include a swimming pool and fitness center. The Venue will be the third apartment complex in Lakewood Ranch which already has the multifamily neighborhoods of Colonial Grand and Lost Creek.

Completions seen in 2014

The co-developer of the University Town Center, Benderson Development, is also planning to construct up to 1,700 condo-type housing near the mall. The new shopping complex is expected to be finished in 2014, by which time both the Venue and Muirfield Village also would have been completed.

This spate of activities on local multifamily housing mirrors the national trend. U.S. Commerce Dept. figures showed that new home construction rose to 1.04 million this March. Multifamily homebuilding gave impetus to the month’s 7% growth pace from February’s revised 968,000 clip. The March level, notably, was the highest achieved in nearly five years. For the month, multifamily home construction advanced by 31% to 417,000, an annual rate which was not seen since January 2006.

A sampling of M/I builds

M/I Homes

Meanwhile, M/I has yet to unveil specs for the multifamily homes which it will construct at Muirfield. Some indications though can be gleaned from its existing single family builds at the Creekside Preserve in Parrish, Manatee County, and at the Rosedale Links in Bradenton. M/I homes in these neighborhoods, as well as in this homebuilders’ other U.S. communities, are distinctive for their energy-efficiency.

Besides being 100% ENERGY STAR® certified, residences offered by M/I Homes include those that are products of the company’s StyleSmart Design Centers. Onsite specialists at these centers work with buyers to create options tailor-fit to the prospective homeowners’ budget, lifestyle, and design preference. In addition, there are alternatives for move-in ready homes in M/I communities which are also products of the StyleSmart centers. Still, there are choices on model homes which came from the drawing boards of the acclaimed interior designer, Mary Cook Associates, a new M/I building partner.

At the Creekside Preserve, home offerings have floor plans of between 1,610 and 3,316 square feet. Available residences in the community are typically listed among Sarasota homes for sale at asking prices from the high $100s up to around the mid-$200s. The typical sales-listed M/I homes in the golf community of Rosedale have floor areas of 1,673–2,747 square feet, priced between the high $200s and the $400s.