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Business Observer Friday, Feb. 16, 2018 9 months ago

And speaking of apartments...

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Continental Properties of Wisconsin has begun construction on a new 256-unit multifamily rental project in Port Charlotte, following developments in Sarasota and throughout the Gulf Coast in the past five years.
by: Kevin McQuaid Commercial Real Estate Editor

Continental Properties of Wisconsin has begun construction on a new 256-unit multifamily rental project in Port Charlotte, following developments in Sarasota and throughout the Gulf Coast in the past five years.

The Springs at Port Charlotte is slated to be completed in April 2019, at 24151 Beatrix Blvd., and units will feature 9-foot ceilings, granite countertops, stainless-steel appliances.

Amenities within the $27 million complex, which is being built by Kaufman Lynn Construction, will include a swimming pool, 24-hour fitness center, clubhouse and on-site dog park.

All pretty routine, until one drills down into the Charlotte County multifamily rental market.

In all, Charlotte County has just 692 rental units, according to real estate research firm CoStar Group, the result of a heavy retiree population that has traditionally favored single-family homes.

Even more interesting, the last market-rate apartment complex built in the county was in 2005, CoStar notes, and that added just 20 new units.

Could the Springs at Port Charlotte touch off a wave of development that analysts have long predicted for the county? Stay tuned.

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