Utah developer buys Manatee land, building 210 apartments

The Lotus Co., a Salt Lake City multifamily developer, has bought nearly 8 acres on University Parkway and plans to build 210 units on the site.

The Manatee County site, not far from the UTC retail and entertainment district, and sold for $6.5 million.

According to the SVN Commercial Advisory Group, the sellers were Suhail and Janet Khoury of Sarasota.

The firm says the deal has been in in the works for about two years and that the 7.64-acre parcel near Whitfield Avenue was originally zoned for a planned commercial use. It had to be rezoned to allow for a multifamily.

Mike Migone, who managed the deal for the firm, says in a statement that “this may well be the last property on University west of I-75 available for multifamily apartments.”

“Undeveloped land here is extremely scarce, and this well-traveled area is prime — an excellent spot for these residential units, given all the nearby amenities.”

Lotus is a mostly real estate driven company that has several divisions in the industry, including one specializing in development. According to the company’s website, Lotus Development is “dedicated to acquiring, crafting and building relevant neighborhoods and multifamily residences, premium commercial properties, and upscale hospitality ventures.”

According to a company newsletter, Lotus opened three new communities in 2024 and merged with Florida-based 3rd Wave Development earlier this year.

A timeline for the project was not available but the statement says the land has all the utilities in place.