In the first quarter of 2010, Lakewood Ranch builders registered 31 sales and reservations with 85 homes currently under construction. The activity, say executives at the community, offers solid confirmation of the continued recovery of the real estate market.
“The construction activity is incredible,” said Milt Flinn, president of LWR Communities. “It’s refreshing to drive down the street in the La Cantera neighborhood in The Lakewood Ranch Country Club and see construction activity booming and bustling, reminiscent of what it was like back in 2005.”
Other Construction on Tap
Flinn said LWR Communities is also looking toward the future with the selection process for builders in two new neighborhoods north of state road 70. “We are currently selecting builders for an age-targeted community and a workforce housing community. Our process is almost complete and we should have an announcement very soon.”
Other Lakewood Ranch communities are seeing success as well. At The Lake Club, the exclusive private gated community with multi-million dollar homes, two lots were sold in the past two weeks as part of a special Lakewood Ranch anniversary promotion.
“To celebrate the first home sold in Lakewood Ranch 15 years ago, we have slashed the prices of 15 homesites in The Lake Club,” said Miranda Oswald, vice-president of sales and marketing for LWR Communities.
“As the developer, this is something we wanted to do to keep the momentum going for our builders and to say thank you to the community that has made Lakewood Ranch such a great success story over the past 15 years.”
Construction activity is also booming in Country Club East, with the completion of the first community pool in the Hazeltine neighborhood. The pool is scheduled to open at the end of April.
Commercial Real Estate Advances
Exciting things are happening in commercial real estate this quarter as well. Pizza Mia, a pizza delivery restaurant is set to open at Lorraine Corners at the end of April, and a new Italian restaurant is coming to Main Street!
“We have more requests for an Italian restaurant than anything else at Main Street,” said Brian Kennelly, president of LWR Commercial Realty.
“Restaurants are a critical traffic driver for any retail center and we could not be happier about the addition of The Main Street Trattoria.” The restaurant will be an open kitchen, brick oven-style eatery and is slated to open this summer.