Kaplan Residential recently bought 20 acres in Englewood for $5.2 million, with plans to build Generation Englewood, a 306-unit apartment complex at 201 Pine Street, just south of the intersection of River Road and East Dearborn Avenue.
“Englewood is the ideal location for this project due to a combination of factors that make it a standout choice, including its strategic location near major transportation arteries such as I-75,” Morris Kaplan, president of Kaplan Residential, said in a prepared statement. “Its appeal is further heightened by the distinct lack of supply of apartment communities in the area.
“This scarcity presented us with a unique opportunity to meet a burgeoning demand for high-quality rental housing in a market where such options are limited.”
In 2021, the family-owned Miami-based company purchased 29.9 acres off Knights Trail Road in Venice targeted for development of the 348-unit Generation Venice apartment complex, its first foray into south Sarasota County.
Kaplan first envisioned building 239 townhouses on the Knights Trail Road property, before opting for luxury garden apartments. That change was approved in June.
Six parcels for one site in Englewood
The proposed apartment complex is on the southeast intersection of Pine Street and Crestwood Road on six parcels purchased from Premala Raja and Jay and Premala Raja in a transaction handled by Hunter McCarthy with SVN Commercial Partners.
It is south of Calvary Baptist Church of Englewood, north of Englewood Masonic Lodge. No. 360, and across Pine Street from West Coast Church Assembly of God.
Construction to begin in 2024
Construction on the 308,133-square-foot complex is scheduled to begin in the first quarter of 2024 and targeted for completion in early 2026. The three-story garden apartments would contain a mix of units with a projected cost of $2,000 to $3,500 a month, with some offering views of a created lake, likely on the eastern side of the site, which currently includes wetlands.
Residents would also have a 10,000-square-foot clubhouse, state-of-the-art dog park, swimming pool, outdoor grilling stations with a lake view, as well as a walking trail around the perimeter of the site.
Kaplan is touting the fact that the complex is about a half-mile away from Englewood’s West Dearborn Street commercial district, as well as its proximity to the beaches of Manasota Key and to Downtown Wellen Park and the Atlanta Braves Spring Training Complex at CoolToday Park.
Who is Kaplan Residential?
The family-operated company specializes in upscale rental communities in the Southeast, particularly North Carolina, Georgia and Florida. Over the past 25 years, Kaplan has built more than 30,000 residential units and 3 million square feet of commercial space, according to the company website: https://www.kaplanresidential.com.
In addition to Venice and Englewood, the company has one other property in Florida under development, the 190-unit Generation Wilton Manors, located on the east coast in Wilton Manors, north of Fort Lauderdale.