Groups work together on community

EAST COUNTY — Five months ago, Lakewood Ranch developer Schroeder-Manatee Ranch joined forces with a real estate investment firm, Starwood Land Ventures, to develop the 475 remaining acres in Country Club East.

Under the new partnership, Starwood is a financial participant, while SMR oversees the community’s management, oversight of lot sales and day-to-day activities. Today, the marriage is going better than either company had hoped.

Since their partnership started in September, they have sold more than 60 lots.

Jimmy Stewart, vice president of sales for SMR subsidiary LWR Communities, said SMR already had prepared 100 lots prior to partnering with Starwood. Now, the company works to develop the other 550 untouched lots. Of those parcels, 150 lots should have infrastructure in place in about four months and be sold to builders that will eventually erect homes to fill the open spaces.

Construction also has started on community amenities, including a swimming pool and a driving range at Royal Lakes golf course. The golf course itself, however, remains the sole property of SMR.

A new guardhouse, a 10,000-square-foot clubhouse and signage near the entry of the community also are under construction.

Stewart said SMR and Starwood remain focused on maintaining community aesthetics and making Country Club East more accessible. A new entrance to the community, to be located off of Masters Avenue, will open in about six months, Starwood Land Ventures co-CEO Mike Moser said.

As the businesses revamp the remaining sectors of the Country Club East community, their partnership remains strong.

“It’s great — the fact that Starwood Lands sets their model on purchasing properties in successful neighborhoods,” Stewart said. “It makes for a great partnership.”

Moser, a former employee of what is now Taylor Morrison, agreed, adding he has wanted to develop property in Lakewood Ranch for years, but has not had time until recently. Since 2007, he has worked on various projects in the Tampa Bay area, which included the acquisition of 17,000 lots.

“The whole Ranch is one of the top 10 selling communities in the entire country,” Moser said. “There’s a tremendous amount of absorption and momentum here; it’s clearly a very good location for the dollar.

“We want to choose ‘A’ locations, and this is definitely an ‘A’ location,” he said.

BY THE NUMBERS
6 — The number of months until the new entrance opens.

60 — The number of lots the duo sold.

650 — The total number of lots the group partners to oversee.

10,000 — The size in square feet of the new clubhouse.

Contact Amanda Sebastiano at [email protected].