Charleston developer to build apartments in Sarasota County
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 22, 2024

A Charleston, South Carolina multifamily developer will break ground on a complex in Venice.

Middle Street Partners said it plans to begin construction on a 216-unit complex at 1000 Jacaranda Blvd. after closing on financing for the project. An entity linked to Middle Street closed on a $36.8 million construction loan from California-based Kennedy Wilson Capital in December, property records show.

Federal Capital Partners is the preferred equity partner; ApexOne is the limited equity partner, Middle Street said in a news release. The total development investment in the yet-unnamed complex is $68.4 million, a representative for the developer said.

Middle Street Partners paid $8.64 million for the 21-acre site in February 2023, property records show.

“We’re especially proud of this deal given the challenges of the current macroeconomic environment,” Matt Sand, development director at Middle Street, said in a statement. “The closing is a testament to our team, partners and the strength and continued growth of the Venice submarket.”

The apartments will open in the second quarter of 2025. Middle Street said it will build five four-story buildings, each with an elevator, and will offer one-, two- and three-bedroom floor plans. The complex will include a 7,000-square-foot amenity center, pool and pickleball courts.