Developer buys 22 acres in Port Charlotte, building 333 apartments

A 22-acre parcel in Port Charlotte has sold and apartments will be built on the site.

The property is at U.S. 41 and Cranberry Road, between a RaceTrac gas station and Kia of Port Charlotte.

LIV Development, an Alabama developer specializing in building multifamily communities, paid $8.4 million for the site. 

SVN Commercial Advisory Group, which represented both parties in the deal and announced the sale, says construction is expected to start soon, with the first units available April 2025. 

Nine acres will be set aside for commercial development.

Livano Charlotte Harbor, as the complex will be called, will have 333 units. It will be made up of seven, four-story buildings with elevators. In addition to standard amenities found at most modern apartment communities, there will be an outdoor pet center on site with doggie day care, grooming and bathing stations.

Birmingham-based LIV is already active along the Gulf Coast, building a 234-unit apartment building in Pasco County at State Road 54 and Henley Road in Lutz.

LIV was founded in 2006 and has properties across the South as well as Texas and Arizona. It owns or has sold 13 complexes in Florida including one each in Tampa, Fort Myers, Pinellas Park, Sarasota and Lakewood Ranch.

According to its website, its market capitalization is $7.5 billion, and it has more than 20,000 units developed or in the pipeline.

Mike Migone, a senior investment advisor at SVN, brokered the deal.