A joint venture of PCCP and Advenir Azora has announced it will develop LEO at San Marco, a 200-unit, cottage- and townhome-style build-for-rent (BFR) community located at Rustic Road and Knights Trail Road in Venice, FL. The project is 30 minutes south of downtown Sarasota and one hour south of Tampa. Construction will begin immediately after closing in December 2025 with final completion expected in Fall 2027.
Situated on 22 acres, LEO at San Marco will consist of a variety of product types, including one- and two-bedroom duplexes, two-bedroom cottages, and two- and three-bedroom townhomes, with an average size of 1,156 square feet (sf). Interior finishes will include LVT flooring, stainless steel appliances, quartz countertops, tile backsplashes in the kitchen, undermount sinks in the kitchen and bathrooms, smart locks, and private fenced yards. The property will include a 5,000-sf clubhouse/leasing center with a large conference room and coffee bar, a fitness center with an exterior area for outdoor exercise, and a large Olympic-style pool surrounded by gazebos and chairs. There will also be multiple shared spaces and green areas including a pickleball court, pocket parks, walking trails, gazebos, and dog parks, scattered throughout the development. The property will feature a total of 351 parking spaces including 51 for-rent garages, and surface parking throughout the site.
“PCCP believes that this investment provides a compelling opportunity to partner once again with Advenir, to develop a well-conceived, quality BFR community in a high-growth market,” said Andrew Barbakoff, Senior Vice President, with PCCP.
The property is less than five minutes from Sarasota Memorial Hospital’s Venice location, and five minutes from the Laurel Interchange Business Park and Triple Diamond Industrial Park, which houses more than 3,400 employees. LEO at San Marco is also zoned for Sarasota schools, which consistently rank as some of the top schools within the state.
The Sarasota MSA remains one of the fastest-growing regions in the country. Sarasota County reported a 2015 population of 392,000 and year-end 2024 population of 479,000 representing a 22% population increase over that time frame. This trend is expected to continue, as CoStar projects the ten-mile population surrounding LEO at San Marco to increase 16% through 2029. The historic population growth has been supported by Sarasota’s economic growth, with major economic drivers including healthcare, manufacturing, professional and business services, and tourism. Specific to healthcare, Sarasota Memorial Hospital is growing rapidly to meet the MSA’s robust population growth, the hospital employs approximately 11,000 people and is expected to increase its workforce to approximately 15,000 within the next 3 to 4 years.
