Bellagio on Venice Island is a gated, deed-restricted community of roughly 142 homes set on the Venice barrier island in Sarasota County, with construction starting around the year 2000 (community guides and listing data, 2026). It is one of the few gated enclaves located directly on the island rather than on the mainland.
The homes are Mediterranean-style, with tile roofs, courtyards, columned entries, and covered lanais, marketed as single-family and villa-style residences under one homeowners association. The pitch is walkability: residents are within a short distance of downtown Venice, Venice Beach, the marina, the hospital, and shopping, an unusually walkable setup for a gated Florida community.
Because Bellagio is on the barrier island, the defining variables are coastal: the FEMA flood zone and finished-floor elevation, the wind and flood insurance quote, and the FEMA 50 percent substantial-improvement rule that caps how much you can renovate a flood-zone structure without bringing it to current elevation code. These are home-specific and have to be verified per parcel.
Hurricanes Helene and Milton in 2024 brought storm surge to the Venice island, with the city reporting widespread flooding and damage along the coast (WFLA and City of Venice, 2024). That history makes the elevation, the flood-zone read, the insurance quote, and the HOA reserve and coverage picture the core of diligence here, not the headline location.
