Tarragon Realty Says Stay Tuned for Future Developments

NEW YORK CITY-Tarragon Realty Investors Inc.’s revenues rose 14% to $31.8 million, versus $27.8 million in the prior-year period. For the six months, housing sales were down 2% to $14.8 million, but that figure rose 87% to $11.1 million in the second quarter, with closings at three communities. The company is currently estimating fiscal 2003 revenues of $135-140 million.

“The Tarragon story continues to evolve rapidly,” said president and CEO William S. Friedman during the company’s conference call on second quarter results. “Stay tuned for future developments.” One those future developments is the proposed Metropolitan condominium high-rise at the northwestern corner of US 41 and Gulfstream in Sarasota, FL. With 450,000 sf of saleable space in front of the Ritz-Carlton Hotel, Tarragon anticipates that the project will eventually bring in $225 million.

“We’ve received municipal approvals for a zoning change and expect to break ground early next year and want to make a West Coast impact,” Friedman said.