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JACKSONVILLE, FL-Pulte Home Corp. has purchased 48 acres at Flagler Center for $11.4 million or $237,500 per acre ($5.45 per sf). However, only 41 acres are developable, bringing the effective land cost to $278,049 per acre or $6.38 per sf.

Pulte plans 240 apartments on the site. Flagler can also develop an additional 260 apartments if it chooses to do so, says J.J. Conners, Flagler's vice president and market officer. "In response to a very strong residential and office market, Flagler modified the existing development rights at Flagler Center in 2004," Conners says. The change added 500 apartment units to the development. "We enhanced the value [of Flagler Center] through the entitlements process a year ago."

Pulte joins other national owners at Flagler Center, such as Baptist Medical, Citicorp, Nuvell and Baker Distributing.