(Read more on the multifamily market.)
PASCO COUNTY, FL-Hollywood, FL-based JL Real Ventures is planning to break ground in the first quarter of 2008 on a $36-million, 288-unit "green" garden-style apartment complex on 16.9 acres at Rowan and Bailey roads. JL Real Ventures managing partner Jordan Kavana tells GlobeSt.com that the project is currently in the entitlement process so many details have not yet been finalized.
The complex will contain two-, three- and possibly four-story buildings. Among green features will be energy-efficient windows and a zen garden. "We want to create a meditative-type environment," Kavana says. "The idea is to set ourselves apart from other apartment complexes in the area."
The project is expected to be completed within 18 to 24 months after groundbreaking. Rents are expected to be approximately $1 per sf.
Kavana, who is joined in JL Real Ventures with Larry Baum, says the location was selected because Pasco County is experiencing tremendous growth, particularly in the retail sector, with seven or eight large commercial projects currently under construction. The project site is on heavily traveled roads within the county. "Pasco County has traditionally been a retirement community, but we think younger people will begin moving into this area," Kavana says. "The location of the project is ideal. It will be on very busy roads."
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