The company expects to break ground later this year on the $30 million, 290-unit Phillips Delaney Creek complex at the southwest quadrant of Progress Boulevard and Falkenburg Road in Brandon, east of Tampa. The project, on 49 acres, will include one-, two- and three-bedroom units in three and four-story garden-style apartment buildings.
Phillips also plans to break ground in the fourth quarter on the $31 million, 300-unit Phillips Magnolia Park at the southeast corner of the same intersection within the master-planned Magnolia Park community in Brandon. The project is located on 19.3 acres with a planned 75,000-sf shopping center planned to be anchored by Sweetbay supermarket adjacent to the site. It will consist of three-story, garden-style buildings.
Andy DiBlasi, Phillips acquisition associate, tells GlobeSt.com that the Delaney Creek site was acquired for just under $3 million, with funding provided by SunTrust Bank. The Magnolia Park site was purchased for almost $2.9 million, with funding provided by Fifth Third Bank, he says.
"Both sellers had planned to construct for-sale townhomes on the sites, but with the softness in the market abandoned the plans," DiBlasi says. "We got the sites for a favorable price."
GVA Advantis in Tampa represented Phillips in the Delaney Creek acquisition. The seller was Falkenburg Road LLC, represented by Willis & Associates Inc. Eshenbaugh Land Co. in Tampa represented Centex Homes in its sale of the Magnolia Park site to Phillips.
DiBlasi adds that entitlements for the Magnolia Park project are already in place, but the site for the Delaney Creek must be rezoned before construction begins. After construction begins, both projects are anticipated to be completed in 16 months. The average unit size in both projects is expected to be 920 sf, with rents averaging $1.05 to $1.10 per sf, he says. "The Delaney Creek project will be more high-end while the Magnolia Park project will be more affordable to differentiate the two products," he says.
The company anticipates steady population and economic growth in the areas of the apartment complexes within the next three to five years. The development will be in close proximity to the Port of Tampa and offers access to the Lee Roy Selmon Crosstown Expressway, US 301 and Interstates 75 and 4.
"Brandon continues to be one of the strongest bedroom communities of Tampa," DiBlasi says. "It's a good place to live for people looking for a good value."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
