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.
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