A rendering of The Rosery multifamily development in Largo, FL: Source: Pollack Shores Real Estate Group
LARGO, FL—Atlanta-based development firm Pollack Shores Real Estate Group announced on Tuesday plans to develop The Rosery, a new 224-unit multifamily community here.
Construction is scheduled to begin in April on the community to be built near the intersection of Rosery Road and Clearwater Largo Road. In addition to the apartments, the project will also offer street-side retail, public art, connectivity to Pinellas Trail—a 38-mile walking and biking rail trail that stretches from St. Petersburg to Tarpon Springs—as well as an array of amenities.
The first units are set to be delivered in the summer of 2020. The Rosery will also feature walk-out patios on first floor apartment homes, along with a direct connection to the Pinellas Trail,
“The Rosery is the first of its kind in the Largo community, offering residents a luxury apartment home with direct access to popular outdoor amenities,” said Steven Shores, president and CEO of Pollack Shores Real Estate Group. “We have designed an active, communal environment delivering in-demand walkable access to unique retail, new culinary concepts and the Pinellas Trail.”
Brian Oates, managing director of Pollack Shores, says that the Rosery will be the firm's second project in Largo following the firm's successful development and sale of its Gateway North on Roosevelt Boulevard development.
“With recent reports showing year-to-year rent growth of almost 3%, the entire Tampa Bay area continues to outpace most other US metropolitan areas in the multifamily arena,” Oates states. “We're eager to work alongside the Largo neighborhood once again.”
Pollack Shores officials also note that in the next five years, Central Florida is expected to have 850,000 job openings, with 78,000 of those being new positions in health care, corporate office services, tourism, retail services and the construction trades.
The project will also include a prominent public plaza at the corner of Rosery and Clearwater Largo Road that will host public art displays and other pedestrian-focused activities. Other amenities include a resort-style pool, outdoor seating area, fire pit, hammock garden and club room with Internet café.
The Rosery apartments will offer a variety of floor plans for one-, two- and three-bedroom apartment homes ranging from 688 square feet to 1,372 square feet. Each unit will feature plank flooring, stainless steel appliances, modern cabinetry and doors, new light fixtures, granite countertops and large front porches and walk-out patios.
Pollack Shores is currently active in Atlanta, Orlando, Tampa, Jacksonville, South Florida, Raleigh, Charlotte, Charleston, Dallas, Austin, Nashville and Richmond. The firm is also the parent company of property management firm Matrix Residential, which has nearly 31,000 units under management across eight states.
In January, Multi-Housing News citing data from Yardi Matrix, reported that Pollack Shores Real Estate Group sold its 5 West Apartments development in Tampa to TH Real Estate for $61.9 million or $194,654 per unit.
Join the 17th Annual GlobeSt Net Lease Conference (formerly a RealShare event) on April 3 & 4 in NYC alongside the industry's most influential and knowledgeable real estate executives from the net lease sector. Click here to register and view the agenda.
Join the GlobeSt.com Women of Influence 2019 conference July 10th and 11th in Broomfield, CO, which celebrates the women who drive the commercial real estate industry forward. The event will address the critical role of women in the CRE business. Click here to register and view the agenda.
|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.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
