Tampa-area Purchases Provide Southeastern Developer Opportunity for More Local Projects
TAMPA, Fla., April 2, 2008 /PRNewswire/ -- On March 19, Phillips Development & Realty, LLC (PDR) purchased two sites in the Brandon and Riverview, Fla., submarkets for the development of two distinct, Class-A apartment communities: Phillips Delaney Creek and Phillips Magnolia Park. Both sites give PDR the opportunity to further enhance its presence locally. With projects spanning the Southeast, Managing Director Donald Phillips says PDR relishes opportunities to develop quality products in close proximity to its Tampa headquarters.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080402/CLW084LOGO )
"The Tampa-area rental market is growing significantly despite softness in other sectors," said Phillips. "PDR is surging forward with local rental projects while others might be waiting due to downward trends in condominium and new-home sales."
PDR anticipates steady population and economic growth in the Brandon and Riverview regions within the next three to five years. The purchased sites are in close proximity to the Port of Tampa, which continues to be the largest economic engine in West Central Florida. The locations offer convenient highway access to the Lee Roy Selmon Crosstown Expressway, Interstate 75, US 301 and Interstate 4. PDR expects both communities to draw residents working in Florida's Brandon, Riverview, Downtown Tampa and Apollo Beach communities.
"The superior location, product positioning and low land basis of these new developments will give PDR a competitive advantage against other new apartment communities in the Brandon area," said PDR Acquisition Associate, Andy DiBlasi. "Both communities will be outstanding additions to the area."
Specific project details are as follows:
Phillips Delaney Creek
Land Lender: SunTrust Bank
Projected Cost: $30 million
Location: Southwest quadrant of the intersection of Progress
Blvd. and Falkenburg Rd., Brandon, Fla.
Site: 49 acres offering expansive, scenic wetland
conservation areas that will serve as a natural
amenity to the community.
Design: This 290-unit, three and four-story, garden-style
development will be the first apartment community in
Brandon/Riverview to offer elevator service. It will
include one, two and three-bedroom residences.
Construction Dates: Ground breaking is anticipated in late 2008.
Phillips Magnolia Park
Land Lender: Fifth Third Bank
Projected Cost: $31 million
Location: The Southeast quadrant of the intersection of
Progress Blvd. and Falkenburg Rd. in Brandon, Fla.
Site: 19.32 acres located within the new, master-planned
community of Magnolia Park. A 75,000-square-foot
Sweet Bay shopping center is in the planning stages
adjacent to the site. Strong retail development in
the surrounding area is expected to enhance the
attractiveness of this location.
Design: The development will consist of a Class-A, 300-unit,
three-story garden-style apartment community.
Construction Dates: Ground breaking is anticipated in the fourth quarter
of 2008.
For more information on Phillips Development & Realty, LLC and its projects, visit PhillipsDevelopment.com.
About Phillips Development & Realty, LLC
Since 2001, Phillips Development & Realty, LLC (PDR) has carefully chosen projects in the interest of communities, the environment and investors. Providing upscale residential and mixed-use developments, PDR is experienced with urban infill and helps communities grow wisely. PDR selects desirable, often challenging locations and strives for functional, livable and aesthetically pleasing plans. Award winning and recognized in all facets of the real estate and development industry, PDR is committed to consistently exceeding industry standards. For more information, visit PhillipsDevelopment.com.
http://www.newscom.com/cgi-bin/prnh/20080402/CLW084LOGO" mime-type="application/octet-stream"/>
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20080402/CLW084LOGO
PRN Photo Desk, photodesk@prnewswire.com
Phillips Development & Realty, LLC
