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BUYER: Hillsborough County Florida, Tampa
SELLER: Bank of America NA
PROPERTY: 4409 Foxworth Road, Riverview
PRICE: $1.1 million
PREVIOUS PRICE $6.5 million, June 2007
LAW FIRM ON DEED: Stoneburner Berry Glocker Purcell & Greenhut PA, Jacksonville
PLANS, DESCRIPTION: Hillsborough County purchased 28.51 aces near the intersection of Interstate 75 and U.S. 301 for $1.1 million.
The price equated to $38,583 per acre.
The county plans to land bank the property, which is zoned for up to 504 multifamily units.
“It was bought with Neighborhood Stabilization money,” says Lanette Glass, foreclosure manager for Hillsborough County's affordable housing department. “We have up to 10 years to develop it. This just sets us up to build in the future as the market recovers.”
The more intensive multifamily zoning gives the county the added option of several less extensive residential uses, such as mixed-use or single-family, Glass says. County appraisals put the value of the property at $1.2 million.
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