Minnesota's Sand Cos. buys Sawgrass Creek
BUYER: Sawgrass Creek Apartments LLC (principal: Leo Sand), Waite Park, Minn.
SELLER: Kimball Hill Homes Florida Inc.
PROPERTY: 8930 and 8800 Lazy River Loop, New Port Richey
PRICE: $4.1 million
LAW FIRM ON DEED: Pennington Moore Wikinson Bell & Dunbar PA, Tampa
PLANS, DESCRIPTION: Waite Park, Minn.-based developer Sand Cos. Inc. purchased the 14.5-acres Sawgrass Creek Apartments project on Lazy River Loop near the planned Medical Center of Trinity for $4.1 million, equal to an average of $282,759 per acre.
The new ownership plans to convert the condominium project into an apartment.
“There are three buildings there now; 45 units that ready for occupancy,” says Neil Fortier, vice president of development for the Sand Cos.
“The entire project calls for an additional 95 units in five buildings. First we're going to focus on renting those first units up and then we'll consider finishing the project. We liked the location...it's in an area town that is beginning to boom. Everything is being pushed out there.”
The developer expects to evaluate the possibility of continuing the project in April. The Sawgrass Creek Apartments is the Sand Cos.' first project in Florida, but Fortier says it is currently looking at hotel and retail projects in Bradenton and Fort Myers. Sawgrass Creek Apartments LLC mortgaged the property to the American National Bank of Minnesota for $3.28 million.