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The Richman Group develops Sabal Ridge
BUYER: Sabal Ridge Apartments Ltd. (The Richman Group of Florida Inc.), West Palm Beach
SELLER: First Tampa Sabal Ridge LLC
PROPERTY: 9212, 9214, 9026, 9201, 9102, 9104, 9210 and 9038 E. Dr. Martin Luther King Jr. Blvd. 4004, 4112, 4014, 4102 and 4104 Clewis Ave. and 4007 Courson Drive, Tampa
PRICE: $3.5 million
LAW FIRM ON DEED: Broad and Cassel PA, Boca Raton
PLANS, DESCRIPTION: West Palm Beach-based The Richman Group of Florida Inc. purchased 19.36 acres at the corner of Dr. Martin Luther King Jr. Boulevard and Clewis Avenue near Interstate 75 for $3.5 million. The purchase price equated to $180,785 per acre.
The developer/property management firm has already started construction on the first phase, 108 units, in an affordable apartment development called Sabal Ridge Apartments on the northern nine acres.
The development, which will feature five three-story buildings, is being partially funded through low-income housing tax credits. First Florida LLC of Miami is the general contractor for the development. Construction on the first phase is scheduled for completion in November of 2010.
“We're reviewing our options for the southern half,” says Damon Kolb, a development associate with The Richman Group of Florida. “The land use there does offer us the potential of commercial...general commercial or another 108 [residential] units. It was originally assembled by Rutland Homes for a townhome development that obviously couldn't move forward in the current market.”
The purchase entity Sabal Ridge Apartments Ltd. mortgaged the property to JPMorgan Chase Bank NA for $7.25 million.
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