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Horizon Bay Hyde Park develops six-story building
BUYER: Horizon Bay Hyde Park LLC (principal: Greg Iglehart), Tampa
SELLER: SO Boulevard Holdings Ltd.
PROPERTY: 813 and 815 W. Horatio St., 402 South Boulevard and additional land on South Boulevard, Tampa
PRICE: $3.4 million
PREVIOUS PRICE: $4.74 million, August 2005
LAW FIRM ON DEED: Hill Ward & Henderson PA, Tampa
PLANS, DESCRIPTION: Horizon Bay Hyde Park LLC purchased slightly less than two acres on South Boulevard and Horatio Street for $3.4 million.
The investment group is a joint venture of Greg Iglehart's Tampa-based real estate investment and development company GWI Investments, principals in Horizon Bay Retirement Living and California-based Health Care Properties, one of the largest healthcare REITs in the country.
The new ownership has started construction on Horizon Bay at Hyde Park, 153,000-square-foot independent- and assisted-living building with 136 units. Gables Construction Inc. of Boca Raton is the general contractor for the development. The project was bonded for $18.51 million.
While all of the units will be licensed for assisted living, Iglehart expects the actual mix to be 50-50 with separate floors designated for each level of care. The facility will feature separate dinning, fitness rooms and common areas along with meeting areas, a wading pool, chapel, spa, lounge, bar, and billiards area, Internet cafe, movie theatre and more. The units will be a combination of one bedroom/one bathroom and two bedroom/two bathrooms with walk-in closets, private kitchens, and laundry facilities.
“The last independent/assisted-living facility that was develop in the city was 18 years ago,” Iglehart says. “There have been some new developments in the mid-markets and suburbs but nothing in the city. There also aren't a lot of high-quality infill sites. This site is close to the hospital and medical offices. We feel pretty good about the supply and demand imbalance.”
The property was originally purchased four years ago by a condominium developer right before the residential market collapsed, which ultimately led to an even better purchase price for the current ownership, according to Iglehart.
The new development will feature only rentals, and Horizon Bay will manage the property. Horizon Bay at Hyde Park is scheduled for completion in 2011.
The ownership entity Horizon Bay Hyde Park LLC mortgaged the property to Branch Banking and Trust Co. for $19.47 million.
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