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BUYER: School Board of Hillsborough County Florida
SELLER: Hyde Park Square LLC
PROPERTY: 503 and 505 S. Boulevard St., Tampa
PRICE: $1.53 million
PREVIOUS PRICE: $1.22 million, May 2007 and $1.18 million, March 2007
TITLE FIRM ON DEED: Tampa Title Co., Tampa
PLANS, DESCRIPTION: The Hillsborough County School Board purchased a 4,269-square-foot office building and a vacant lot for $1.53 million.
The district plans to demolish the building and use the resulting 1.47 acres as parking for nearby Gorrie Elementary and Wilson Middle schools.
“These are schools in established neighborhoods,” says Linda Cobbe, external communications manager for Hillsborough County Public Schools. “These are in areas where homes were torn down and replaced with apartments. They are highly sought after schools. We can't expand the schools without taking parking space. This will allow us to replace that parking.”
The price equated to $36,552 per lot.
Forth Worth, Texas-based D.R. Horton also has an option to buy the rest of the 115 single-family lots in the community, which is located east of U.S. 41 and College Avenue.
“In Ruskin, the biggest issue is price point,” says Darren Saltzberg, vice president of sales and marketing for the Tampa-Sarasota division of D.R. Horton.
“We are going to meet that buyer demand,” he says. “We got a good deal on the lots so we can pass that on to our buyers. We're going to price the homes there [starting] at $100,000.”
Construction on a model home for the community is expected to start in the next 30 days. The homebuilder has already sold 90 homes in Mira Lago, another Ruskin community.
D.R. Horton Inc. mortgaged the property to First Citrus Bank for $1.08 million.
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