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Kitson & Partners buy Bay Pines Mobile Home Park site


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  • | 7:20 p.m. September 17, 2010
  • Tampa Bay-Lakeland
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BUYER: Kitson & Partners, Palm Beach Gardens


SELLER: Bay Pines LP


PROPERTY: 10005 Bay Pines Blvd., Seminole


PRICE: $7.65 million


PREVIOUS PRICE: $38.5 million, May 2006


PLANS, DESCRIPTION: Kitson & Partners purchased 60 acres in Pinellas County for $7.65 million.


The site, the former Bay Pines Mobile Home Park, was entitled for 1,119 condominium, apartments or townhome units in 2007. However, Kitson & Partners now says it plans to develop a large mixed-use project on the site. The developer says the site is conducive for a mix of services, including a hotel, retail space, apartments and townhomes.


Kitson & Partners officials say they see strong potential in the market, even though Pinellas County is one of the Gulf Coast's most developed and populous counties.


“As the only large-scale redevelopment opportunity in southern Pinellas County, Bay Pines is a very attractive site for new residential development,” Andrew Carmody, senior vice president for Kitson & Partners, says in a press release. “You're not going to find another large-scale development property to rival Bay Pines' proximity to existing jobs, as well as sought-after amenities like the Pinellas Trail and Madeira Beach.”


The property is across the street from Bay Pines VA Medical Center, a 297-acre medical complex.


The former landowner, Bay Pines LP, purchased the mobile home park in May 2006, closed it and cleared the land for a development that never happened.


Founded in 1992, Kitson & Partners currently owns 20,000 residential units, 6.2 million square feet of commercial entitlements and 1.6 million square feet of existing retail shopping centers in Florida.

 

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