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BUYER: Campbell Landings LLC (Campbell Landings Manager LLC and Realtex Campbell Landings LLC), Tampa
SELLER: Craig Development LLC
PROPERTY: a portion of 6th and 7th S. St., St. Petersburg
PRICE: $2.4 million
PREVIOUS PRICE: $1.98 million, June 2006 and $150,000, June 2007
LAW FIRM ON DEED: Zimmerman Kiser & Sutcliffe PA, Orlando
PLANS, DESCRIPTION: Tampa's DDA Development LLC and co-developer Austin, Texas-based Realtex Development Southeast purchased 0.91 acres at the corner of Sixth Street South and Fourth Avenue South for $2.4 million.
The partners plan to construct a 96-unit affordable housing development for seniors called Campbell Landings.
“We closed on Wednesday and we're already under way,” says Bowen Arnold, president of DDA Development. “We're planning to have it done by the end of 2013. It will be one building with five stories. Four of those stories will be residential and one of parking.”
Designed in a U-shape, the development will feature a courtyard, fitness center, library, computer lab and a lounge overlooking a community garden terrace. The green-certified project will house 49 one-bedroom/one-bathroom units and another 47 two-bedroom/two-bathroom units.
Tim Clemmons of St. Petersburg-based Mesh Architecture + Fabrication designed the project and Maitland-based Winter Park Construction is the general contractor. At completion, Pittsburgh-based NDC Management will manage the community.
The development is being done within the tax credit program, which limits the tenants that can rent in the community based on their income. It is expected to generate roughly $15.6 million from selling the tax credits. The community will also be limited to residents 55 years old and older.
The joint venture Campbell Landings LLC mortgaged the property to JPMorgan Chase Bank NA for $9.9 million and to the city of St. Petersburg for $120,000.
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