Finance Mortgage Banking
April 3, 2008
Phillips Development & Realty has purchased two separate new properties in southern Florida, it has reported. This will expand the company's business in the area near its Tampa office headquarters.
One site is 43-acres located in Brandon, Fla., was bought for $31 million; the lender is Sun Trust Bank. Phillips Delaney Creek will be built on about half of the land--the other half will remain wetlands. The second parcel, sold by Centex for approximately $30 million, is 19 acres located in Riverview, Fla.; the lender is Fifth Third Bank. That development, Phillips Magnolia Park, will be part of a master planned community, parts of which are already built.
“These two sites happen to be across the street from each other,” said Manager and Founder of the company, Donald Phillips, to CPN correspondent. “But what this purchase represents to our company is that even though we’ve been based in Tampa for several years, this is really our re-emergence onto the stage of Florida . In 2002, we came to Florida looking for new opportunities and I came to love Florida . So about 3 and half years ago, we made Tampa the headquarters instead of Raleigh . But we had stopped developments in the Florida area due to the insane pricing. About eight months ago, land in the Tampa area was averaging $20,000 per unit, and these acquisitions are averaging less than $10,000 so you can see how dramatically the dynamics have changed.”
The two separate purchases, announced on March 19, are both close to the port of Tampa which serves the West Central Florida region. Both areas will provide easy access to Interstate highways, and Phillips is anticipating that the developments will be attractive to workers from Brandon, Riverview, Downtown Tampa and Apollo Beach . Tampa is the second largest port in the state of Florida --commerce coming mainly from tourism and cruise ships. The area is expected to enjoy continued economic growth for the next 5 years.
Both developments, Phillips Delaney Creek in Brandon, and Phillips Magnolia Park, will be garden-style architecture, and class A buildings. Delaney Creek will be a four-story building with one- and two-bedroom apartments. That parcel of land includes wetlands. Magnolia Park will be a three-story apartment building, and sit next to a 75,000-square-foot shopping area. Construction for both Phillips Delaney Creek and Phillips Magnolia Park is expected to begin in late 2008.
Added Phillips. “Most states were not touched by this incredible euphoria, so we expect to continue to be looking for purchases of opportunity here in Florida--more value plays for land.”
Phillips Development & Realty is a 21-year old company with investments all over the southern parts of the United States , primarily in Texas , North Carolina and Florida . Formerly investing in a mix of commercial offices and institutional developments, in 2001 they began to deal exclusively in the development of multi-dwelling apartments. Phillips starts about 3,000 units a year and about ten starts a year, buying land. They only do ground-up developments now.
Phillips Development & Realty has purchased two separate new properties in southern Florida, it has reported. This will expand the company's business in the area near its Tampa office headquarters. One site is 43-acres located in Brandon, Fla., was bought for $31 million; the lender is Sun Trust Bank. Phillips Delaney Creek will be built on about half of the land--the other half will remain wetlands. The second parcel, sold by Centex for approximately $30 million, is 19 acres located in Riverview, Fla.; the lender is Fifth Third Bank. That development, Phillips Magnolia Park, will be part of a master planned community, parts of which are already built.
“These two sites happen to be across the street from each other,” said Manager and Founder of the company, Donald Phillips, to CPN correspondent. “But what this purchase represents to our company is that even though we’ve been based in Tampa for several years, this is really our re-emergence onto the stage of Florida . In 2002, we came to Florida looking for new opportunities and I came to love Florida . So about 3 and half years ago, we made Tampa the headquarters instead of Raleigh . But we had stopped developments in the Florida area due to the insane pricing. About eight months ago, land in the Tampa area was averaging $20,000 per unit, and these acquisitions are averaging less than $10,000 so you can see how dramatically the dynamics have changed.”
The two separate purchases, announced on March 19, are both close to the port of Tampa which serves the West Central Florida region. Both areas will provide easy access to Interstate highways, and Phillips is anticipating that the developments will be attractive to workers from Brandon, Riverview, Downtown Tampa and Apollo Beach . Tampa is the second largest port in the state of Florida --commerce coming mainly from tourism and cruise ships. The area is expected to enjoy continued economic growth for the next 5 years.
Both developments, Phillips Delaney Creek in Brandon, and Phillips Magnolia Park, will be garden-style architecture, and class A buildings. Delaney Creek will be a four-story building with one- and two-bedroom apartments. That parcel of land includes wetlands. Magnolia Park will be a three-story apartment building, and sit next to a 75,000-square-foot shopping area. Construction for both Phillips Delaney Creek and Phillips Magnolia Park is expected to begin in late 2008.
Added Phillips. “Most states were not touched by this incredible euphoria, so we expect to continue to be looking for purchases of opportunity here in Florida--more value plays for land.”
Phillips Development & Realty is a 21-year old company with investments all over the southern parts of the United States , primarily in Texas , North Carolina and Florida . Formerly investing in a mix of commercial offices and institutional developments, in 2001 they began to deal exclusively in the development of multi-dwelling apartments. Phillips starts about 3,000 units a year and about ten starts a year, buying land. They only do ground-up developments now.
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