BRADENTON, FL – Two real estate developers have purchased a 7.86-acre plot of land in Bradenton, adjacent to Ellenton Premium outlets, for nearly $5 million, with the property to be used for the construction of a luxury apartment complex.
Defined Companies and Nadeb Investments Group purchased the property on Factory Shops Boulevard for $4.95 million, with the two firms announcing that a 235-unit apartment building will be built boasting numerous resort-style amenities for its tenants upon completion.
“With the ever-changing capital markets constraining construction financing, developers must prepare themselves to protect and carry their investments until there is a sense of normalcy,” a statement issued by the two companies read.
The previous owner, Ohm Teerth Development in Bradenton – represented in the sale by SVN Commercial Advisory Group – made the sale after working with city officials to change the zoning laws of the property, which previously had been allowed for commercial and retail use only.
Senior SVN advisor Tony Veldkamp noted that the seller had worked on changing the zoning of the property due to its ideal use for multi-use housing, although there may still be a commercial presence once residential construction has been completed.
“Mixed-use developers are few and far between,” Veldkamp said. “Most know apartments or know retail. Few do both.”
While the majority of the apartment units slated to be built upon the property will be catering to the luxury market, Veldkamp said that the developers had struck an agreement with local officials to allocate 60 units that would be deemed “affordable housing” in order to qualify for a density bonus.
Construction on the apartment complex is expected to begin in the first quarter of 2023, and tenants can expect to begin moving in within one year.
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Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what’s happening on the West Coast of Florida on behalf of FLORIDA GULF RESIDENTIAL – Your Real Estate Expert for Sarasota and Surrounding Areas.