Developers are starting to bet big on renters, and there is no greater proof of this than Gandy Boulevard, which is where a firm from South Florida is intending to spend $45 million in order to build literally hundreds of luxury apartments.
Last month, the Richman Group of Florida purchased almost 40 acres of land from flea market magnate Hardy Huntley. It has plans to begin construction early in 2013 on Gateway Centre, which will offer 432 units.
The one- to three-bedroom apartments, which will be sized between 870 square feet and 1,570 square feet, will feature ceilings that are nine feet high and granite countertops. They will rent for between $1,000 and $1,800 per month. The four-story complex is also set to feature a clubhouse, tennis courts, a nature trail, and an outdoor kitchen. The first phase, which will include 320 units, is expected to open early in 2014.
The land, which is part of an old industrial park, may not be everyone’s idea of a luxurious environment, with neighbors including the Sunset Palms mobile home park, the planned first Wawa convenience store in Tampa Bay, a sprawling convoy of park lots, and a Walmart Supercenter.
Damon Kolb, a Richman development associate, says that the firm, which is based in West Palm Beach, views the site as being a smart investment, given that there is so much land bundled together in the very much built-out Pinellas County. “We feel fortunate to find a site as nice as this,” he insists.
Gateway is one of a number of planned campuses that are looking to be able to cater to the pent-up demand of local renters, with apartment vacancies having tightened and rental rates having climbed in recent years.
