Vacant Clearwater land sells for $2.47 million

BUYER: Apartments at Lakeside LLC (principals: Kristin Miller), West Palm Beach

SELLER: Mid-Pinellas Office Park Inc.

PROPERTY: 106 Hampton Road and 355 Park Place Blvd., Clearwater

PRICE: $2.47 million

PREVIOUS PRICE: $2.55 million, January 2007

LAW FIRM ON DEED: Broad and Cassel PA, Boca Raton

PLANS, DESCRIPTION: An affiliate of The Richman Group of Florida Inc. purchased 6.15 acres of vacant land across from Clearwater Mall for $2.47 million.

The price equated to $401,626 per acre.

The buyer has since started construction on an apartment development with four residential buildings and a clubhouse it is calling the Apartments at Lakeside. The project will feature 108 residential units in a mixture of one, two and three-bedroom units. The development will feature a lounge, theater/gaming room, pool, spa and a covered veranda with outdoor kitchen and grill.

The Apartments at Lakeside is scheduled for completion in November.

The purchase entity Apartments at Lakeside LLC mortgaged the property to EverBank for $9.9 million.

The Richman Group of Florida Inc. has been one of the few companies to continue developing since the real estate market collapse. It recently built the 120-unit Fort King Colony Apartments in Zephyrhills.

The Richman Group of Florida is an affiliate of The Richman Group Development Corp., a Greenwich, Conn.-based national developer of market-rate and affordable housing. It and its affiliates have developed more than 14,000 residential units.

Mark Klein and Steven Klein of Klein & Heuchan Inc. represented the seller, an affiliate of Hallmark Development of Florida Inc.