Atlantic Housing Partners buys land for The Edge project

BUYER: Urban Edge Phase II Ltd. (principals: Scott Clark, Thomas Shaw, David Ross and Jay Brock), Winter Park

SELLER: Regions Bank

PROPERTY: a portion of Fourth and Third streets south, St. Petersburg

PRICE: $2.53 million

LAW FIRM ON DEED: Bradley Arant Boult Cummings LLP, Birmingham, Ala.

PLANS, DESCRIPTION: Winter Park-based Atlantic Housing Partners LLLP purchased 1.5 acres of multifamily land in downtown St. Petersburg for $2.53 million. The price equated to $1.68 million per acre.

Ryan Sampson of Eshenbaugh Land Co. in Tampa handled the transaction.

The developer is planning a new multifamily project on the site, planned to be named The Edge. According to Sampson, the development will be eight to 10 stories and feature 176 age-restricted units.

“It's a great infill location especially with what the city has done to bring back vibrancy to the downtown,” Sampson says. “It was owned by a condo developer who was going to do an even more dense project there of 300 units and 20 stores. That was before [the property] was taken back by the bank.”

The Business Review was unable to contact Atlantic Housing Partners for comment prior to deadline.

Atlantic Housing Partners specializes in developing and managing affordable multifamily communities. Its entities have developed 112 communities with a total of 24,104 units.