St. Petersburg developer building new facility for Alzheimer's care

BUYER: Sun City Center Senior Living Inc. (principal: Mark Bouldin), St. Petersburg
SELLER: The Fremont Building Co.
PROPERTY: 105 Commercial Center, Sun City Center
PRICE: $1.6 million
PREVIOUS PRICE: $4.2 million, April 2002
LAW FIRM ON DEED: Quarles & Brady LLP, Naples

PLANS, DESCRIPTION: A company led by St. Petersburg attorney and developer Mark Bouldin purchased 4.46 acres behind a 17,677-square-foot office building for $1.6 million.

The price equated to $358,744 per acre.

Bouldin's purchase entity has already hired NDC Construction Co. to develop a 34,400-square-foot, 58-bed assisted-living Alzheimer's facility on the site. Construction is already underway on the project, which is estimated to required six to nine months to build.

Nick Ganey of KW Commercial Tampa Bay represented the seller and Joseph Daniels of Realty Investment Advisors in Tampa represented the buyer. Ganey is also currently marketing the adjacent office building for sale as well.

Sun City Center Senior Living Inc., received $7.14 million in mortgage and construction financing from Branch Banking & Trust Co.