Hatfield Development, partner buy former Riviera Southshore site

BUYER: O'Reo Farm Two LLC (44% interest), Rutledge, Ga., and Bradenton Land Group LLC (56%), Atlanta
SELLER: ATC Realty Sixteen Inc.
PROPERTY: land between Riverside Drive East and Manatee Avenue East, Bradenton
PRICE: $4 million
LAW FIRM ON DEED: Buchanan Ingersoll & Rooney PC/ Fowler White Boggs, Tampa

PLANS, DESCRIPTION:
An affiliate of Atlanta-based Hatfield Development Co. and the purchase entity O'Reo Farm Two LLC of Rutledge, Ga., purchased the former Riviera Southshore development site for $4 million.

The price equated to $200,501 per acre.

The 19.95-acre site includes 62 parcels with more than 1,000 feet on southern banks of the Manatee River. It was most recently planned for a 671-unit condominium development that was never built. The seller, an affiliate of Wells Fargo Bank, foreclosed on the property in January 2009.

The property was approved early last year for a mixture of 490 apartment and townhouse units and retail space in a project called Villages at Riverwalk.

Margery Johnson, Bruce Erhardt and Andy Slowik of Cushman & Wakefield represented the seller.

“Multifamily development at the riverfront should be highly successful,” Johnson says in a press release. “Not only because there are beautiful views, but also because there are good demand drivers in the area, such as Manatee Memorial Hospital.”