Siena Pointe, a 55-plus community, becomes latest component to $500 million, mixed-use development in Polk County.
by: Kevin McQuaid Commercial Real Estate Editor
A Palm Beach Gardens developer has acquired seven acres in a planned $500 million, mixed-use development in Polk County to build multifamily housing.
Eastwind Development paid $2.72 million for the Posner Park tract, at Interstate 4 and U.S. 27, county property records indicate.
The company’s Siena Pointe community, containing 163 units and related amenities, will be limited to residents 55 years and older, according to its website and information from commercial real estate brokerage Cushman & Wakefield, which represented seller BTI Partners of Fort Lauderdale in the sale.
Cushman & Wakefield’s Andy Slowik and Margery Johnson negotiated on behalf of BTI Partners, which also is the master developer of the $500 million Westshore Marina District property, in Tampa.
BTI Partners and affiliate Westport Capital of Connecticut began selling tracts within the 130-acre Posner Park community in 2018.
“BTI’s flagship investment strategy is predicated on acquiring residential and mixed-use land located in the path of economic growth, with a focus on major MSAs across Florida,” says BTI Partners’ Chief Investment Officer Justin Onorato.
He adds that with the Eastwind sale, only one 13-acre tract remains within Posner Park. That site is likely to be reserved for a high-traffic retailer, such as a home improvement retailer.
To date, the Davenport project contains a 170,000-square-foot retail center. Future plans call for apartments, short-term rental units and a light industrial building.
“Retail adjacent to the site contributes to walkable amenities for future tenants,” Johnson says of the planned Eastwind project.
The article was taken from the Florida Business Observer.