235 new apartments planned near Ellenton Premium Outlets. 59 are affordable housing
After several years of planning, permitting and deliberations about whether it would be an 11-screen cinema, a hotel or apartments, a 7.86-acre property adjacent to the Ellenton Premium Outlets has a new owner and a way forward.
The property at 5950 Factory Shops Blvd. is going to be a four-story luxury apartment complex. It is permitted for 235 units and 59 of those will be earmarked as affordable housing.
A joint venture between Defined Companies, LLC, co-founded and led by Noah Leon and Steven Guasch, and Nadeb Investments Group, Inc., led by President Eben Mensah, purchased the property for $4.95 million in an all-cash deal.
“With the ever-changing capital markets constraining construction financing, developers must prepare themselves to protect and carry their investments until there is a sense of normalcy,” the partnership said in a press release.
The buyers said they were attracted to the property by its location, access to I-75 and U.S. 301 and its walkability to the mall, local dining and entertainment.
A $145 million project to reconstruct the Interstate 75-U.S. 301 interchange is now underway, including adding two new bridges across the Manatee River and changing the partial cloverleaf interchange to a tight diamond configuration.
The interchange project starts just north of Ellenton Premium Outlets and extend south to the interchange with State Road 64.
Advisors from SVN Commercial Advisory Group represented the seller, Ohm Teerth Development, LLC.
“This property is an excellent spot for a multi-family complex of this caliber, but it took some rezoning by the buyer to make it happen,” said Tony Veldkamp of SVN Commercial Advisory Group in the press release.
“The land had been approved for uses ranging from a movie theater to a 330-room hotel to some expansive retail space. In the end, though, this apartment building will serve the community very well,” Veldkamp said.
Matt Fenske, also of SVN Commercial Advisory Group, said that the planned construction is indicative of a boom the surrounding area has experienced in recent years.
“The North River market has more than 23,000 new homes approved or being built. Manatee County is one of the fastest-growing counties in the state and this new construction will help accommodate some of that population influx,” Fenske said in the press release.
This story was originally published February 6, 2023 at 5:50 AM.
