Monday, March 24, 2014

UPDATE: Florida Homebuilder sells The Borgata

Vizzda – March 24, 2014 – Previously (LINK), Vizzda had blogged the story of how Florida homebuildger AV Homes had purchased The Borgata in Scottsdale on September 7 of 2012 for $12.75m while simultaneously re-selling two restaurant pads with frontage on Scottsdale for $3.5m. AV Homes has held the balance of The Borgata, ±81,480 SF outdoor shopping mall on 4.756 acres, since that time. AV Homes had advanced a plan to redevelop the property as "The Residences at Borgata" a 3-building 4-story condominium complex of 218 units, 177 one-bedroom and 41 two-bedroom units, and totaling 226,880 rentable square feet for an average apartment size of 1,040 square feet and an overall 44.6 density units per acre. These plans were recommended for approval on 6/6/13. (Site plan image below links to planning documents.)

On March 21, 2014, AV Homes sold The Borgata to New York investor group JEN Partners and local group TerraWest Communities for $13.85m; this saleprice represents $169.98 per square foot as built retail or $66.85 per square foot as entitled land. Carl Mulac of AV Homes and Michael Jesberger of Jen Partners closed the deal.

Edward Moore

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