COMMERCIAL LAND IN PALMETTO TO BECOME AFFORDABLE HOUSING FOR SENIORS
Leading apartment owner, developer and manager Dominium Bought the 6+ Acres
Contact Name: Samantha Emelock
Contact Email: email@example.com
Contact Phone Number: 9787788489
*Photography of area available* *Interviews with buyer available*
April 29, 2020 (Palmetto, Fla) – Minnesota-based Dominium, the nation’s fourth-largest provider of affordable housing, closed on over six acres of land at 705 Haben Boulevard in Palmetto today for $2.1 million. Susan Goldstein, CCIM, MBA of MSC Commercial facilitated the transaction, representing both the buyer and seller. The future Reef at Riviera affordable housing development is planned to have more than 200 residences and cater to those 62 and older earning at or below 60% of area median income. The land went under contract in November 2018 and continued moving toward a successful close, even as the coronavirus pandemic began creating new challenges for the local commercial real estate market.
“The Reef at Riviera is a new construction development of much-needed, senior affordable housing,” said Devon Quist, Development Associate with Dominium. “The development utilized 4% tax credits and bonds without any competitive financing or “gap filler.” For that reason, this project is additive to regional and statewide goals because it does not drain annual coffers such as those made available under the Sadowski fund. Florida’s annual resources are not enough to solve the affordable housing crisis, so it’s important to utilize other non-competitive resources like 4% credits and bonds to make affordable housing projects work.”
Susan Goldstein has been a commercial real estate professional for the last 14 years and has facilitated transactions for individuals and businesses totaling over $90 million. She holds an MBA from Columbia University and prestigious CCIM designation, the highest of professional achievement in her industry only held by 6% of practicing commercial real estate professionals. She boasts a resume of marketing experience featuring companies such as American Express and Proctor & Gamble. In 2019, she became President of the Commercial Real Estate Alliance for the Realtor® Association of Sarasota and Manatee.
Goldstein works out of the Michael Saunders & Company Commercial Division office at 100 South Washington Blvd. and can be reached for comment at 941.350.9747. Photography is available for all properties.
Connect with MSC Commercial at www.facebook.com/MSCCommercial, and receive market updates from the division director, Scott Cietek at www.michaelsaunders.com/commercial.
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Founded in 1972, Dominium is a Minneapolis-based owner, developer, and manager of apartment communities nationwide. With more than 30,000 owned and/or managed units at over 200 sites in 22 states, Dominium is known for creative solutions to unique and challenging development projects, and management expertise. As of 2018, Dominium was ranked second largest owner of affordable housing by Affordable Housing Finance; and 28th in 2019 in NMHC 50 Largest Apartment Owners ranking. For more information, visit www.dominiumapartments.com.
About MSC Commercial
MSC Commercial is a team of experts specializing in the sale, lease, representation and property management of commercial properties. Covering all of Manatee, Sarasota, Charlotte County and beyond, this division of Michael Saunders & Company is known for local knowledge, global perspective and exceptional results.
Built and maintained on the strongest relationships in the business, MSC Commercial is part of the most dynamic network including local Realtor boards, Chamber of Commerce, and Economic Development organizations, as well as ICSC, CCIM and Leading Real Estate Companies of the World.
MSC Commercial provides complete sale and leasing services in land, medical/office, retail, and industrial properties, as well as tenant and landlord representation.
Visit www.msccommercial.com for more information.