By B.C. Manion
The Altman Companies, a Florida-based luxury residential rental developer, is building a multimillion-dollar apartment development at the southwest corner of SR 54 and Livingston Road.
The development, Altis at Grand Cypress, is under construction on a 60-acre site which will include apartments, a lake and a forested cypress preserve. The community will feature 17 two-story apartment buildings, with private entries for each of the 258 apartment units.
Joel Altman, chairman of The Altman Companies, expressed optimism about the Pasco area in a news release by PR Newswire.
“We believe the Pasco County area has its best days ahead and we are looking forward to being part of it,” he states in the news release.
Altman reiterated that positive outlook last week, in an email responding to questions about the project from The Laker/Lutz News.
He cited these strengths for Pasco County: “Its location, access to metro area, the natural beauty of the area, the available land for development and the new employer opportunities.”
The apartments will have designer-style kitchens and energy-efficient appliances. Rents for the one- to three-bedroom apartments will range from $860 to $1,550, depending on market conditions, Altman said. Pets will be allowed, with restrictions.
Amenities will include a clubhouse with a billiards table, a kitchen/coffee bar area, a business center and a large fitness area with an adjoining fun and study room for children. Other amenities include a resort-style swimming pool, a private sunning deck, an outdoor lounge bar with TVs, a fireplace, multiple picnic and barbecue areas and a large playground.
The project is expected to bring more than 100 jobs to the county during the course of construction. It also will result in six to seven permanent jobs, as well as numerous outside vendors, once the development is completed, Altman said.
The first units are scheduled to be completed in July. Leasing is expected to begin in May.
The project is financed by an $18.4 million loan through City National Bank of Florida, with equity provided through Sarofim Realty Advisors and Altman, according to the report published in PR Newswire.
Altman Companies, based in Boca Raton, has developed, constructed, acquired and managed in excess of 20,000 multi-family units in Florida, Michigan, Illinois, Tennessee, Georgia, Texas and North Carolina. Altman said the company plans additional projects in the Tampa Bay area in 2013.
Altis at Grand Cypress is the company’s fourth development in Tampa. The others are Lakes of Northdale, Mallory Square and Preserve at Tampa Palms.
