Vertica Commercial Advisors (VCA), a subsidiary of Vertica Partners, represented a local seller in the disposition of a nearly 1 acre Opportunity Zone site for $1,750,000. Vertica Founding Partners, T. Sean Lance and Max Boehmer had the exclusive right to sell the property and procured the buyer, David Weekley Homes, who is planning a new townhome community on site.
According to Lance, “This is a unique block-to-block assemblage in the Grand Central District of downtown St. Petersburg. The buyer is going to construct a 24 unit luxury townhome community providing additional new construction housing options to the market. Like our previous land sale in the district this year, the sale price per square foot of the site is one of the highest land prices achieved in the area.”
David Weekley Homes (www.davidweekleyhomes.com) is the largest private builder in the United States and is a long-time client of Vertica Partners having closed hundreds of development lots together over the last decade throughout Florida.
“The incredible demand in the district has been driven by its walkability and proximity to employment, shopping and transportation networks. There is either new constriction, or new tenants coming in, on virtually every block in the Grand Central District right now. Vertica is also currently under contract with the buyer on another undisclosed site in the district which is expected to close 4Q 2021 and providing several dozen more homes to the area.” stated Boehmer.
Vertica Partners is a vertically integrated investment advisory firm based in Tampa, Florida and has already completed more than $30 million in land sales in 2021. Vertica’s principals have nearly $2 billion in transaction history and have provided advisory services on more than $5 billion in development projects throughout the southeastern United States.