South Florida investor files plans for $86.4M Polk Co. multifamily project
By Sarah Aslam
Jul 01, 2019 at 5:27 PM
A south Florida investor is seeking approval for an $86.4 million apartment complex in Davenport, about a half mile south of the Providence golf community.
Hillsboro Beach-based Tuttle Land Investments (TLI) has applied to Polk County for a Class-A 432-unit multifamily project dubbed Tuttle Apartments on a vacant 41-acre site off Highway 17-92 N between Ronald Reagan Parkway and Ernie Caldwell Boulevard.
A site plan was commissioned on behalf of lender Lion Financial, a related entity of Miami-Beach based Innovate Development Group and on behalf of Boynton Beach-based The Wallace Law Group LP, an application showed.
The Tuttle Apartment site plan shows 18 three-story walk-up garden apartment buildings containing 24 units each. Of the proposed units, 216 are two-bedroom, 65 are three-bedroom and 151 are one-bedroom. The complex would have 891 parking spots: 769 surface, 84 garage, 20 handicap, and 18 at a clubhouse.
The property includes 13.3 acres of wetlands, which will be preserved with the exception of a road connecting the upland areas, plans showed.
CEO Brian Tuttle bought the land for $803,500 on Jan 11.
TLI’s basic business plan is to buy raw land which is under-zoned or fragmented. It “up-zones” and sells the rezoned land to residential builders at an increased price, according to its website.
However, Tuttle told GrowthSpotter in this case he intends to develop the apartments and keep them.
“It’s my retirement fund,” Tuttle said.
The estimated value upon completion should be $200,000 per unit, with Class A luxury interiors. His development timeline from start to finish is 18 months, an expected completion of third quarter 2020.
TLI has completed 16 deals in counties such as Palm Beach, Martin, Port St. Lucie, Lake and Polk valued at $185 million and are working on 15 more valued at $165 million, according to its website.
Miami Beach lender Innovate Development Group, co-founded by brothers Michael Simkins and Ron Simkins, is the developer behind the Miami Innovation Tower, a planned 663-foot-tall, 210,00-square-foot kinetic sculpture that will contain retail, restaurant, and theater space.