South Florida developers to build apartments near Ellenton outlet mall
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Feb 10, 2023

A pair of South Florida developers have paid $4.95 million in cash for an apartment site near Ellenton Premium Outlets.

Defined Cos., based in Fort Lauderdale, and Miami-based Nadeb Investment Group, closed on the 7.86-acre site on Feb. 1, according to Manatee County property records.

SVN Commercial Advisory Group represented the seller, an entity based in Bradenton, in the transaction.

The developers plan to build 235 apartments on the property at 5950 Factory Shops Blvd. The apartments will be built in four-story, midrise buildings and include “resort-style amenities.”

Before closing, the developers had to rezone the property, which was previously approved for retail commercial development.

“This property is an excellent spot for a multifamily complex of this caliber, but it took some rezoning by the buyer to make it happen,” Tony Veldkamp, SVN senior adviser, said in a statement. “The land had been approved for uses ranging from a movie theater to a 330-room hotel to some expansive retail space. In the end, though, this apartment building will serve the community very well.”

There are more than 23,000 homes approved or under construction in Manatee’s North River area, said SVN’s Matt Fenske.

“Manatee County is one of the fastest-growing counties in the state, and this new construction will help accommodate some of that population influx,” Fenske said in a statement.