The Albion coming to Valrico
Valrico - A pesky rumor has been hitting my DM's regarding the apartment complex under construction on the SW corner of SR 60 and Mulrennan Rd...
https://www.facebook.com/bokorscorner/posts/pfbid0q2jDENkYhxwrF3K1ggan2KYW3SPRJDAj7EAp7mti2Tbdjnyf6jCQYTxbQc1eSEVYl
Rumors have the investor going bankrupt and pulling the plug on the project after they have invested hundreds of thousands in rezoning fees, clearing costs, infrastructure installation, and elevator shaft construction...
A quick stop over at their website shows this location to be the future home of "The Albion" - The Albion is a 325 unit garden-style community currently under construction in Valrico, FL., expected to deliver in the Fall of 2024.
https://trilogyreg.com/portfolio/the-albion
I highly doubt they hit the Fall ‘24 deadline, but pretty sure either one of two (or 3) things may have happened…
The developer may have a prefered construction crew that is currently working on another project - OR - they might be just waiting for interest rates to drop before moving forward with the construction of the buildings now that the infrastrucure is in place…I’m not sue but I do know this compan aquired another Brandon area apartment complex in JUly 2023
https://www.prnewswire.com/news-releases/trilogy-real-estate-group-acquires-azalea-apartments-in-east-tampa-opportunity-zone-301878198.html
Worst-case scenario for them would be to sell-off what they have already finished to another apartment developer as all infrastructure has been completed…
I have contacted the developer and am waiting for answers…
