Jeffrey Lagomacini, PBP's VP of operations, tells GlobeSt.com his company is investing approximately $4 million in upgrades to the complex before beginning a three-phase conversion. The buildings were completed between 1984 and 1989, and the total complex is approximately 93% occupied, he says. Florida law requires that tenants receive notice of a conversion and have 45 days to offer to purchase units at the lowest price.
Tenants in the two-building, 258-unit Phase I and the 12-building, 456-unit Phase II of Las Vistas have been notified, Lagomacini says. He expects public sales of Phase I units to begin at the end of June. "After 95% of Phase I has been sold, we'll go public with Phase II sales, followed by Phase III." Units in the latter, he says, face Doral Golf Course.
Public pricing of units has not been set, he says, "because the South Florida market changes every month, if not every week." Residents' prices in Phase I range from $129,900 for a one-bedroom to $199,900 for a three-bedroom unit, he says. The buildings in the portfolio are of varying size, with the tallest being five stories, and all phases include one-, two- and three-bedroom units.
The complex includes four pools and spas, four tennis courts, racquetball courts, a children's playground, a two-story fitness center, a business and media center and a clubhouse. PBP has, or is currently, converting 25 residential rental properties, aggregating 8,195 units, into condos and expects the inventory to produce in excess of $1 billion in sales by the end of second quarter 2006.
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