ZOM Florida, in partnership with affiliates of The Mattoni Group and New York-based Clarion Partners, LLC on behalf of a commingled fund managed by the firm, recently broke ground on AZOLA AT MAGNOLIA PARK, a 366-unit multifamily apartment community located on Progress Boulevard near the Interstate 75/Highway 301 interchange and South Falkenburg Road. This expanding south Brandon/Riverview submarket is home to a growing number of corporate employers, such as Progressive Insurance, Spectrum (formerly Brighthouse), and USAA, which is bringing over 1200 new jobs to the area. An array of retail and entertainment venues is anchored by the nearby Westfield Brandon Mall and has attracted new merchants such as Bass Pro Shop and Top Golf.
“We are excited to partner again with Clarion Partners on a Florida project and start a new capital partner relationship with The Mattoni Group,” said Kyle Clayton, ZOM Florida’s Development Vice President. “Our project site has excellent access to retail and employment centers and is also convenient to downtown Tampa via the Selmon Crosstown Expressway. Azola will bring a new level of quality, unit features and amenities to this desirable suburban neighborhood.”
Mattoni Group’s President Ricardo Caporal added, “We are very bullish on the Tampa market. This is our second development venture here. ZOM will deliver a first class project, and we are excited to be partnering with both ZOM and Clarion Partners.”
Azola is expected to deliver first units in Q4 2017, with pre-leasing starting in late summer 2017. Construction financing was provided by the Orlando office of Synovus Bank.