Industry News

Real estate developer plans major condo-conversion project

More than 1,000 rental units in Florida affected

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A developer today announced plans for the largest apartment-to-condo conversion project in Florida. Marathon Asset Management LLC and investment group Marathon Real Estate announced that they will convert a 1,006-unit rental apartment community about four miles away from downtown St. Petersburg into a 912-unit condo development. Marathon Real Estate, in partnership with the Robert Martin Co. and Prospect Capital Group, acquired the 88-acre apartment complex, which has three miles of seawall. The apartment community, known as Coquina Key Arms, has been renamed Waterside at Coquina Bay, and the first closings are expected before year-end, Marathon Real Estate announced. Ron Bernstein, managing director of Marathon Real Estate, said the development will be the "Jewel of Tampa Bay." He added, "The size and scale of this residential complex allows us to offer competitively priced oceanfront property to local and other potential purchasers. Furthermore, our enhancements to Waterside will c...