St. Petersburg, Fla., real estate investor Samuel Boutros has “purchased a lot of corners” in the city’s Grand Central District west of downtown, hoping “they will end up being a holdout piece” of a big development project.
“The theory is you own the corner, you own the block, with the focus being on the short term,” Boutros told the Tampa Bay Times.
That’s just what’s happened to a 103-year-old house the 28-year-old purchased for $130,000 in 2011 — high-density apartments are going up all around it, in a scene reminiscent of the Pixar movie “Up,” the Times reports.
But apartment developer Atlantic Housing Partners is refusing to play along, offering only a “few thousand” more than Boutros has invested in the property, he said. So he’s happy keep rental income from the property, which is subdivided into four apartments. Source: tampabay.com