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Coquina Key Arms to become condos

Residents of the 1,006 units were notified of the sale last week. National builder D.R. Horton is the buyer.

By SHARON L. BOND
Published March 2, 2005

ST. PETERSBURG - Residents in Coquina Key Arms in the southern end of the city were notified recently that their apartment complex will be sold in April.

The buyer, D.R. Horton, is the same national builder that finished the abandoned Rutland Estates townhome project, also in St. Petersburg.

Details were not immediately available Tuesday, but the plan is to convert the 1,006 apartments at Coquina Key to condominiums. The complex at 5000 Coquina Key Drive offers views of Tampa Bay from its one- and two-bedroom apartments.

"Our standard response is we have no comment until the closing," said Richard Ladd of D.R. Horton. "At that time, we will have all of our plans formulated."

Ladd did not have details, including prices of units and a time frame. And Horton officials who did were not available for comment.

Mahaffey Associates and Hardaway Associates, which built Coquina Key Arms in the 1970s, notified residents of the sale last week. The transaction is supposed to close between March 30 and April 15, the notice said.

Mark Mahaffey said in a letter to residents that a Horton representative will meet with them to discuss their futures.

"We have been assured that current leases will be honored and extensions will be available as set forth by Florida law," Mahaffey said in the notice.

Mahaffey said he would not disclose the sales price.

Resident Tim Boyle described Coquina Key as a fantastic place to live.

"I see dolphins every day. I'm not angry at all. I'm thankful I've had nearly eight years living on the water for $600 per month," Boyle said.

He rents a one-bedroom apartment and said he would consider purchasing a unit. He said he heard one-bedroom units would range from $149,000 to $200,000. An official price list was not available.

D.R. Horton bought the abandoned Rutland Estates townhome project in 2003. It was three incomplete buildings sitting on Little Bayou, a desirable waterfront tract in St. Petersburg. Those buildings were torn down and 27 duplex buildings built. The project is sold out and almost complete. Prices ranged from $380,000 to $460,000.

[Last modified March 2, 2005, 00:47:18]