Hilco Real Estate Announces The Sale Of A 49-Unit Waterfront, Fully Entitled Condominium Development Opportunity In Southwest Florida

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Mar 03, 2021, 14:54 ET

NORTHBROOK, Ill., March 3, 2021 /PRNewswire/ -- Hilco Real Estate, LLC announces the bid deadline of Wednesday, March 31, 2021 for the sale of Harborside Condominiums, a multi-building project of 49 total units, of which 15 are complete and ready for immediate sale, on 3.5 acres. Construction started in 2017 and continued through 2020 with the newly built condominium units. Significant investment is complete, while the remaining three pad sites for the additional units are shovel ready with entitlements and infrastructure in place. This sale represents an impressive investment and development opportunity where buyers can take advantage of the already completed residences and complete the remaining inventory of 34 residential condominium units.

Harborside Condominiums are located at 14550 River Beach Drive, which is right off County Road 776 in the coastal area known as El Jobean in Port Charlotte, Florida. The property is situated in one of Florida's fastest growing areas right along the Myakka River. The completed portion of this project consists of Building B, which includes 11 units (five of which are three bedroom-two bath units while six have an extra half bath) totaling 17,124 square feet, as well as four villas totaling 6,288 square feet (1,572 square feet each). Certificates of occupancy have been issued for the completed buildings. Plans for the rest of the project include Buildings A and D with 12 units each and Building C with six units, totaling 49 units on the property. Additionally, all common areas are complete, including a community center featuring a fitness center and an outdoor swimming pool and spa for residents to enjoy on the premises. Desirably located along the Myakka River, most units within this project will feature premium views of the river, Charlotte Harbor, and the entire surrounding preserve area. The location of this property will provide opportunities to its residents and owners for year-round boating, dining, world-class fishing, and other recreational activities as this area of Florida boasts, on average, 300 sunny days per year.

Port Charlotte is situated on Florida's southwest coast, approximately an hour and a half south of Tampa and less than an hour north of Fort Myers. The Southwest Florida International Airport (RSW) is just a 30-minute drive southeast. With a population of over 60,000 people as of 2020, which increased by almost 15% since the last census, Port Charlotte is a growing residential community. Market conditions in the area are strong due to increasing condominium demand, new nearby residential development, and overall excellent demographics. Florida regularly tops the nation's list of popular "snowbird" destinations and Port Charlotte has received numerous titles as a top spot to retire in the U.S. by CNN and even a top spot to retire in the world by Forbes.

Jeff Azuse, senior vice president at Hilco Real Estate, stated, "Harborside represents a turnkey development opportunity for a developer or builder to quickly complete the project and maximize investment returns with limited downside risk." He continued, "The existing units that are complete and ready to be sold add extra appeal and can quickly generate revenue to this sale in one of Florida's fastest growing areas."

The bid deadline is scheduled for Wednesday, March 31, 2021. Bids must be delivered to the offices of Hilco Real Estate on or before 5:00 p.m. (EST) on the day of the deadline to be considered. Interested buyers should review the detailed sale terms for requirements in order to participate in the sale process available on Hilco's website. Offers may be submitted via mail to the following address: Hilco Real Estate, 5 Revere Drive, Suite 410, Northbrook, IL 60062, or via email to [email protected].

On-site inspections will be held by appointment only on Wednesday, March 10 and Wednesday, March 17. For more information regarding the sale process or to schedule an on-site appointment, please contact Jonathan Cuticelli at (203) 561-8737 or [email protected].

For further information on the properties, an explanation of the sale process or to obtain access to property due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.

About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.

Media Contacts:
Gary Epstein	Karen Bubrowski
Hilco Global	Hilco Global
Office: (847) 418-2712	Office: (847) 849-2911
Mobile: (847) 323-4943	Mobile: (815) 271-2682
Email: [email protected]	Email: [email protected]