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Phillips Launches $28M Multifam Effort

Phillips Launches $28M Multifam Effort
A Tampa-based multifamily developer, Phillips Development, is about to break ground on a $28M, 300-unit project.
Phillips Development, a Tampa-based multifamily developer, is about to break ground on a $28M, 300-unit project called Phillips Mallard Cree

The 30-acre site, at I-85 and N Tryon St, will contain 12, three-level buildings and will be called Phillips Mallard Creek. One to three bedroom units will lease for $800 to $1,150 per month, Phillips? Kevin Johnston tells us. It should be ready for occupancy by summer '12and will offer a clubhouse, pool, and private garages. (And hopefully a wide array of male ducks.) Phillips is known for other local projects, including  the 372-unit Phillips at University Center, which it sold in June for $34M to Real Estate Capital Partners, the original equity partner in the project.