Multifamily Florida - Summer 2010 - (Page 12)

FEATURE From Fixer-Upper to Fabulous McKinley’s Palma Ceia Hyde Park Apartments in Tampa By Bobby Davis, Staff Editor urning around a distressed property can be difficult, especially in a recession, but it can also be enjoyable to use a company’s creative talents to bring its own unique vision to life. Ann Arborbased McKinley, Inc., turned a mess into a masterpiece with Palma Ceia Hyde Park in Tampa. The Bay Area Apartment Association recognized the company’s efforts with a Special Achievement Award in the category “Major Rehab of the Year” at their awards ceremony on March 18, 2010. “We are extremely proud of Palma Ceia in Tampa’s Hyde Park and feel fortunate to be honored with this significant award,” commented Kenneth P. Polsinelli, Shareholder and Managing Director, Real Estate for the company. “Both our construction and property management teams worked diligently 12 l MultifamilyFLORIDA l SUMMER 2010 T to turn this project around in order to provide an excellent housing choice for those who choose to live in this vibrant and dynamic community.” The property at 2402 Teresa Cr in the affluent Hyde Park section of South Tampa was built in 1968. Hyde Park is a proud old neighborhood, with many of the houses built in the early 20th century and some newer mansions. A victim of an illadvised condo conversion attempt, Palm Ceia Hyde Park had fallen on hard times and was in receivership before McKinley, Inc. bought it in September 2008. Palma Ceia’s Senior Sales Associate Danielle McDaniel described its condition as “a mess.” People in the neighborhood were also not pleased to see an empty eyesore in their midst. “The pool was green and there were puddles everywhere on the deck because it wasn’t paved right; the landscaping was a jungle; and the previous owner seemed to have wanted to rehab the property, but stopped in the middle of construction. There were granite countertops, copper piping, and AC handlers just left in the units. The cabinets, granite countertops, and most of the tile were already completed, ” said Danielle, who was with the original lease-up team. Interestingly, according to Ceclia Ford, who was then McKinley’s Sr. Reg. Manager overseeing the project, there were no squatters or vandalism, probably thanks to the quality of the neighborhood. McKinley’s in-house construction team and subcontractors then gutted the individual units down to the studs. There were some problems with the plumbing and drywall had to be replaced in some units. They put in new granite

Table of Contents for the Digital Edition of Multifamily Florida - Summer 2010

Multifamily Florida - Summer 2010
President's Message
FAA Calendar
Association News
Legislative Update
From Fixer-Upper to Fabulous
Setting the Sales Stage
FAA Education Conference Preview
2010 Charity Challenge
Market Report
In the News
Product/Service Council Directory
Index to Advertisers

Multifamily Florida - Summer 2010