Home Industries Real Estate Florida developer purchases 49 acres near I-94 in Mount Pleasant with plans...

Florida developer purchases 49 acres near I-94 in Mount Pleasant with plans for condo development

By
Cara Spoto
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A photo of The Leo at The Sanctuary in Rincon, Georgia, gives a sense of what a similar development might look like in Mount Pleasant (Photo courtesy of Advenir, LLC)

Florida-based developer Advenir Oakley Capital has purchased 49 acres of farmland off Spring Street (Highway C) near Mount Pleasant’s exit to I-94 with plans to construct 370 cottage-like rental condos on the property. The company, which has completed similar developments in the south, bought the land from a California investor late last month for $4.1

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Cara Spoto
Cara Spoto, former BizTimes Milwaukee reporter.

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Florida-based developer Advenir Oakley Capital has purchased 49 acres of farmland off Spring Street (Highway C) near Mount Pleasant’s exit to I-94 with plans to construct 370 cottage-like rental condos on the property. The company, which has completed similar developments in the south, bought the land from a California investor late last month for $4.1 million. According to a principal with the company, an affiliate of Advenir, LLC, a real estate firm based in Adventura, Fla., the development would be dubbed The Leo at Mount Pleasant and consist of side-by-side duplexes or standalone condos with driveways and garages. The development would also include a number of amenities, including a pool, a leasing center, pocket parks and fitness center. The company is still studying the financial feasibility of the project, the principal said, noting that the development could be worth $100 million. The company has completed three “Leo” developments, according to its website. They are located near Savanah and Augusta Georgia, and near Augusta, South Carolina.

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