McKinley Beach Brand Expands with Delivery of Two New Luxury Waterfront OfferingsApril 25, 2016
McKinley has completed the redevelopment of El Mar luxury beachfront apartments in North Reddington Beach, and Bayside Villas East luxury bayfront apartments in South Pasadena, Florida. McKinley Beach now owns six luxury communities along the barrier islands of Pinellas County in the Tampa Bay Region. "The McKinley Beach brand came to life at Seaside Villas Apartments, our first beachfront and bayfront community located in Gulfport, Florida, which has been a huge success," offered Albert L. Berriz, McKinley's Vice President & Managing Director, who leads McKinley Owned Multifamily business nationwide. "El Mar and Bayside Villas East are very unique communities with the highest quality finishes and amenities, along with exceptional waterfront locations, allowing us to further expand our dominant footprint along the barrier islands of Pinellas County," offered Berriz.
Project acquisition and renovation financing at El Mar has been provided by Comerica Bank, and at Bayside Villas East by The Private Bank. "Comerica Bank and The Private Bank are core long term McKinley relationships, and they have provided us over $300 million in acquisition/renovation financing over the past few years," offered Jim Willett, McKinley's VP Finance & Treasurer. "They understand our business model, they are with us every step of the way, and they are a key part of our McKinley family and team," added Willett.
McKinley's expertise and ability to execute very complex renovations and redevelopments has been an essential part of the success. "Developing, redeveloping and renovating projects along the barrier islands of Pinellas County is very complex with FEMA, county coastal development restrictions and the various other restrictive requirements in place. Our unique ability to deliver assets in that environment with such high barriers to entry allows us to compete effectively in a market with limited supply," offered Andrew A. Berriz, McKinley's Special Projects Director, who has been responsible for redevelopment of both projects. "We have delivered a luxury condominium grade option at a basis that works for us, and that meets the needs of our very discriminating customers," further added Berriz.
McKinley is uniquely positioned with a dominant workforce housing platform in the Orlando, Gainesville, Daytona Beach and Tampa Bay markets operated under its core McKinley brand, and it also operates its boutique luxury brands including McKinley City Beautiful in Downtown Orlando, McKinley Hyde Park in Downtown Tampa and McKinley Beach along the barrier islands of Pinellas County. "As we look forward ten, twenty and thirty years, we are excited about what the future will bring for these investments, and we are proud of what has been accomplished by our amazing team," offered Albert M. Berriz, CEO, Co-Owner and Co-Managing Member. "We continue to execute our long term strategic vision and initiative to be the dominant multifamily owner operator at the center of this growth engine which is the Interstate 4 corridor, and we are thrilled to participate in a meaningful way in future of Central Florida," added Berriz.