Ferrari Capital Partners, LLC Makes Key Decision to Scale Back
Proposed Real Estate Development Project in Semmes, Alabama
MOBILE, Ala. (Business Wire EON) November 27, 2007 --
Ferrari Capital Partners (www.ferraricapitalpartners.com),
a large scale real estate developer in the southeastern United States,
has announced plans to scale back a proposed 523 lot Planned Unit
Development (PUD) subdivision in order to better serve the needs of the
community. Although subdivision regulations allow for lot density of
nearly twice that of the proposed 523 lot PUD, Ferrari Capital Partners
will submit an amended request to the Planning & Zoning Commission of
Mobile, Alabama for 133 Single Family Home (SFH) lots on approximately
60 acres of the 226 acre parcel.
“Our goal is to provide high quality
subdivisions that adhere to strict architectural standards with pool,
clubhouse and playground amenities, at an affordable price point,”
said Pete Ferrari, Managing Partner.
Originally, the entire 226 acre parcel, of which the 60 acre tract is a
part, was slated for 523 lots with three varying lot sizes to be
developed over 4.5 years. Home prices would range from $130,000 to over
$300,000. Before the decision was made to develop the property in
isolated pieces, Ferrari Capital Partners had obtained documentation
from Volkert & Associates, Inc., a top engineering/consulting firm in
the United States, regarding the 3 proposed entrances; “The
three entrances provided would provide excellent access for Hopkinton
Estates to major north-south and east-west roadways in Mobile,”
wrote David Webber, a Vice President with Volkert. Ferrari Capital
Partners had also pledged to provide off-site sewer treatment through
South Alabama Utilities, a costly alternative to providing sewer
capacity, in order to further protect the local watershed.
“After collaborating with the City Planning
Staff regarding this particular subdivision, we felt that the
appropriate course of action was to propose smaller configurations as we
seek to develop this property,” said Sam
Haginas, President of Ferrari Capital Partners. Mr. Ferrari and Mr.
Haginas stated pointedly that the City Staff has full authority to
recommend for approval or denial to the P&Z Commission and they respect
any outcome that is decreed.
“I believe Ferrari Capital Partners, in
scaling back the size of the development, is striving to alleviate the
concerns of both the Mobile City Planning Commission and the Semmes
community,” said Attorney Jim Atchison, of
The Atchison Firm, P.C.
The proposed Single Family Home development will be voted on during a
public meeting on December 20, 2007.
About Ferrari Capital Partners, LLC
Headquartered in Fairhope, Alabama, Ferrari Capital Partners, LLC is a
full service real estate company that focuses on the development of
distinctive residential and commercial properties. Ferrari Capital
Partners is committed to executing on top tier projects that create
tangible and intangible benefits to surrounding communities which, by
extension, generates sales and tax revenue, creates direct and indirect
jobs and contributes to efforts that promote community endeavors such as
the building of new schools, libraries and churches.
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