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.
