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By Melody Jameson
mj@observernews.net
SUN CITY CENTER – Betting on renewed opportunity in the foreseeable future, Al Hoffman, Jr., once a major player in the local real estate market, again is putting his money on housing here.
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| Aston Gardens at The Courtyards, originally owned, built and managed by Al Hoffman, Jr., is back in the hands of the longtime real estate developer and his partners in Discovery Management, Inc. The Courtyards, shown here at its formal entrance, along with Aston Gardens at Sun City Center on the north side of the retirement community, were acquired by Discovery last month when the management firm bought out the interest of Sunrise Communities, Inc., in the properties. Sunrise acquired the two independent living developments from Hoffman in 2006. In the May, 2009, transaction, Discovery also acquired four similar communities in South Florida.
Melody Jameson Photo |
It’s a “coming full circle,” said Hoffman, 68, a West Point graduate and former fighter pilot who fashioned Sun City Center developer WCI from the former Florida Design Communities and then took the company public before retiring as WCI’s CEO in 2005. Subsequently, he was named U.S. Ambassador to Portugal.
Hoffman, along with his partners in an entity dubbed Discovery Management, Inc., recently acquired substantial interests in two prominent facilities, Aston Gardens at Sun City Center and Aston Gardens at The Courtyards. Other principals involved in Discovery with Hoffman are Tom Harrison and Richard Hutchinson, chief executive officer and chief financial officer, respectively. Another, more silent partner is General Electric Company, Hoffman noted.
The pair of upscale independent and assisted living communities is among six such facilities acquired by Discovery last month, Hoffman told The Observer this week. Hoffman developed and built The Courtyards, located south of S.R. 674, in 1992 and, in the mid 1990s, added Aston Gardens on the retirement community’s north side. The four other sites are scattered across south Florida, including Ft. Lauderdale, Naples and Venice.
Discovery bought out the interests of Sunrise Communities, Inc., in the six Florida properties, including the two SCC sites, Hoffman said. Sunrise, a Washington, D.C. company owning and managing a large number of such facilities around the nation, had acquired the local properties from Hoffman in 2006. Sunrise made what at the time was “an offer too good to refuse” and “there had been a lot of consolidation in the industry,” he added.
The entrepreneurial Hoffman, a veteran of 30 years in Florida real estate development, declined to define specific terms of the acquisition agreements. He indicated, however, that the re-acquisition was a financially attractive opportunity.
The fiscal appeal was enhanced further by several other factors, Hoffman pointed out, including “we know the area, we know the market and we know the people.” Another aspect of the mix, he added, are the demographics which point to an increasingly aging population seeking safe comfort in convivial circumstances during the later retirement years.
As for major changes at the two Aston Gardens, few of a negative impact now are foreseen, both Hoffman and Harrison said. But one area of the services provided at the two facilities – food – is getting immediate attention, they added. “We want to return to a gourmet level” of food service, Hoffman asserted. To assist with that goal, the former pastry chef at Tampa’s famed Bern’s Steak House has been engaged to prepare that section of the Aston Gardens’ menus, he added.
Yet another change on the horizon -- for both new and current residents -- deals with unit pricing, Harrison noted. Newcomers to either facility will be eligible for a “rent protection plan” under which they can lock in the monthly rate for three years. Existing residents at the two sites are going to be able to take advantage of a two-year lock-in of their rates. “Sun City Center has been affected like everyone else” by suddenly shifting economic conditions, he added, and the lock-in concept was “well received” when offered under the same management in 2001.
Rates at the two facilities range between $1,875 to $3,000 per month, depending on unit size and services desired, Harrison said. The Aston Gardens on the south side consists of some 300 units, 226 suited for independent living and 100 designated for assisted living. The north side Aston Gardens encompasses 252 independent living apartments. Both communities were designed with units of various configurations in multiple buildings and offer a selection of social activities and amenities.
No drastic changes in the physical plants beyond normal upgrading or in personnel are being contemplated, Harrison added.
Hoffman, known for his business acumen and willingness to take considered risks, described his return to the local real estate market as “exciting.” The entrepreneur, who reportedly once faced down the powerful St. Joe Paper Company in a bidding contest to acquire 15,000 developable acres in three south Florida counties, pointed out that he never left SCC completely, retaining ownership of the two-story office complex at South Pebble Beach Blvd. and S.R. 674.
“I’m not a golfer and I can’t ride the polo ponies that I loved any more,” he added, but “I’m not ready to retire yet.” The former Republican National Committee finance chairman and supporter of the Florida Orchestra said he plans to continue both his philanthropic work as well as maintain political activity, plus doing business in Sun City Center where it “feels like coming home.”
©2009 Melody Jameson
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