Developer plans rental projects on two sites

The real estate market might stink for sales, but a local company is betting big that the rental market remains strong. Phillips Development and Realty, a Tampa-based company, purchased two sites in Brandon and Riverview and plans a pair of projects worth $61-million.

"The Tampa-area rental market is growing significantly despite softness in other sectors," said Donald Phillips, managing director of the company, in a release announcing the projects Wednesday.

The company plans to build two projects. Phillips Delaney Creek, on 49-acres near the intersection of Progress Boulevard and Falkenberg Road in Brandon, will include three- and four-story buildings housing 290 apartments. The project is projected to cost $30-million. At Phillips Magnolia Park, to be built on a nearby 19-acres, the company plans another 300 units at a cost of $31-million. Both projects are expected to break ground later this year.