As Tampa remains ranked as one of the nation's most popular places to live, the builder-developer purchased a marina in Tampa and plans on building a mix of high-rise towers, low-rise buildings and townhomes in the area, along with a 150-slip marina. The St. Petersburg Times reports:

Grady Pridgen paid $25-million this week for the Imperial Yacht Basin, where he wants to build 500 homes over the next eight years, a mix of high-rise towers, low-rise buildings and townhomes. The development, not yet named, will also have a neighborhood retail center and 150-slip marina.

The location will appeal to home buyers looking to avoid a long commute. Some 500,000 people work within 15 miles of the site - in such places as the West Shore district, downtown Tampa and the Gateway area north of St. Petersburg.

Condos are expected to be priced between $300,000 and $600,000 according to Pridgen. Wachovia is financing the development project. Projects like Pridgen's will likely push new home starts up.

-John Mudd
"Mr. Real Estate"