BROOKSVILLE - Except for a handful of tenants, Southern Pines Condominiums has sat pretty much empty since being built in 2008.
Situated on the south side of State Road 50 heading west into the city, the original developer had only completed two buildings before eventually falling victim to a downturn in the economy.
It was once pitched as a possible site for a new Hernando County Judicial Center, but that plan was scrapped when the money well went dry.
Now, the 39-acre condo complex should soon experience resurgence because the Deltona Corporation, the original developers of Spring Hill, has acquired the site.
Beth Fisher, an officer with the Deltona Corporation, said the company started early this year acquiring the property piecemeal and only just closed on the remaining piece about 30 days ago.
"We believe that the economy is coming back and real estate is on the upswing right now," Fisher said.
Fisher said Deltona will finish construction of all units on the two existing units and then build out more in phases. The new buildings will not have the same barracks-like exterior of the current ones, she said.
Fisher said it is far too premature to discuss how many more buildings will be erected, what price range they will be and other amenities.
"We're really excited about this and we think it's going to be something positive for Deltona and Brooksville," she said.
Currently, there are two, three-story buildings on the property. The first floor is for parking and an elevator transports residents to the upper units.
Each building has 16 units - containing some 1,600 square feet - but only six are finished in the main building and one in the other.
Buddy Selph, broker with Tommie Dawson Realty, said the property, owned by the Charles Sasser family, has gone through stages of foreclosure and bankruptcy.
Before the economy tanked, the units sold for nearly $200,000, Selph said.
He believes the condos will once again be a viable concern, given their proximity to retail stores, the sheriff's office and hospital. It's far enough away for residents to enjoy the nearby woods, he said.
It also is a sign of a reviving economy that Deltona is willing to take a chance on the venture, he said.
"The Deltona Corporation has 100-percent ownership of the project and they intend to move forward with (it)," he said.