August 3, 2015

5 Game-Changing Multifamily Developments in the Works for Tampa

By Ashley Gurbal Kritzer, Tampa Bay Business Journal 

Multifamily has been the darling of Tampa Bay commercial real estate for close to half a decade at this point, but five of the most recent developments to emerge could be the most meaningful of this real estate cycle.

Plans are in the works that will redefine the waterfront in downtown Tampa and Rocky Point and continue the revitalization of North Hyde Park.

Some of them are expensive construction projects that will be built on expensive land, which means two things: The apartment market is getting close to peak, as some experts in this region suggest, or Tampa’s economy is on its way to better days, in which rents that were once unthinkable are within reach. (Here’s why some developers are betting big on an affluent renter pool in Tampa.)

Here’s a look at five game-changing multifamily developments in the works for Tampa:

The Chart House: ZOM USA, based in Orlando, confirmed to theTampa Bay Business Journal in early July that it is under contract to buy the 4.57-acre Chart House Seafood Restaurant site on Rocky Point and redevelop it into a four- or five-story apartment building on the water.

This project, combined with a boutique hotel on the former Crawdaddy’s Restaurant site and a 14-story residential tower proposed next to the Westin Tampa Bay, has the potential to help Rocky Point live up to its potential as a waterfront destination to live, work and play.

Riverside Residences: Feldman Equities CEO Larry Feldman hasproposed a 52-story tower on the former Trump site in downtown Tampa. The development would combine office, residential and retail space in one tower — a first for Tampa. Floors 23 through 52 will contain 203 residential units, according to plans filed with the city.

If it comes to fruition, it would be some of the most expensive residential real estate in the city. If it proves profitable for Feldman and his partners, it will be the beginning of a new era in real estate development in Tampa.

Havana Square: This development, which is under construction along North Rome Avenue in North Hyde Park, isn’t a particularly sexy deal. It’s a five-story complex that will have 274 units. But it’s meaningful because Atlanta-based Pollack Shores Real Estate Group — a household name in commercial real estate — is pursuing it. Pollack Shores already saw success with the first phase of the project, NoHo Flats, which it sold for more than $57 million a few months after wrapping up construction in 2014.

When a credible developer like Pollack Shores sees success in an area — and goes back for more — it entices others, which is already happening.

Altis Grand Central: The developers of this project, proposed across the street from Oxford Exchange, recently added 5,000 square feet of storefronts to their building that would line Grand Central Avenue. Depending on the tenant mix — and how quickly it leases — Altis Grand Central could build on what Oxford Exchange has done for this area, sandwiched between the urban core and South Tampa.

Tampa Tribune: Related Group closed on the Tribune‘s downtown property on Friday, paying $17.75 million for the 4.4-acre site. It’s planning an eight-story apartment building with 400 units and a 10,000-square-foot restaurant on the site. If theperformance of Crescent Bayshore— also an eight-story apartment building in a prime location — is any indication, this project could shatter rent records, given its urban waterfront location and walkability to the Tampa RiverWalk, Publix Super Markets Inc., Oxford Exchange, Bayshore Boulevard and the University of Tampa.

Read the full article here.