July 20, 2015

Pollack Picks South Tampa for Multifamily

tam_havanasquare

By Jennifer LeClaire, GlobeSt.com

TAMPA, FL—North Hyde Park on Rome Avenue in South Tampa will soon be the home to a new luxury multifamilydevelopment. Atlanta-based Pollack Shores Real Estate Group acquired the land and readying for construction.

Dubbed Havana Square will be a 274-unit multifamilycommunity with a resort-style pool, fountains, cabanas, a fitness center, yoga room, courtyard with open law,

regulation size bocce ball court, sitting areas and fire pits. On top of all that, this multifamily community will have a centrally-located parking garage with controlled access so they can park on the same floor on which they live.

“Havana Square is located in the prime area of Tampa’s downtown revitalization within easy walking distance to restaurants, shopping, and festivals, as well as to the University of Tampa,”Anthony Everett, director of Central Florida for Pollack, tells GlobeSt.com. “We are proud to be part of Tampa’s downtown boom and look forward to providing upscale living for its current and future residents.”

According to Marcus & Millichap, Tampa multifamily vacancy rate will slip 30 basis points in 2015 to 4.9% on the back of net absorption of more than 5,000 units. Tenants also moved into 5,000 rentals last year, slicing the vacancy rate 60 basis points. Projects containing 5,000 apartments will come online in 2015, outpacing last year’s production of approximately 4,100 units. Nearly 2,100 rentals will be placed in service in Pinellas County this year, an increase from 1,900 units during 2014.

Havana Square is scheduled to have the first units available by summer 2016, with final completion expected in early 2017. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the property.

Pollack has been burning it up on the Florida multifamily development front. Other recent Florida projects include: M North, a 288-unit community under development in Orlando; Marisol at Viera, a 282-unit community in the master planned community of Viera, Solaris Key, a 426-unit waterfront community in Clearwater, and Brooklyn Riverside, a 310-unit urban infill development in Jacksonville.

Pollack also completed construction on Gateway North, a luxury 342-unit multifamily community in Largo, earlier this year. Gateway North was Largo’s first new luxury multifamily community to open in 20 years.

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