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Jan. 16, 2014

Novare Group Teams With Batson-Cook on Tampa High-Rise

By Keith Loria, Contributing Writer

SkyHouse ChannelsideTampa, Fla.—Novare Group and Batson-Cook Development Company will develop SkyHouse Channelside, a 23-story, 320-unit luxury apartment building in Tampa, Fla.

The SkyHouse concept is a high-rise multifamily program aimed at Generation Y professionals who want to live in urban infill areas close to business centers, night life, culture and public transportation. SkyHouse Channelside follows the completed SkyHouse Midtown, Orlando, Austin and South. There additional SkyHouses under development in Atlanta, Houston, Dallas and Raleigh.

“Our mission with SkyHouse is to find places in dynamic cities where 25- to 34-year-old singles can, with our developments, experience a great high-rise living experience that fits within their budget,” says Jim Borders, president at Novare Group.  “Tampa is the main business center along the west coast of Florida and continues to draw young, educated professionals who will enjoy everything SkyHouse has to offer.”

Located on 12th Street between East Washington and East Whiting Streets, SkyHouse Channelside will feature residential units between one and three bedrooms with high-end finishes and floor-to-ceiling glass. A “SkyHouse” is situated on the 23rd floor and contains the club room, fitness area, and outdoor plazas that include a swimming pool, fireplaces, covered outdoor lounges and 360-degree views of the city.

The high rise is the ninth overall for the partnership, and second in the state of Florida, following the completed SkyHouse Orlando, which opened in November.

“With more than four million people turning 22 every year for the next four years and given the unique and attractive employment characteristics of Tampa, we see this market maintaining strong future growth and believe SkyHouse will be extremely well received,” says Mark Stewart, director of investments at Batson-Cook Development Co.

Neither company is new to Tampa. Novare Group co-developed both Element, a condominium tower on Franklin Street, and SkyPoint, a condominium tower on Ashley Drive. Meanwhile, Batson-Cook Development Co.’s sister company Batson-Cook Construction has an office in the city.

The SkyHouse Channelside project will be environmentally sustainable and Energy Star certified.

Wells Fargo, N.A. is providing construction financing for the project, and Batson-Cook Development Co., and NGI Investments, LLC, led are providing equity.

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