by Csilla Borsos
Tampa, Fla.—Canyon Partners Real Estate LLC has recently funded $15.4 million of preferred equity to a joint venture between ECI Group and Mercury Advisors for Channel Club, a new mixed-use project in downtown Tampa.
The 22-story, Class A multifamily tower will consist of 323 rental units totaling approximately 295,000 leasable square feet, as well as a seven-story parking garage with 596 spaces. Additionally, the development will include a 36,900-square-foot Publix grocery store. According to the Tampa Bay Business Journal, construction on the store will begin as soon as the tower tops out, and the two properties will wrap up simultaneously in 2017.
Situated on 2.26 acres, Channel Club is located in the Channel District near Twiggs Road, Meridian Avenue and Madison Street. The community is adjacent to Grand Central at Kennedy, a mixed-use condominium, office and retail property also developed by Mercury Advisors and funded by Canyon Partners.
“The Channel Club is our third partnership with Canyon, and we look forward to continuing to invest and build together in the future,” Seth Greenberg, CEO of ECI Group, said in prepared remarks.
Image courtesy of Mercury Advisors