Mill Creek Residential has broken ground on two Modera-branded apartment communities totaling 526 units in Florida and California. The new luxury projects add to the company’s nationwide portfolio of 75 communities operating or under construction as of June.
The multifamily investor and operator started work on Modera Tampa, which will deliver 353 apartment homes in the River Arts District of downtown Tampa, Fla. Mill Creek has also launched construction of Modera Lake Merritt, which will offer 173 rental units in downtown Oakland, Calif.
Modera Tampa is located at the corner of North Ashley Drive and West Tyler Street, neighboring the Straz Center for the Performing Arts and the Curtis Hixon Waterfront Park. First move-ins are anticipated for fall 2021.
The eight-story community will provide apartments ranging from studios to three-bedroom layouts above roughly 13,000 square feet of ground-floor retail. Standard interior features will include stainless steel appliances, full-size washers and dryers and keyless entry, and select units will offer movable kitchen islands. Shared amenities will include a rooftop deck with outdoor dining areas, fitness center, pet spa lounge, work space and resident clubroom.
The project is currently Mill Creek’s only development in Tampa, after the company sold the 300-unit luxury community Modera Westshore to Lantower Residential for $69 million in 2016.
Building up a Bay Area presence
Mill Creek’s project in Oakland is expected to welcome its first residents in late 2021. Located at 1940 Webster St., on the northwest side of Lake Merritt, Modera Lake Merritt will provide studio, one- and two-bedroom homes with an average size of 710 square feet. Units will have 9-foot ceilings and floor-to-ceiling windows.
The seven-story, lakefront property will also feature 1,650 square feet of ground-floor retail space, along with one level of underground parking, a rooftop deck with fire pits, resident clubhouse and fitness center. The asset is Mill Creek’s second community under construction in Oakland. Modera Jack London Square, a 134-unit property at 378 Embarcadero W., recently started preleasing and is expected to open later this year.
The news comes amid a flurry of activity for Mill Creek, which last month kicked off construction of Modera Broadway, a 228-unit luxury community in Seattle. Also in August, the company opened Modera Edgewater, a 297-unit apartment community in Miami’s Edgewater neighborhood.