New Apartments Completed on Alafia River Near Tampa

Riverview, Fla.--Work has wrapped up on the Preserve at Alafia, a new apartment property in greater Tampa. According to Garrison Developer Group of Florida (GDGFL), the developer, the residences of the Preserve at Alafia are the first phase of Alafia Crossing, a $100 million multi-use project in three phases named after the river that runs by it.

Riverview, Fla.–Work has wrapped up on the Preserve at Alafia, a new apartment property in greater Tampa. According to Garrison Developer Group of Florida (GDGFL), the developer, the residences of the Preserve at Alafia are the first phase of Alafia Crossing, a $100 million multi-use project in three phases named after the river that runs by it.

Future planned development at Alafia Crossing includes the Shoppes at Alafia Crossing–which will consist of retail and office space–as well as a Holiday Inn hotel with a conference center and restaurant. The property is adjacent to more than 80 acres of county-protected preserve and wetlands along the Alafia River.

The 351 apartments of phase one are comprised of one-, two- and three-bedroom garden- and mid-rise apartments, with monthly rents averaging around $1,000. GCGF says that the Preserve at Alafia will offer amenities not typically found at other Tampa Bay-area apartment properties, such as a day dock and storage for canoes and kayaks, a riverfront clubhouse with a fitness center, and a “pet agility park.” Residents can also access the 80 acres of preserve for hiking.

GDGFL secured a $48 million loan through HUD for the development of the Preserve at Alafia. The company has a long track record of development in Florida and other parts of the southeastern U.S., having been part of developing about $500 million in apartments, condos, retail, office and recreational properties.

Like most other markets, the Tampa Bay area hasn’t seen much apartment development lately. Real estate investment specialist Marcus & Millichap predicts that the market’s apartment vacancies will drop 130 basis points during 2011 to end the year at 6.5 percent, while asking and effective rents will have gained 2.7 percent and 3.4 percent, respectively, by the end of this year.