Tampa Multifamily Wrap-Up – September 2020

Water Street Tampa. Rendering courtesy of Strategic Property Partners

Though diagnoses of new COVID-19 cases in Florida remained elevated through September, Governor DeSantis allowed businesses across the state to return to normal activity, moving the state into its third reopening phase. At the end of the month, DeSantis also let Florida’s moratorium on evictions and foreclosures expire, citing the nationwide ban from the Centers for Disease Control and Prevention in place through the end of the year. 

For the Tampa Bay area’s multifamily sector, September was a busy month. Activity, particularly in terms of lending and development, moved at a brisk place throughout the metro. Here’s our September list of Tampa must-reads:

1. DEVELOPMENT – Water Street Tampa luxury tower tops out.

Strategic Property Partners’ development at 1011 E. Cumberland Ave. is one of the four properties making up the 3,500-unit residential portion of the 9 million-square-foot project. Designed by COOKFOX Architects, the 23-story, 388-unit high-rise will have studio and one- to three-bedroom apartments and 13,000 square feet of ground-floor retail. Amenities will include recycling rooms on each floor, a library and conference room, a fitness center, an indoor/outdoor terrace and a swim spa. Completion is slated for fall 2021.

2. FINANCING – Daniel Corp. lands $68.9 million for Class A project.

With the construction loan from Cadence Bank in place, the developer started work on the residential development at the corner of East Twiggs Street and Channelside Drive. Upon completion, the 19-story tower’s 324 units will include studio, one and two-bedroom floorplans. Brasfield & Gorrie is the general contractor of the $80 million project slated for a fall 2022 delivery.

3. DEAL – TLR Group sells 369 units for $43.7 million.

Coltown Properties purchased Palm Avenue Apartments, assuming an existing 10-year, $31.9 million Fannie Mae loan from 2018, Yardi Matrix shows. Situated on 15 acres at 10610 N. 30th St. in Tampa, the property encompasses 46 two-story buildings constructed between 1973 and 1975. The unit mix features one- to three-bedroom floorplans ranging from 532 to 1,235 square feet. The community is some 10 miles northeast of the city center within the Tampa Innovation Alliance district.

4. FINANCING – The Richman Group scores $42.4 million for Oakford Park development.

According to Yardi Matrix data, First Housing Development Corp. of Florida provided the HUD 221(d)(4) loan for the 198-unit Foundry NoHo taking shape at 808 N. Howard Ave. General contractor Summit Contracting Group broke ground on the partially affordable project in July, with completion expected in early 2022. The four-story building will have one- to three-bedroom floorplans ranging from 669 to 1,555 square feet.

5. DEVELOPMENT – Redeveloped West River community opens for seniors.

The affordable, 160-unit Renaissance at West River is the result of a $46 million investment, according to Tampa Bay Times. Located at 1545 W. Main St., the independent living property has one- and two-bedroom apartments averaging 756 square feet. Tampa Housing Authority’s six-story development replaces part of the 44-acre North Boulevard Homes housing complex, demolished in 2017. Three other communities are underway in West River, with expected delivery in 2021.

6. FINANCING – JLL arranges $63 million Channel District property refi.

ECI Group and Mercury Advisors received the financing package from BBVA USA and BlackRock for the 324-unit Channel Club. Proceeds pay down a $58.5 million construction loan from 2016, Yardi Matrix shows. Located at 1115 E. Twiggs St. within walking distance of downtown Tampa, the 22-story community comprises one- and two-bedroom floorplans averaging 911 square feet. Amenities include a business center, swimming pool and fitness center.