A venture between Index Investment Group and local developer Richard Coley has broken ground on a 444-unit luxury apartment community overlooking Tampa Bay in Tampa, Fla. The six-building project, The Pointe on Westshore, is slated for completion in February 2021 with an estimated development cost of more than $100 million.
Located at 4950 Prescott St., the 23-acre site will give rise to a 679,563-square-foot development featuring five-story residential buildings, plus a two-story, 11,000-square-foot clubhouse with two pools and a fitness center. The residential units will include 28 carriage homes.
The property’s location in the Port Tampa City neighborhood in the southwestern corner of Tampa will afford it views across the bay and picturesque sunsets, and is intended to fill a demand for housing options in the area just north of MacDill Air Force Base.
Verdex Construction is building the property, which is developed by joint venture firm Westshore Pointe LLC. The development is financed by BB&T Bank and Regions Bank, designed by Jacobs & Associates and managed by Arlington Properties.
Tapping Tampa’s boom
Index Investment Group noted to Multi-Housing News that the company also owns a 16-acre stretch of land along Commerce Street, just down the road from the new project, and will start rezoning the parcel to build additional residential units and possibly some commercial space.
“Tampa is a very interesting market for us and we’re looking for more land to develop,” said Executive Chairman Bjarne Borg.
The Swedish firm, which Borg co-founded with Fredrik Alama, invests in construction and real estate assets in Stockholm and Florida, and has 17 developments in the Sunshine State, including Orlando, Palm Beach and the Keys.
The Tampa Bay area is one of the fastest-growing metropolitan regions in the U.S., receiving 51,000 new residents last year, and it’s undergoing a construction boom to match. Dodge Data & Analytics estimated that the area has more than $13 billion worth of commercial, residential and institutional real estate projects in the pipeline through 2022.
Population and job growth are fueling multifamily demand in the Tampa metro, which saw rent growth of 5.2 percent year-over-year as of September 2018, according to a Yardi matrix report.