Rocky Point, Fla.—Orlando-based ZOM Florida and insurance giant Northwestern Mutual are preparing to break ground on Seazen, a 323-unit apartment development in Tampa. The apartments will be on the island of Rocky Point, just off the coast of mainland Tampa. The Tampa Bay island has long been a hub of upscale development.
The Rocky Point site, currently home to a Chart House restaurant, features over 750 linear feet of direct waterfront, maximizing the views of the water from the three- and six-story building layout. Chart House will close at the end of May; its parent company Landry’s is looking for another bay area location.
Construction of the apartments will begin in August. “There’s nothing like it on the west coast of Florida,” asserted John Jacobs, director of field production for Northwestern Real Estate Investments. “Almost 85 percent of the units have views of the expansive Tampa Bay.”
The developers didn’t disclosed the purchase price of the site, but the restaurant site traded hands in 2007 for $19 million, when it was acquired by Naidip Tampa Bay. Pradip C. Patel, brother of Tampa-area philanthropist Kiran Patel, is on the board of that entity.
Average apartment rent in the West Shore area of Tampa is now about $1,650. The only other market in the area that commands higher rents is downtown St. Petersburg, according to the speakers at the recent Westshore Development Forum.