Village Real Estate

Chicago

2009-05-07T22:33:00.000-04:00

Chapter 11

2008-03-26T07:42:00.000-04:00

As Sky Falls, Condos Look For Protection

By SHANNON BEHNKEN
The Tampa Tribune
Published: March 25, 2008

TAMPA - When the foreclosure filing came last month, developer Fida Sirdar determined the only way to save The Place at Channelside condominium was to file for bankruptcy reorganization.

It was either that, he said, or hand the keys over to the bank and walk way.

"Generally, people think bankruptcy means the project is down the tubes," said Sirdar, of Key Developers Group LLC. "But if we didn't believe in this project's future, it would be stupid for us to get into this bankruptcy and waste everyone's time, including our own."

About a half-mile away, the developers of The Towers of Channelside are fighting for success, too. They also filed for Chapter 11 bankruptcy protection in January, after Wachovia cut off the company's credit.

Just last week, the developers of 472-unit Tampa Condo II filed to reorganize under bankruptcy. Announced in May 2006, the 51-story condominium project could have been among the city's tallest buildings, replacing a parking lot at Washington and Morgan streets in Tampa's downtown.

And the developers of Trump Tower Tampa say they too may soon be filing for bankruptcy, if they don't secure construction financing for the luxury tower this week.

All these projects have something else in common: vanishing buyers. Developers say buyers either wouldn't close because the market had changed or couldn't close because they no longer qualified for loans. Others were speculators or just lost hope in the projects.

The bankruptcies signal how tough the market is. They represent the beginning of the fallout from an overbuilt condominium market in Tampa, real estate experts say - but in the long run, the filings could actually save the buildings and make the market more affordable.

"Developers have been hanging in there and trying to make it work, but their cash flows are depleting," said real estate lawyer David Carter with Carter & Lyons. "There's going to be a lot of failures."

Some of the condominium projects in trouble are nearly complete, and buyers have already moved in. There are between 150 and 200 people living in the 257 units in the twin Towers, across the street from the Channelside Bay Plaza complex. Buyers at The Place at Channelside have closed on one third of its 245 units.

Watching Prices Drop Is Painful

The bankruptcy filings worry some buyers concerned about their own financial futures. They blame developers in lawsuits for not finishing their projects on time, leaving them with units that aren't worth what they agreed to pay a few years ago when the condominium market was red hot. Some have filed lawsuits seeking to get out of their contracts and to get their deposits back.

Bonnie Dealva, who purchased a unit in The Place, is not suing but said it's difficult to watch the units drop in value. If the contractors had finished the building on time, she said, more buyers would have closed before the market tanked, and the building would be better off.

Dealva said she loves her condominium but decided not to live there because the building feels empty. The Channel District didn't turn out to be the vibrant area she thought it was, she said. She's leasing out her place and renting an apartment near Rocky Point.

Another buyer at The Place, Gerald Confield, had contracts on two units. He said he was able to get 60 percent of his money back on one unit and went through with the purchase of another one. He said he hopes to lease out the unit until the market improves.

For buyers who have already moved in to their units, there are several problems they may encounter.

The main worry is whether condominium association fees, used to pay for maintaining and insuring the building, get paid by the developer, said Carter, the lawyer.

A project's bankruptcy doesn't directly affect a condominium owner, he said. But if the developer or lender subsequently stops paying association fees, he said, all the owners could wind up paying higher fees to cover the unsold units. Fewer fees could mean less money to pay for pool maintenance or common areas.

Other things to worry about include falling property values and high numbers of renters.

"If a condo gets too many renters, the building can deteriorate," Carter said, noting that renters don't always care for the building as owners do. Also, he said, there are so many units for rent that owners are cutting prices to compete, driving down values.

Carter's firm has represented downtown condominium buyers trying to get out of their contracts and said their quests have been successful because of "flaws" in contracts. For example, most of the developers' contracts promised completion by a certain date, and missed it.

Scott Newberger, who contracted to buy a condominium in Towers of Channelside, wants out. He said he was asked to close on his purchase in October but refused because the building was not finished. He said he was concerned the developer could run into trouble, file for bankruptcy and not finish it.

Newberger is trying to get his money back. The building is complete now, but he said he already had to make other housing arrangements and is no longer interested in it.

Credit Gone, Only 1 Option

Richard Sacchi, a partner in Towers of Channelside LLC, said his company at one point had contracts on every unit in the two buildings. Then the market soured and buyers, often investors who wanted to flip their units, started dropping out.

The lender, Wachovia, cut off the developer's credit and wouldn't extend the repayment structure of the loan, Sacchi said. The only option to turn the financial troubles around was to file for Chapter 11, he said.

There are 85 to 90 units left to sell, he said.

"We fully expect to come out of this on the other side," Sacchi said.

Buyers benefit somewhat from the bankruptcy filing, Sacchi said, because the developer has set aside enough money to pay association fees for four to five years.

Jack McCabe, owner of McCabe Research & Consulting in South Florida, follows Florida's condominium market and said he expects more lenders to cut off credit, as Wachovia did in Tampa.

"Wachovia seems to be taking a more rigid stance on payment due dates for condo developers," he said. "Others have been continually postponing due dates, as they want to see the developers close and make as much money as possible."

The bankruptcies, as bad as they sound, could end up helping the projects survive, McCabe said. "A lot of people think this is the kiss of death, but a lot of developers do this so they can reorganize debt and resurface."

McCabe thinks too many condominiums were built too quickly in downtown Tampa, but over time, he said, units will fill up, and downtown will be a better place.

Just two years ago, more than 30 condominium projects were planned for the city's core. Many of those developers have canceled plans because of the sluggish market. Others forge ahead.

A handful opened last year, and developers of SkyPoint on Ashley Drive are well under way on a second tower, Element. Even developers who ran into trouble still believe in downtown's future.

Take Sirdar, whose company built The Place. He plans to start construction on two more projects next year.

"I look at Tampa as a great opportunity," Sirdar said. "We are very hopeful that the market will start to stabilize later this year. Like the windfall didn't last, the doom and gloom won't either."

Researcher Michael Messano contributed to this report. Reporter Shannon Behnken can be reached at (813) 259-7804 or sbehnken@tampatrib.com.

http://www2.tbo.com/content/2008/mar...or-protection/

Depression risk might force U.S. to buy assets

2008-02-15T09:06:00.000-05:00

Depressing...

Reuters By John Parry
NEW YORK (Reuters) - Fear that a hobbled banking sector may set off another Great Depression could force the U.S. government and Federal Reserve to take the unprecedented step of buying a broad range of assets, including stocks, according to one of the most bearish market analysts.

That extreme scenario, which would aim to stave off deflation and stabilize the economy, is evolving as the base case for Bernard Connolly, global strategist at Banque AIG in London.

In the late 1980s and early 1990's Connolly worked for the European Commission analyzing the European monetary system in the run up to the introduction of the euro currency.

"Avoiding a depression is, unfortunately, going to have to involve either a large, quasi-permanent increase in the budget deficit -- preferably tax cuts -- or restoring overvaluation of equity prices," Connolly said on Monday.

"If conventional monetary policy is not enough to produce that result, the government may have to buy equities, financed by the Fed," Connolly said.

Legal changes would be needed to give the Federal Reserve and the U.S. government the authority to buy stocks. Currently the Federal Reserve can buy only debt issued by the Treasury, as well as U.S. agency debentures and mortgage-backed securities.

While Connolly already sees some parallels with the 1930s, he expects that a more pro-active central bank and government will probably help avert a repeat of that scenario today.

The build up of a credit bubble in recent years was similar to the late 1920s run-up to the Great Depression, he said.
Then, investors were very optimistic about new technologies, and stocks rose against a backdrop of low inflation, and a trend toward globalization. There was even an equivalent of the modern day subprime mortgage debt meltdown in the form of U.S. loans to Latin American countries which had to be written off.

"The big difference is the attitude of central banks and specifically the attitude of the Fed," Connolly said.

Some economists have blamed the U.S. economy's travails in the 1930s on the Federal Reserve's hesitation to inject reserves into the banking system.

However, today's Fed has tried to preempt the danger of a protracted economic slump and has responded swiftly to a credit crunch in the past year and gathering signs of deterioration in the economy, Connolly said.

The Fed has stepped up its temporary additions of reserves to the banking system, and swiftly slashed its benchmark fed funds target rate to 3.0 percent from 5.25 percent in September. Analysts expect at least another 0.5 percentage point cut in next month.

At the same time, "the fed funds rate can't stay significantly above the 2-year note yield," Connolly said.

On Tuesday, the 2-year Treasury note yield was at 2.00 percent, not far above the lowest level since 2004.

The Fed "almost certainly" has to cut the funds rate to 2.0 percent by the end of this monetary easing cycle, he said. If conditions in the banking sector worsen, the Fed could cut the funds rate to 1.0 percent, a low last seen in June 2004.

Global banks have already written down more than $100 billion of bad debts associated with the U.S. subprime mortgage debt meltdown and housing market decline.

However, Fed rate cuts alone are unlikely to avert a prolonged period of economic weakness because the danger still exists that a burdened banking sector will choke off credit to consumers and households.

"The Fed probably can't fix it all on its own now," Connolly said. "There is a chance the Fed gets forced into unconventional cooperation with government," which could involve buying a range of assets to reflate their value.

That would be reminiscent of some steps the U.S. government took in the 1930s when the economy was mired in deflation and high unemployment.

One turning point came when agricultural prices were restored to their pre-slump levels, Connolly said. Such measures were among the New Deal programs that President Franklin D. Roosevelt launched to bolster the economy.

Either way, investors face bleak prospects now without some kind of further government intervention, he said.

Those steps might offer clues to investors in stocks and commodities, which Connolly expects the government might be ultimately force to step in and buy to stabilize markets. He expects that a depression may be averted, but only by the state and the Fed reinflating the price of such assets.

Beleaguered housing, non-government fixed-income securities and even the now overvalued Treasury market have little hope of generating substantial returns for investors over the next few years, he said.

"If we don't avoid depression, the only thing worth holding is cash," he added.

Condos getting Blacklisted

2008-02-15T00:11:00.000-05:00

I can't say I'm surprised that banks no longer want throw money at at every Joe that wants to flip a condo but to go as far as to list the projects you won't lend to?
Can we call this a vote of NO-confidence!

South Florida Bsn Journal reports BankUnited blacklists 191 condo projects

How long before other banks decide not to lend on these projects? I didn't see ToC on this list but they're already in Ch.11

* 50 Biscayne in Miami
* 600 Biscayne in Miami
* 1650 Biscayne in Miami
* 900 Biscayne Bay in Miami
* 500 Brickell in Miami
* 1390 Brickell Key in Miami
* 1001 Center in Miami
* 1600 Club in Miami
* Allure in Las Vegas
* Altas de Miami in Miami
* Asia in Miami
* Atlantis Condo in Miami
* Avenue in Miami
* Axis on Brickell in Miami
* Bay Lofts in Miami
* Bayshore Place in Miami
* Beacon in Miami
* Belle Plaza Efficiency in Miami
* Biscayne Tower in Miami
* Blue in Miami
* Boulevard Condos in Miami
* Brickell Bay Club in Miami
* Brickell Bay Tower in Miami
* Brickell Biscayne in Miami
* Brickell City Center in Miami
* Brickell Commons in Miami
* Brickell East in Miami
* Brickell Forest in Miami
* Brickell Harbour in Miami
* Brickell Key in Miami
* Brickell Key I in Miami
* Brickell Mar in Miami
* Brickell on the River in Miami
* Brickell Park in Miami
* Brickell Place in Miami
* Brickell Station in Miami
* Brickell Tennis Club in Miami
* Brickell Townhouse in Miami
* Brickell View in Miami
* Brickell Vista in Miami
* Bristol Tower in Miami
* Capital at Brickell in Miami
* Captiva-F in Miami
* Carboneil in Miami
* Carriage Hills in Hollywood
* Cima Condo in Miami
* Cite in Miami
* City 24 in Miami
* Club at Brickell in Miami
* Commodore Bay in Miami
* Coral Station in Brickell in Miami
* Costa Bella in Miami
* Courts Brickell Key in Miami
* Courvosier Courts in Miami
* Cynergi in Miami
* Delray Estate Condominium in Delray Beach
* District in Green Valley in Las Vegas
* Downtown Lofts 4 in Miami
* Elliot House in Miami
* Emerald at Brickell in Miami
* Empire Towers in Miami
* Epic-Dupont in Miami
* Espirito Santo Plaza in Miami
* Everglades on the Bay in Miami
* Filling Station Lofts in Miami
* Flagler First Condo in Miami
* Fortune House in Miami
* Four Ambassadors 1 in Miami
* Four Ambassadors 2 in Miami
* Four Ambassadors 3 in Miami
* Four Ambassadors $ in Miami
* Four Seasons Hotel & Tower in Miami
* Golden Bay Club in Miami
* Houses of Brickell in Miami
* Ice in Miami
* Ice 2 in Miami
* Icon in Miami
* Imperial in Miami
* Infinity at Brickell in Miami
* IOS on the Bay in Miami
* Ivy in Miami
* Jade Residences at Brickell in Miami
* Kenland Bend south in Miami
* Lake Beach Condo in Miami
* Lakewood Village in Miami
* Latitude on the River in Miami
* Loft in Miami
* Loft II in Miami
* Lofts on Brickell 1 in Miami
* Lofts on Brickell 2 in Miami
* Los Suenos De Brickell in Miami
* Lyghte Miami Condos in Miami
* Lynx in Miami
* Manhattan Condos in Las Vegas
* Marina Blue in Miami
* Mark in Miami
* Marquis Miami in Miami
* Mary Brickell Village in Miami
* Mayfield in Miami
* Meridan at Hughes Center Condo in Las Vegas
* Met 1 in Miami
* Met 2 in Miami
* Met 3 in Miami
* Metropolitan in Miami
* Midtown Miami in Miami
* Mint at Riverfront in Miami
* Mirage Condominium in Las Vegas
* Neo River Lofts in Miami
* Neo Vertica in Miami
* Newport Lofts in Las Vegas
* New Wave in Miami
* Nu River Landings in Fort Lauderdale
* Oasis on the Bay in Miami
* One Broadway in Miami
* One Miami in Miami
* One Miami West in Miami
* One Plaza in Miami
* One Queensridge Place in Las Vegas
* One Riverview Square in Miami
* One Tequesta Point in Miami
* Onyz 2 in Miami
* Opera Tower in Miami
* Overtown Miami in Miami
* Palace in Miami
* Panorama Towers in Las Vegas
* Paramount on the Bay in Miami
* Paramount Park in Miami
* Parc Lofts in Miami
* Park Avenue Condo in Las Vegas
* Park Place in Miami
* Platinum in Miami
* Plaza on Brickell in Miami
* Point at Brickell in Miami
* Point View in Miami
* Pompeii in Miami
* Premiere Towers in Miami
* Provincial Gardens
* Pyramids of Key Biscayne
* Q Club Condo Hotel in Fort Lauderdale
* Quantum on the Bay in Miami
* Regency Towers in Las Vegas
* River Breeze in Miami
* River House Lofts in Miami
* River Oaks in Miami
* Riverfront in Miami
* Riverfront Wind in Miami
* Sail in Miami
* Sail Boat Cay in Miami
* Samari Lake East in Miami
* Seacoast Towers in Miami
* SIAN Ocean Residence Condo in Hollywood
* Sky Las Vegas in Las Vegas
* Skyline Mary Brickell Village in Miami
* Skyline on Brickell in Miami
* SMA in Miami
* Soeil Miami in Miami
* Soho Lofts in Las Vegas
* Solaris Brickell Bay in Miami
* South Miami Ave Condo in Miami
* Summit Brickell in Miami
* Star Lofts in Miami
* Sunset Harbour
* Ten Museum Park in Miami
* The Carriage House
* The Jade Condominium
* The Mark on Brickell Bay
* The Palace Condominium
* The Resort at Singer Island in Riviera Beach
* The Village of Kings Creek
* Three Tequesta Point in Miami
* Turnberry Place in Las Vegas
* Turnberry Towers in Las Vegas
* Two Tequesta Point in Miami
* Uptown Lofts in Miami
* Vanderbilt Gulfside
* Venetian Bay Villages Condo in Kissimmee
* Villa Brickell in Miami
* Villa Magna in Miami
* Villa Regina in Miami
* Village at Hawk's Cay
* Villagio Condo in Port Orange in Port Orange
* Vue at Brickell in Miami
* Wind by Neo in Miami
* Yorker in Miami

TMA - Start of Demo

2008-02-01T08:51:00.000-05:00

Skypoint finally getting a restaurant ?

2008-01-26T16:45:00.001-05:00

Been meaning to post this for a while but just don't have complete faith Novare will deliver....Have heard in more than one occasion they had retail/restaurants lined up.
Also, how in the world does ToC(in Ch11) get a pizza place and One Bayshore(barely 75 residents) get Starbucks, while Skypoint sits here with a bunch of hungry people- my guess is we have over 250 residents. We already know people are looking for a Hyde Park alternative...ie: Fly bar. They will come, just bring the Tap.

Word has been out for a while that Skypoint will be getting a restaurant/bar named "Taps" - will be on the Polk/Ashley corner. I haven't seen/heard any activity....besides the TMA demo. I'm hoping this will open, 'cause I'm getting tired of pizza and Thai every night!

Channelside Condos In Chapter 11

2008-01-26T13:59:00.000-05:00

TAMPA - The developers of the Towers of Channelside, a pair of 29-story luxury condominiums, filed for bankruptcy court protection Friday, stating that Wachovia Corp. cut off its credit.

The developer has sold just 89 of the 257 units, according to documents filed in U.S. Bankruptcy Court in Tampa on Friday. Many of the contracts on units that have not closed fell through because buyers backed out, documents said.

Two partners in the development did not return calls seeking comment.

The company, Towers of Channelside LLC, based in Plant City, listed debt between $50 million and $100 million and assets of between $100 million and $500 million, in Chapter 11 documents.

"Wachovia has refused to allow the debtor to draw the remaining amounts available under the Wachovia loan," the company said in court papers. Wachovia is owed about $58 million, according to court documents.

The 20 largest unsecured creditors are owed $11.6 million. Of those, the three biggest are CT Towers LLC, owed $6.2 million; Batson-Cook Co., owed $3 million; and Kevin Brodsky, owed $1.2 million.

If all buyers with contracts had closed, all creditors would have been paid, the developer said in its filing.

Tampa Realtor Toni Everett said she wasn't surprised by the news and had heard that some buyers weren't able to close.

Everett said she is representing some clients who bought units and are now trying to sell. She said she had been inside of one of the towers Friday morning and that most of the units seemed complete. She said she thought the developers were just putting finishing touches on some units, such as paint.

At the peak of the housing boom, more than two dozen condominiums were planned for in and around downtown Tampa. A handful of the condos have opened and some other developers have either stalled or canceled projects.

Everett said she had been concerned about the flood of condo developments in the Channel District and wondered whether there would be enough buyers to fill the units. Condos that she's selling in other areas of downtown are doing better, she said.

"I've been through other downturns," she said. "This is my fourth downturn. I saw what was going to happen down there."

http://www2.tbo.com/content/2008/jan/26/bz-condos-in-chapter-11/

Get your drink on at Skypoint

2007-11-06T23:19:00.000-05:00

Skypoint's developer, Novare, is requesting wet zoning for all the retail units on the first floor of Skypoint. Makes you wonder what they are planning for- a restaurant, liquor store, lounge/nightclub on all 4 corners? They'll go in front of City Council Dec 6.

Also on Franklin ave...

2007-09-10T11:38:00.000-04:00

SP Times: Old theater may live anew as private club

TAMPA HEIGHTS

For more than three decades, it was a machinery factory. For the past year and a half, it has sat empty.

But the Rialto theater, built in 1926, may soon come alive. A group of Clearwater investors has a vision: a private members-only lounge and entertainment venue called Print.

Mark Smith, John Schaible and Josef Schaible filed a wet-zoning application with the city on Aug. 13 but declined an interview with the Times, saying the property is still under negotiation.

But the wet-zoning application offers some insight. Investors want to buy the Rialto and adjacent buildings - a span from 1613 to 1631 N Franklin St. - for $1.7-million and renovate them for $1.3-million.

They'll operate Print in the 10,000-square-foot theater space, the application says. Memberships will include "individual male and female, couples and corporate." The concept will "create an environment of like-minded people for the purpose of business networking and personal entertainment."

It's not clear what type of entertainment Print will offer, but the lounge will have public, private and semiprivate spaces; a fully operational stage for live performances and corporate presentations; a mezzanine with private rooms and public catwalks; and a rooftop deck, the application says.

The club is projected to operate Thursdays through Saturdays from 5 p.m. to 3 a.m. as a bottle service bar, where members who do not finish their bottles can store them for their next visit.

The entertainment venue will be rented to members and the public Sundays through Wednesdays.

The other buildings, with 20,000 square feet, will be converted into a 100-car indoor valet parking garage.

"The renovation of the Rialto theater and its adjacent buildings will be a much-needed face-lift for the neighborhood, breathing life and vitality into a space that has long been ignored," the application says. "Print will serve as an anchor for future business development and expansion in the neighborhood by introducing elite clientele to the area."

The Tampa Heights Civic Association has not taken an official position for or against Print, but members will discuss the project at their board meeting next week.

The wet-zoning application is scheduled to go before the City Council on Oct. 18.

Fast facts

Zoning request

The City Council will hear the wet-zoning application for Print, a proposed private club, during a meeting Oct. 18 in the council chambers, City Hall, 315 E Kennedy Blvd.

Herman Massey Park to re-open....eventually

2007-09-10T11:32:00.000-04:00

This park was closed so that the developers of the Residences of Franklin could use it as a stagging area...I wonder how much the city received in fees for this?

St Pete Times: Residents and business owners will soon have their say in redesigning a downtown park mired in controversy when the city closed it two years ago.

Herman Massey Park shut down in August 2005 so that contractors for the Residences of Franklin Street condominiums could use it as a staging area for equipment.

Just before it went offline, Massey Park made news when police arrested several people there for feeding the homeless. Officers charged them with violating a city ordinance that prohibited serving food without a permit.

A chain link fence soon went up as developers began work on the Residences of Franklin Street, displacing homeless people who regularly used the park.

As construction wrapped up on the condo tower, equipment went away and residents moved in.

But the public park, at N Franklin and E Tyler streets, remained closed.

The first steps in reopening Massey Park should begin this month, said Linda Carlo, spokeswoman for Tampa's Parks and Recreation Department.

The city will assess the park and take inventory of what's there.

A meeting will then take place with "stakeholders," Carlo said - nearby residents and business owners.

"We will go to the public and say, here's what we know about the park," Carlo said. "Then we'll ask, what are you thinking?' What do you need?What are your desires for the park?'"

Carlo said the city plans to design several concepts for the park based on public opinion, which parks officials plan to solicit in coming weeks.

The city is trying to figure out a convenient time and place to hold a public meeting, which she expects about 30 to 40 people to attend.

Carlo said it's too early in the planning process to say when Massey Park will officially reopen.

Mayor Pam Iorio announced last month that the city will spend $1-million on the renovations.

http://www.sptimes.com/2007/09/07/Citytimes/Public_to_help_shape_.shtml

Channelside LEEDs tower

2007-06-14T23:23:00.000-04:00

Key Developers brought a much anticipate green project to city council for rezoning tonight. Located at Kennedy and Meridian, the building will be LEED certified, which involves efficient water and energy use. In exchange for the certification, they received huge height and density concessions. There was dissension primarily from the adjacent project, The Slade which will be impacted on 2 sides by the 7 story parking garage- site plan below, Key Dev project in grey. The project looks great and was approved by city council. On a side note: Is WilsonMiller in every developers payroll? and why have the become the de facto authority on urban architecture.

New Museum Design Delights, But Board's Leaders Disappoint

2007-06-08T01:54:00.000-04:00

This is complete nonsense...why is this lady still chair after so many years? Maybe she should stick to playing golf and leave the fundraising and leadership of the museum to someone else.

TBO-Just when you want to get excited about a new design for the Tampa Museum of Art comes a signal that the project might not get built as rendered.
Turns out the museum's board has failed to continue fundraising for the new building, which is expected to cost about $33 million. The city's $17.5 million contribution is the bulk of what's available for construction.
Problem is that by the end of the month, architect Stanley Saitowitz needs to know the financial parameters so that he can begin construction drawings for a December groundbreaking. Before he begins, he needs a firm dollar figure so that Tampa doesn't end up with another set of drawings too expensive to build.
TMA chairwoman Cornelia Corbett, who has led the board through several false starts for a new facility, says "we're only going to build what we can afford." If the private funds aren't raised, she says some segments will be eliminated from the design. She's confident, however, that the money will be secured.
Here we go again.
The board's leadership has once again put members behind the eight-ball in fundraising, this time creating a mad dash to raise $15 million by the end of the month. Millions more also are needed for the endowment to run the place.
The failure to aggressively raise funds sends a terrible message to taxpayers, who are putting up the lion's share of the money.
The failure also clarifies the need for new leadership on the museum board.
Corbett is a good citizen who has devoted herself to building a new art museum. But the ill will that oozes from her and other board leaders toward city government has clouded their effectiveness. No bigger challenge faces this board than raising the money to build a new museum, yet three weeks before a key deadline, the campaign is just getting started.
Corbett says that once ground is broken in December, it will be easier to raise money. She adds, a bit haughtily, that some people won't donate money unless the city grants the museum autonomy.
If that's the attitude she exudes toward private donors, it's no wonder that fundraising has barely gotten off the ground under her stewardship. If this board wants shovels in the ground before it seeks donations, the facility won't look anything like the exciting design recently unveiled.
Corbett was badly bruised after the failed attempt to build a big, flashy facility designed by architect Rafael Vinoly. She blames Mayor Pam Iorio for changing the rules along the way. The mayor wanted to see a financial plan that ensured the museum wouldn't return hat in hand, and the board was unable to deliver.
In that fundraising campaign, board members raised close to $31 million for construction costs, $9 million in pledges for possible overruns in operating expenses and $17 million for possible construction overruns.
Yet this time, Corbett won't even commit to raising $15 million, less than half the project's cost.
Clearly, someone with new energy, new enthusiasm and a fresh attitude could better lead the campaign.
The exact cost of the proposed 68,000-square-foot facility is currently being worked up. So, too, are plans for a "slightly smaller" facility, Corbett said.
If donors are skeptical about the project - and who can blame them? - the board should look no further than its leaders.
A lot of other folks are skeptical, too.

Skypoint Art

2007-06-06T19:09:00.000-04:00

The folks over at Skypoint recently installed the first dynamic art work display in downtown Tampa in quite some time..... The lights change in color scheme throughout the night- a nice addition to the building and the Arts District. I wonder who will get more views, this display or exhibitions at the art museum?

Del Villar

2007-04-12T23:42:00.000-04:00

Here are some snaps of the Del Villar project Channelside and Kennedy...much better looking project than Grand Central Kennedy, also by the same developer. That detached yellow object is the mechanical garage, similar to what we heard from the guy at Four Green Fields. The developer explains that future owners of this project will be able to rent space out in this garage, any income generated would be used to lower their monthly HOA dues.

Element has Financing

2007-01-03T23:35:00.000-05:00

The Tampa Tribune:TAMPA - One condo at a time, downtown's Franklin Street corridor is growing a skyline.The developer of the SkyPoint high-rise, under construction on Ashley Drive, said Tuesday it has secured financing and started construction on another tower nearby.The 34-story Element is to have 395 condo units and 15,500 square feet of retail space on the ground level. The developers would not release the tower's estimated cost.Even as homebuyers' appetite for condos appears to wane, Greg Minder of Novare-intown Tampa Development LLC said the company sees a demand in midlevel price ranges.Many of the condos proposed for downtown Tampa are priced from $600,000 to more than $1 million. Units in Element are expected to start in the low $200s and top out around the $600s. "We've seen the demand with SkyPoint," Minder said. "We believe in this market."The development partnership, Novare Group of Atlanta and intowngroup of Tampa, plans to finish the SkyPoint condo in the spring. Unitsthere started in the $170s. The tower is 99 percent sold out, the developer said.The developers also recently announced plans to build Twelve, a 47-story condo and hotel next to the Element site. Element and Twelve are to be built on two parcels the developers bought last year from TECO Energy, north of the SkyPoint Tower along Polk and Cass streets.While lending institutions generally require substantial pre-sales before they will grant developers a construction loan, Minder said his company is able to get financing before selling because "we have a good track record." It's easier to sell units once financing is in place, he said, because buyers can be more confident that the development will happen.The lenders on the Element are Corus Bank of Chicago and ArCap Finance Corp. of Irving, Texas. At one time, more than 30 condo projects were proposed for downtown Tampa, but several developers changed their minds.Reporter Shannon Behnken can be reached at (813) 259-7804 at sbehnken@tampatrib.com.

Sales stats

2007-01-01T14:28:00.000-05:00

Coming Attractions Filling Skyline

2007-01-01T14:20:00.000-05:00

TBO- CHANNEL DISTRICT - As a wrap-up to 2006 in this booming neighborhood, the city council approved three residential projects: the 21-story Navio; the 29-story Novare-Intown development; and the 25-story Kennedy Residences of Channelside.

The trio will further change the face of the Channel District, a warehouse area serving the nearby Port of Tampa a mere five years ago.

Projects completed or under construction represent 1,657 residences, said Michael Chen, manager of the district's Community Redevelopment Area. Projects approved but not under construction, he said, could add 2,875 residential units.

Don't look for construction workers and giant cranes to be gone for at least 10 years.

Add all that to a population estimated at 100 to 200 and the Channel District will metamorphose into an urban core like none other in the Tampa Bay area.

The growth has brought a big pain: no parking. But Chen said most of the high-rises slated to open in 2007 will have internal parking for residents and visitors.

Arbel pulls plug on highrise

2007-01-01T14:00:00.000-05:00

Arbel recently withdrew it's petiton to rezone the property adjacent to the Floridian.

The project, which would have been 459 feet tall, needed city council approval because the height limit in the area is 120 feet.

Skypoint Tops Out?

2006-11-25T10:43:00.000-05:00

Skypoint has what looks to be a unwrapped Chritmas tree on the top floor(right). Sounds like there should be a topping out party coming up! Here's a pic from the webcam....

Verano or Invierno

2006-11-11T00:21:00.000-05:00

The much hyped project in Hyde Park "Verano" will not be built - instead the plan is to build an office complex... This was a good project but the timing was off.

Tampa's condo market softens

2006-11-05T10:46:00.000-05:00

We already knew that most of the projects in this St Pete Times article weren't going to happen, but I never though Wood Partners would be on the list. They demolished the Maas Bros building (adj pic) and were supposed to build reasonably priced units (200k-450k) I heard they were even thinking about making half the building rentals. Intersting how the market has demolished their hopes of building...

Wood Partners, the Atlanta team behind a condo tower on Kennedy Boulevard, have canceled contracts with 30 buyers and are seeking a new way to finance their project. Their plans to build a 32-story condo tower on the site of the old Maas Brothers building, which has been demolished, are on hold indefinitely

will SimDag shelve TTT???
SimDag bagged its plans for the 280-unit Plaza at Channelside and is looking for a hotel chain to partner with on the site.

Doran Jason group has owned the Kress for over a decade- they were clearly over their heads...in he meantime the bldg sits and rots...can anyone say Maas Bros part II....

Jeanette Jason was part of a group that planned to build three high-rises with nearly 1,000 units on the block occupied by the old Kress department store. The property is now for sale. "A lot of banks aren't touching condo projects at this point," Jason said.

Every project approved last week by City Council and most of those already announced in downtown are moderately priced- ie. Element. We should know relatively soon whether or not this statement is correct...

There's still a market for condos priced below $500,000 a unit, he said. "I wouldn't want to be selling $1-million units right now, but the moderately priced stuff, my thinking is going to do just fine," he said.

here is a great quote from one of the developers...
"Five years from now, the discussion is going to be about all those $700,000 and $800,000 condos downtown that you can buy for $300,000," he said.

some hope...
Meanwhile, those with projects in the planning stages are waiting for the price of construction materials to level off so they can build reasonably priced units to attract the young professionals who are most likely to be interested in urban living.
Even if the boom has ended, developers don't believe downtown is a total bust. Most see the change in the real estate market as a correction that will result in condos being built at a slower pace and bought by people who will actually live in them instead of investors.

Tampa Palms Condo - Going Once....twice....

2006-11-04T20:03:00.000-05:00

Do I hear $50,000?
The auction is scheduled to begin at 10 am on Dec. 9 at the Grand Hyatt Tampa Bay, 2900 Bayport Drive, with registration beginning at 8 a.m.

TBO- TAMPA - More than a year after launching one of the area's most expensive condo conversions, Bay Communities is trying a novel approach to unload its unsold units at The Hamptons in Tampa Palms.
The developer will sell 100 condominiums on Dec. 9 at a public auction, 40 condos will be sold "absolute" - awarded to the highest bidder with no minimum bid (15 three-bedrooms, 20 two-bedroom and 5 one-bedroom)
With 13 condo conversions in one year, most New Tampa developers gave up and started leasing the units again. The Hamptons has 315 units, and they were the priciest conversions in New Tampa, with a three-bedroom garage unit listed for $309,900. As of this summer, Bay Communities had sold just 70 units.
The developer owes the county $1 million in back taxes. The Tampa Palms Owners Association also has a lien on the property for unpaid dues.
"Our intention is to sell these units with a clear title," said Carl Carter, spokesman for J.P. King Auctioneers. "There will be no surprises."

Channelside is moving on up

2006-11-03T00:47:00.000-05:00

If this gets built along with Novare's(which should definitely get built) add the Place's point tower and Channelside will go from short and boxy to tall and skinny. Developer Finergy is planning residential condos and a hotel on this site. The 25 floor tower portion will have 5 units per floor. There will also be a plaza facing Kennedy. Architect: Urban City (655 N Franklin)

by the folks who brough you Skypoint

2006-11-03T00:30:00.000-05:00

is The latest Novare project to be announced...It will be in the Channelside district - 30 stories, 380 feet with approx 425 units. The original design was much bulkier and did not include as much neighborhood input. The first pic is a model of Channelside, the Novare bldg is in the middle, the bldg with levels. Behind it is a The Place II. Note the large park/green space they've proposed. I'll post more renderings when available.

VENU

2006-10-12T18:41:00.000-04:00

The latest proposed development for the Central Business District -50+ floors and 215 units- this a great site and an amazing tower.

Skypoint at 28

2006-10-04T18:37:00.000-04:00

Floor #28 that is..... I wanted to provide some pics of Skypoint - Looking good!

Navio anyone?

2006-09-29T08:16:00.000-04:00

Sptimes- Channel District residents got a sneak preview of two residential-retail projects planned for their neighborhood.
The Novare/intowngroup partnership last week presented the Channel District Council the latest plans for their yet unnamed development at Washington Street between 11th Street and Meridian Avenue.
The development would have about 29 stories, 425 units and about 11,000 square feet of retail, representatives said.
Included in the project is a small public park. Homeowners' fees would pay for the cost of maintaining the park in perpetuity.
As with other Novare/intowngroup partnerships in Tampa, the units would be marketed as reasonably priced urban housing geared toward young professionals.
In addition, the partnership is building the nearby Meridian Lofts and the SkyPoint condo tower on Ashley Street. Also in the works is the Element high-rise on Franklin Street.
Skye Development and Urban Studio presented a plan for a new development named Navio, which would neighbor the Novare/intowngroup project at Meridian and Whiting Street.
Navio would stand on 0.7 acres, said Richard Zingale of Urban Studio. It's planned for 21 stories, including seven floors of parking, 10 floors of standard-sized units and a few floors with penthouse units.
Zingale said he expected the development would include about 160 units in all and about 260 parking spaces.
Both projects are still in the design and review phase, and no construction dates have been set.

Periodic table of Element

2006-09-25T11:21:00.000-04:00

Looks like Mosaic was only a code name...the new Novare project will be called Element...395 units over 400 feet...construction is underway!

Striking Out On Their Own

2006-09-04T14:18:00.000-04:00

This article shows how some people are still banking on the "perceived" equity of their current homes to finance future home purchases...

Their new home is due to be finished next spring.
And if they haven't sold by the time their new house is ready?
That's when things could get dicey, Matt Kinney said. The couple are banking on the equity from their current house to pay for the new one.
"The breaking point is, basically, whenever that house is done, if this one's not sold, we don't move to the new one," Matt Kinney said.

Channelside and the Place

2006-08-24T22:42:00.000-04:00

Even though the name doesn't provoke any emotions, The Place II should be a great addition to the Channelside District...Let me know your opinions

Channelside and Seaboard

2006-08-24T08:45:00.000-04:00

Here is a rendition of what Channelside will look like if Seaboard Square builds their condo towers and hotel. 4 buildings just north of the Towers of Channelside. The site is comprised of a hotel, apartments and condos.

Update: A few more pics obtained of Seaboard...

TTT will not go vertical

2006-08-19T17:58:00.000-04:00

No contractor, no Financing - I would guess this project may never get off the ground!

Since plans were announced January 2005 for a 600-foot, $220 million tower - which would be Tampa's tallest - the project completion date has been moved several times, and developers parted ways with at least two contractors. Developers acknowledged in February that costs have gone up 50 percent and that they had passed along a $40 million increase to buyers with reservations to acquire units.

http://www.tbo.com/news/metro/MGBAKS1H1RE.html

Plan To Move Art Museum In Beer Can Nixed

2006-08-15T23:02:00.000-04:00

By Ellen Gedalius of The Tampa Tribune
Published: Aug 15, 2006 A plan to move the Tampa Museum of Art into the "beer can" building and cubes is dead.
The new proposal is to build the museum a new building along the Poe parking garage, adjacent to the site of a proposed new Children's Museum.
The city had planned to buy the cubes, at the corner of Kennedy Boulevard and Ashley Drive, for $5.7 million from America's Capital Partners.
The city also had planned to rent part of the cylindrical building. But appraisals for the cylindrical building came in at the $2 million range, City Attorney David Smith said.
That was a deal breaker.
"It's not prudent," Smith said. "It would look very suspect to be spending tax dollars in that matter."
The proposal needs approval of the Tampa Museum of Art board, and parts of the deal also will need city council approval.

Where did C go?

2006-08-06T13:54:00.000-04:00

I recently learned that "C" is no longer! I drive by their sales office located in the storefront of One Bayshore and hadn't seen much activity since the launch. It sounds like sales never developed... There are several towers in the pipeline for downtown, these will be of a much lower price point and should materialize....hopefully!

The website is no longer available but this blurb remains on their corporate website

"Sales are under way at C, the latest talk of the town in downtown Tampa. A soaring collection of 144 lavishly modern condominium residences, town homes and stunning penthouses, C is the ultimate in style, scene and multisensory indulgence. Tampa Mayor Pam Iorio and the Crescent Resources team officially launched sales recently at an exclusive VIP reception where all the buzz was about C’s distinction in the surge of redevelopment taking place in downtown Tampa. Seductively situated at downtown’s dramatic front door, C puts you in the front row – at the exhilarating, urban edge of everything. Yet above the buzz on the streets, life inside C feels open, simple, calm. Unlike anything Tampa has ever seen. C a new era. C the renaissance."

Kress development has legs...

2006-08-03T23:36:00.000-04:00

Looks like the Kress developers still have some life left in them. In a reversal of fortune, City council voted today to not classify the Woolworth and Newberry buildings historic.

"The developer, however, promised to preserve the facades, but did not want to be regulated by the city's Architectural Review Commission, which has a reputation for nitpicking."

"Preservationists had argued that the buildings played a critical role in Tampa's history and should be saved and labeled historic. Historic buildings cannot be significantly altered, except under extreme circumstances."

Here is a picture of the Kress and adjacent buildings...

8/15/2006 Update: Jeanette Jason is looking for another developer to take the Kress of her hands. This was beyond their scope from the beginning.

As Valley home market cools, emotions heat up

2006-07-30T23:07:00.000-04:00

Good article from the Arizona Republic describing "real emotions" not just stats...

"Home prices have become a touchy subject. Builders are discounting speculative homes, and resale prices are flat, or down, in a lot of neighborhoods. Buyers are submitting lowball offers. Even some sellers and their agents are having trouble agreeing how much similar homes in the same neighborhood are worth. Two houses on the same north Valley street, similar in size and age, are for sale. One lists for $749,000 and the other for $775,000. A third house came on the market on the same street a few doors from the other two. The new listing was similar to the others in size and age but priced at $659,000. Reaction: outrage."The neighbors were really mad," said Thomas Stornelli, principal of Global Network of Homes in Scottsdale. "They knocked on the door and asked, 'What are you thinking?' For a lot of people, their home equity is their bank. It's like taking money out of someone's bank, their retirement account. People (future buyers) are going to use that house as a comp, even if it doesn't have the same upgrades. It's going to leave a mark."The owners of the least- expensive home were equally upset. They were in the midst of a corporate relocation and wanted to sell quickly. Suddenly, angry neighbors were confronting them. One night, someone tore down their for-sale sign. "

A woman walked into Barry's Realty Executives office about nine weeks ago, sat down and began crying. She said she bought two houses last year, fixed them up and quickly sold them, making a $50,000 profit on each.She was a novice investor, but it all looked easy. She took her profits, threw in some extra money and bought five more houses. She spent money fixing them up, but when she put the houses on the market, she realized she had bought at the peak, Barry said."Her eyes just started to well up, and she just started bawling," Barry said. "She said she couldn't sell them for what she bought them for. She said her monthly payments were about $20,000."Barry suggested turning them into rentals. She told him she couldn't get enough rent to make it worthwhile. "She was expecting to flip them," he said. "The market flipped her. She was devastated. People have forgotten that houses are not a liquid asset. They never were meant to be."

Developers Nix or Delay Condo Projects

2006-07-30T22:36:00.000-04:00

More signs that real estate and in particular the condo sector is in a funk....

"In South Florida, canceled condo developments include 1390 Brickell Bay and ICE in Miami, Fort Lauderdale's The Waves Las Olas, and Promenade in Palm Beach County. WCI Communities Inc., a luxury home builder based in Bonita Springs, Fla., said in June that new orders for its high-rise condominiums fell by 84 percent in the second quarter. The company will now go forward with only three to five condo projects in 2006, down from as many as 15 to 17, mostly in Florida"

"The sweet spot of the market is probably $250,000 to $700,000," Domb said. "That's what the majority of the population can afford. Many condos are priced higher. That's part of the problem."

the BLVD

2006-07-26T23:34:00.000-04:00

Here are some pictures of the model displayed at the Boulevard condos sales office. Developer is Wood partners who is also working on the downtown 33 story "Six Ten" - site of the Maas Bros dept store.

Channel District taking shape

2006-07-16T22:27:00.000-04:00

Article in TBO talking about the "second wave" projects at Channelside (Ventana, the Place, the Towers and Grand Central). All are expected to open in 2007 but Grand Central is looking at moving people in by end of year. What I found interesting was that Ventana was ONLY 75% sold. Surely, I thought it would've been 100% by now.

Novare's Formula

2006-07-11T00:29:00.000-04:00

Article talks about what Novare did for Midtown, Atlanta and how they plan to transform downtown Tampa.

Novare/Intown announce Mosaic

2006-07-08T16:54:00.000-04:00

Don't have a current rendering yet but here is the pic from my previous post:

388 units
Franklin St between Polk and Cass
sales expected to begin Q4

PMI vs PiggyBack

2006-07-08T11:03:00.000-04:00

Looks like PMI insurance may become the norm once again - and less people will be able to creatively finance 'more house' - now that the S&P "has upped the ante for lenders who seek to fund piggyback deals through capital market financings".

From the Baltimore Sun:
Wall Street is sounding the alarm on one of the most popular ways to buy a house in many high-cost areas around the country - so-called "piggyback" programs that mesh simultaneously closed first-lien mortgages and second-lien credit lines or mortgages.
As of July 1, the most influential ratings agency in the mortgage arena, Standard & Poor's Corp., has upped the ante for lenders who seek to fund piggyback deals through capital market financings. The move is likely to raise interest rates and fees for some homebuyers this summer, mortgage experts say, and could reduce the volume and availability of piggyback programs overall. The reason for the change, according to Standard & Poor's credit analyst Kyle Beauchamp, is that an exhaustive study of the performance of piggyback loans found them anywhere from 43 percent to 50 percent more likely to go into default than comparable stand-alone first-lien purchase transactions. Piggyback plans were developed as a creative response to soaring home prices and borrowers' desires to stretch their down-payment cash while avoiding private mortgage insurance premiums (PMI).
In traditional financings, a borrower with less than a 20 percent down payment typically must pay for mortgage insurance.
In piggyback arrangements, by contrast, the borrower takes out a traditional mortgage for 80 percent of the property value, but simultaneously obtains a second lien for a portion or all of the balance - with no PMI payments.
Banks and other lenders offer a wide variety of piggyback options. For example, an "80-20" piggyback would require a zero down payment - an 80 percent standard first mortgage and a credit line or second mortgage covering the 20 percent balance. An "80-10-10" would involve a 10 percent down payment; an "80-15-5" just 5 percent down.
With their low cash requirements and often-generous credit standards, piggybacks have been wildly popular among home purchasers during the past several years.
Standard & Poor's policy change effectively requires lenders selling piggyback loans into secondary mortgage market bond pools to purchase substantial additional credit enhancements - added protection for bond investors against the higher expected default rates.
One reason for the higher defaults: Though the interest rate on the first-lien mortgage may be fixed, many of the second liens in piggybacks have been floating-rate home equity credit lines. They are tied to short-term interest rate movements, especially the prime rate, and are exposed to frequent payment increases as short-term rates rise.
A second reason for the defaults: Significant numbers of piggybacks have been made to buyers who were financially stretched to begin with and had marginal credit scores. In Standard & Poor's analysis of nearly 640,000 piggyback transactions, borrowers with FICO scores below 660 were 50 percent more likely to become delinquent than a traditional single-lien mortgage borrower with the identical credit score.
More ominous still for the piggyback market: Federal financial regulators are expected to issue new guidelines for lenders within the next few months that will force them to throttle back on piggybacks, payment-option loans and interest-only loans to borrowers with marginal credit scores and incomes.

Here comes the Buyer's Market

2006-07-07T23:57:00.000-04:00

Article in the NY Times talks about the turn that we have made in real estate. We've all seen it coming for months and can no longer ignore it. In the story the couple from Westchster Co are asking themselves the question that I'm sure has crossed the minds of many sellers in the Tampa Metro "Do we lower the price, or do we take it off the market altogether and wait? And what about our plans for the new house?"

WITH black clouds hanging over the Westchester County housing market for the first time since 1999, Michael and Kara Lyons are caught in a bind: they are sellers in a buyer's market and buyers at the same time.
Their two-bedroom co-op in northwest Yonkers overlooking the Hudson River has been on the market, listed at $250,000, for five months. A year and a half ago, in a booming real estate market, the condo would probably have been snatched up quickly, perhaps after a bidding war.
So, like many other sellers in a decidedly weaker residential market, Mr. Lyons said, he and his wife are wondering: "Do we lower the price, or do we take it off the market altogether and wait? And what about our plans for the new house?"
With the inventory of condominiums, co-ops, free-standing houses and two-to-five-unit buildings rising, many properties are staying on the market for extended periods of time.
"Especially if you're pushing the top end of market, you're probably going to have to sit for a while, unless of course, you're willing to price your property aggressively," said J. P. Endres, owner of David Endres Real Estate and president of the Westchester County Board of Realtors.

Fingerprints needed from real estate agents

2006-07-03T23:44:00.000-04:00

TB Business Journal- People working in real estate in Florida need to make a new kind of impression -- actually, a rolled one.
Electronic fingerprinting is now mandatory for all aspiring real estate professionals in Florida, according to the state's Department of Business and Professional Regulation.
Effective July 1, anyone applying for a real estate agent, broker or appraiser license must provide electronic fingerprints. The state has contracted with an electronic fingerprint vendor, which is offering 15 sites across the state, including Tampa and St. Petersburg.
Electronic fingerprinting is designed to reduce the chance of illegible fingerprints or missing information on the fingerprint card.
Applicants' fingerprints will be scanned and submitted to the Florida Department of Law Enforcement and the FBI. The electronic process will take two to three days, compared to the three to six weeks with the paper copy method.

"Rents on the rise"

2006-06-28T00:21:00.000-04:00

Interesting article detailing what we've all been talking about for some time. All those conversions are taking a toll on the availability and affordability of rental properties.

Armory Finalists

2006-06-20T23:05:00.000-04:00

After months/years of speculation about the future of the Armory, we're a step closer to determining what will be developed at this historic site....

http://smallbusiness.yahoo.com/r-article-a-46567-m-61-sc-101-development_team_for_armory_includes_debartolo_tampa_digital-i

Hedging your home purchase

2006-06-13T20:11:00.000-04:00

In an effort to nudge potential buyers from commiting to purchase a new home, homebuilders Lennar and US Home are offering "Guaranteed Pricing" Basically, if you buy a new home today and the price drops they'll honor the lower price...if the price goes up your price stays the same.

The Lennar rep puts it this way "If you bought a house today for $260,000, and in August we dropped the price on that house to $240,000, you'd get the $240,000," he said.

Please note there have been some concern as to Lennars building practices: http://www.defectivehomes.info/

Clarion sees resistance

2006-06-07T01:05:00.000-04:00

Many Beach Park neighbors are lobbying the city to reconsider allowing a condo to be built because of traffic concerns. Once approved the hotel would be demolished to make way for 250 unit 10 story tower. The original plan was to build 168 condo units plus 160 hotel rooms. The site of this condo is just down the street from the Watermark business complex that was recently purchased by a developer and rumor has it will be transformed into waterfront condos. Tampa City Coucil will vote on the rezoning Thur June 8th - standing room only!

Riverwalk builds momentum

2006-06-07T00:44:00.000-04:00

Fundraising for the river to a step back last week after $3mil proposed state funds were vetoed but Friends for the Riverwalk have stepped up their game and are set to unveil a "major donor program". They have collected 1.5mil since March towards the 2.4 mile walkway.

Night Lights

2006-05-31T23:29:00.000-04:00

How would you like to be the person who paid top dollar for the penthouse overlooking the neon L&C sign every night! This condo by Novare in Nashville isn't complete yet but I'm sure the owner is shopping for floor to ceiling blinds.

The Cove Apartments get a makeover

2006-05-29T17:21:00.000-04:00

Well, more like a major facelift...An old college hangout is being transformed into a resort style gated community with 750 townhomes and condos. Located on Westshore just North of the Georgetown apts (which will undergo it's own transformation)-

http://www.tbo.com/news/metro/MGBULNC9SNE.html

Stratford on Howard

2006-05-28T13:25:00.000-04:00

Crescent Resources has announced plans to build Brownstones (complete with elevators) and loft-style flats where the old Stafford apartments and some single family homes once sat. This is one block north of Bayshore and across from Ceviche.
http://www.stratfordonhoward.com/

Goods things come in two's

2006-05-28T13:16:00.000-04:00

WCI Communities announced plans to build two towers at Rocky Point. They will replace the existing Chase Suites Hotel. This announcement comes at the heels of Highpoint/Cortex unveiling their Blue Meridian project see below....

Rocky Point Blue

2006-05-23T18:32:00.000-04:00

Highpoint has released their plans for the Rocky Point site where Oasis was to be built (aka Green Iguana bar) I don't think the developer has done a project of this magnitude in Tampa. It will be called Blue meridian and based on this pic should be pretty nice.

http://www.mybluemeridian.com

Amon leaps over Donald

2006-05-22T17:13:00.000-04:00

Amon investments has changed their previous design from 2 towers to 1 really tall tower. So tall, infact, that it will surpass "The Donald" by 37 feet.

see related post from 4/11/2006
Update: turns out the FAA still needs to approve the building because of it's height

French are coming to Channelside

2006-05-22T15:35:00.000-04:00

French Development Co. Finergy is looking at developing the corner of Kennedy and 12th street....there are conflicting reports on the numbers but the project will be a mixed use residential units and hotel rooms.

"This project will be built on a 2 acre site located on Kennedy Boulevard on the North Section of the Channelside District in Downtown Tampa.

Conceptual plans are for a 24-story building, 212 residential condo units, 44,000 sf of commercial and retail space and a 120-room upscale hotel. Preliminary design proposes 2 public parks, large sidewalk and and attaianble housing program that will make the project part of the vibrant neighborhood.

Urban Studio Architect and Wilson Miller Engineering are part of the development team.

Project is currently under conceptual planning and City of Tampa review."

Back from vacation

2006-05-22T09:16:00.000-04:00

I was out of the country on vacation for the past week - If anyone has any real estate news/information for the blog please feel free to email me.

Citivest wants another shot

2006-05-10T00:54:00.000-04:00

Citivest really wants to build on this park- they have lowered their original height proposal to 148ft from 195ft. They are currently zoned for 120ft. The city is playing hardball and surely can't be happy since Citivest took them to court in order to develop at Bayshore and DeSoto but the height difference and the proposed park and parking amenities may be an even trade...

Has anyone died here lately?

2006-05-06T19:01:00.000-04:00

The following article in the NY Times reminded me of the "stigmatize" factor when it comes to selling a home. Physically the houses are fine but psychologically.... Also, Florida law does not require sellers to reveal if a murder or suicide happened at the house.

Publix coming to the condo district

2006-05-06T18:10:00.000-04:00

Publix has asked to rezone the parcel adjacent to The Madison condos in order to build a two story grocery store. "They also show a ramp that would provide access to rooftop parking." Intersting... considering that adjacent to it will be the new Whiskey Park entertainment complex...food, bars and parking all in one place!

15 stories - 700 condos and a strip club

2006-05-06T17:59:00.000-04:00

Developer Patel (previous owner of the Maas Bros building) is looking into developing 5 15 story buildings next to Mons Venus...talk about featured amenities!

Malios going to the Beer Can

2006-05-03T18:45:00.000-04:00

Malios announced yesterday that he will be reopening his restaurant downtown - slated opening in October. He will be leasing space at the Rivergate Tower "the landmark cylindrical office building at Kennedy Boulevard and Ashley Drive."

http://news.tbo.com/news/metro/MGBQHCM4RME.html

"The great conversion reversion of 2006"

2006-04-23T14:59:00.000-04:00

Interesting article about communities in South Florida reversing from condo conversions to rentals.

http://southflorida.bizjournals.com/southflorida/stories/2006/04/17/story3.html

Update: More construction/conversions coming to a halt

The Place Phase II

2006-04-22T19:44:00.000-04:00

Not sure how accurate this rendering of the Place is, but if it looks anything like this it will be a great addition to the Channelside District. Many locals were concerned with it's height but Key Developers did a good job explaining the "point tower" effect and it's positive attributes.

Skypoint 2

2006-04-21T04:06:00.000-04:00

Update: Below is a model of downtown for anyone interested in seeing how the new buildings will sit downtown. The bldg on the right is Skypoint facing Ashley.
I've received many questions on these bldgs and will do my best to return all emails as soon as possible.

Skypoint 3

2006-04-20T21:34:00.000-04:00

Today, Skypoint developer, Novare, revealed renderings of their proposed downtown towers. They requested to rezone two adjacent parking lots to make room for their recycled designs. One of the buildings is a mirror image of Skypoint - While I'm very excited about the prospect of more downtown dwellers, I must express my disappointment with Novare's creativity. Maybe they could have put more thought or perhaps come to the table with a "fresh" approach to enhace our downtown and specifically the arts district.

Units will start in the 200k to 400k with 65% being one bedrooms.

The developers must return May 4 for final approval.

Another Tower announced

2006-04-19T08:28:00.000-04:00

101 Meridian Corp filed plans at City Hall and will be heard(zoning) by city council in Sep06. 102 Whiting St. If I'm not mistaken, this is where the "let's goto happy hour after work" Cold Storage bar used to sit.
http://www.sptimes.com/2006/04/19/Hillsborough/Plans_filed_for_condo.shtml

Condo plan causes alarm

2006-04-19T00:02:00.000-04:00

Looks like new Tampa is tired of "growth" and is coming out swinging to ensure these condos don't see the light of day!

http://www.sptimes.com/2006/04/16/Northoftampa/Condo_plan_causes_ala.shtml

see March 15 post

Tampa Towers - closer to reality

2006-04-11T23:48:00.000-04:00

This week the developer of the much hyped (in real estate circles!) Tampa Towers will request to rezone the vacant property, used as a parking lot at Morgan and Washington, to build a highrise residential condo - approx 472 units. There is some confusion from their website as to what the project will look like. Either way it looks like a cool project.

Update: Developer asked for a continuance May 18 @ 10AM

"Builder Closeout"

2006-04-09T20:43:00.000-04:00

More and more frequently I've been noticing "discounts" where the builder throws in upgrades such as granite countertops, better appliances, HOA fees paid for a year and paid closing costs. Inventory numbers are getting larger and are sure to increase as more developements complete this year. Is it a sign the market is not interested in the product or that the product is overpriced?

Update 4/18: Throwing everything but the kitchen sink

West Tampa Renaissance

2006-04-04T23:54:00.000-04:00

West Tampa real estate market is gaining attention...

First NOHO Investment group takes a leap of faith in building 6 shotgun style homes-
Then Intown announced they were to build 75-100 new architecturally accurate bungalow style homes. A partner in the now defunct O2 condos announced a 100 million project (condos, apartments) on 10 acres between Cypress and Gray streets and Oregon and Rome avenues and The Castillo Housing Corp announced plans to build six single-family houses, 19 town houses, and a 12,000-square-foot retail and office building. Now the city is asking for proposals for what to do with the Fort Homer Hesterly Armory. For those unfamiliar, the Armory was an event driven site where Elvis Presley performed (1955) and President John F Kennedy spoke(1963). Developers have been coveting this site for quite some time and would probably like to see it transformed into lofts or the city may choose to revive it as an entertainment venue.

Looks like the ol quote "It's time for West Tampa" may finally be coming true.

What's the starting bid?

2006-04-01T22:55:00.000-05:00

Tampa, FL (PRWEB) April 1, 2006 -- Higgenbotham Auctioneers International announced today that the 30,000± square foot Tampa mansion formally owned by the oft thought controversial Paul Bilzerian has been slated for auction on Thursday, April 27th at 7:00 p.m. The sale of the 11-bedroom, 17-bath mansion, located at 16229 Villarreal de Avila inside the exclusive Avila subdivision of Northern Tampa, is expected to draw national attention due to its former owners colorful history.

SOHO continues Condo run

2006-03-31T20:29:00.000-05:00

807 SOHO is going condo. How many apartment communities are left in SOHO? If you want to buy in SOHO you can get these 2/1 (2 bedroom 1 bath) starting in the low $200s. They are just south of Swann.

Nice looking House

2006-03-31T20:15:00.000-05:00

Want to live in Carrollwood? My friends are selling their 4/2 house...If you like it send them an email or call 363-4525.

It's 4 A.M. Do You Know Where Your Realtor Is?

2006-03-31T00:20:00.000-05:00

First we have 24 hour banking and now 24 real estate.....

New Yorkers may talk about living in a city that never sleeps, but most do the real estate dance by daylight. To set itself apart from the daytime-only crowd — and to squeeze in more appointments — the condominium sales office.....is open around the clock. In a city where all-night pharmacies or all-night copy shops can seem few and far between — not to mention all-night diners — an all-night real estate sales office is, to say the least, unusual.

Condos to replace office park - Westshore

2006-03-30T23:54:00.000-05:00

BEACH PARK - Ativas Development Group has filed a rezoning request to replace a three-story office complex with up to 233 condominiums. The 2.3-acre parcel, 5600 Mariner St., sits between a condominium building and a handful of homes nestled behind the Watermark Office Park. The city council is set to consider the request July 13. The number, design and price of units are contingent on zoning. The project's height will be limited because it's under a Tampa International Airport flight path.

Increase in home value = more taxes

2006-03-30T09:42:00.000-05:00

Many homeowners who purchased a dwelling several years ago and have watched their property value rapidly appreciate since then are finding that they must pay substantial taxes when they sell.

A 1997 change in the tax code excludes from the capital-gains taxes up to $250,000 of the sales proceeds for single homeowners and up to $500,000 for married couples, provided that the property was used as their primary residence for two of the last five years. Prior to the change, homeowners could defer or erase capital-gains taxes by immediately sinking their sales profits into a similarly priced or more expensive dwelling.

However, the changes made that year eliminated this provision, as well as another that gave retirees over the age of 55 a one-time exclusion of $125,000. Any profits above the $250,000 or $500,000 exclusions are taxed at the top capital-gains rate of 15 percent, though experts say most sellers are making enough from the sale to cover their tax bills.

The National Association of Realtors (NAR) reports a jump in the number of $500,000-plus home sales to over 827,000 single-family units in 2005, vs. 641,200 in 2004 and just 66,100 in 1996.

Because capital gains are added to their adjusted gross income, many home sellers no longer qualify for some deductions, personal exemptions and credits. If their incomes rise high enough as a result, they could also be hit with the alternative minimum tax.

Source: The Wall Street Journal (03/29/06)

Neighborhood Rejects Background Checks

2006-03-29T23:12:00.000-05:00

The people have spoken...or at least the residents who voted against the proposal to run background checks on potential new owners.

http://www.tbo.com/news/metro/MGBIEAIIELE.html

Background Checks for Home Buyers

2006-03-28T16:56:00.000-05:00

WESLEY CHAPEL - The HOA of the of the Longleaf neighborhood at Meadow Pointe neighborhood will consider at its annual meeting tonight a measure requiring all new residents to undergo criminal background checks.
Proponents say the proposed amendment to the association's rules aims to keep sexual predators out of the 220-home subdivision. Critics say Longleaf's proposal raises concerns about privacy and fair-housing laws. If the proposed rule change passes, background checks will be conducted on buyers before they can close on a sale. The association could deny the sale if a check produces an unacceptable result. Similar restrictions are frequently part of sales in co-op buildings or condos but not typical for single family residences or townhomes.
There's nothing to prevent any homeowners association from requiring presale background checks. Anyone rejected because of a background check would have little room to sue, de Haan said. "A person who is applying for housing has no standing against the association," de Haan said. -TBO.com

Questions:
So if one person is not comfortable with an "applicants" background they'll put it to a vote?
How will this restriction affect home sales in the neighborhood?
What about a persons right to sell or the Fair Housing Act?

Alley Facts

2006-03-28T11:29:00.000-05:00

Tampa has about 4,500 alleys, according to an August 05 study that also found:

There are about 2,200 open alleys and almost 2,300 closed alleys.
Of the city's 165 grids, each 1 square mile, 71 have alleys, including 59 with open alleys.
East Tampa neighborhoods have the most open alleys, 400, followed by Seminole Heights with 376 and West Tampa with 267. New Tampa has no alleys.
From 1980-83, the city's alley-vacating program closed more than 800 alleys, almost 70 percent of the nearly 1,200 alleys closed since 1980.

New way to "flip" real estate

2006-03-28T11:03:00.000-05:00

CNNMoney.com - There's finally going to be a viable way to cash in on the housing price boom -- or to guard against its decline -- without going through the messy business of actually buying and selling properties. S&P CME Housing Futures and Options

These derivatives will enable investors to take a position on the direction of home prices either for the nation as a whole or for 10 major cities to start, including New York, Los Angeles and Chicago. Of the three major asset classes, the bond, the stock and the housing markets, only the housing market, which represents some $20 trillion in assets, cannot be speculated on easily, said Robert Shiller, the Yale economist and author of "Irrational Exuberance," the 2000 book that foresaw the bursting of the tech-stock bubble.

Who will use them?
Shiller sees these derivatives mostly as tools that large, institutional investors can use to reduce risks. Mortgage bankers, for example, could hedge against falling real estate markets that would increase their exposure to delinquencies and foreclosures.

So how would an ordinary consumer employ these tools?
By direct investment: Investors could buy futures in housing prices and profit if home prices continue to increase (if the investor goes long) or if they fall (if the investor goes short)

By locking in home equity: Home owners intending to sell within a year or two can go short in home price futures. If the price of their house drops, that can recapture the loss on the investment.

Case Shiller Weiss thinks home owners will eventually be able to buy home equity insurance that will protect against loss from falling home prices. Homeowners already have fire or storm insurance to protect them against losses, why not protection against losses from home price decreases?

Linking the price of a home to the index: A seller could peg the price of the home to the index by making it a multiple of the index for the city. A nice house in a prime neighborhood in Chicago, for example, might be listed at a constant 1,000 times the Chicago index value of 500, rather than simply at $500,000. Then as the index goes up and down, the home price changes as well. Both buyers and sellers would have confidence that the selling price was fair at the time of purchase.

New condo proposed next to Floridian Hotel

2006-03-25T01:10:00.000-05:00

Arbel is also working on the Floridian Hotel renovation. I believe his concept of customized units is nice but should increase the per unit price.

TBO - Published: Mar 23, 2006
TAMPA - A Miami-based developer wants to build a 37-story condo tower in downtown Tampa, with units customized to the buyers' desire.
Haim Einhorn, president of Arbel Inc., plans to build 250 residential units plus about 10,000 square feet of retail space, according to papers filed Wednesday with the city.
The project, bounded by Florida Avenue and Marion, Tyler and Cass streets, would be called Tampa City Lofts.
Prices would start in the low $200,000s, and open floor plans can be customized. Einhorn said he is targeting "average, work-force people."
The tower, adjacent to the Floridan Hotel, would feature a five-level parking garage, with a pool deck on the sixth floor.
The project is the latest designed to bring residents downtown. About 1,650 units are under construction or planned for the North Franklin Street area, according to the Tampa Downtown Partnership.
The project, which would be 459 feet tall, needs city council approval because the height limit in the area is 120 feet.
A tentative public hearing is scheduled for 6 p.m. Aug. 17.
If approval is granted, groundbreaking is expected next year.

Tampa City Council Supports Maas Bros.

2006-03-24T01:09:00.000-05:00

Tampa City Council gave final approval Thursday to a plan to turn the former Maas Bros. building into a condominium tower. Wood Partners plans to turn the Maas Bros. block on Franklin Street into a 32-story, 503-unit condo tower. The building will rise 460 feet.
CONTACT: David Thompson of Wood Partners, 813-258-6585

Wood Partners is under contract to purchase the Maas Brothers block from its current owner, 610 Franklin, LLC. (aka Patel)

Six Ten Franklin

Home Inspections Prior to Selling Home?

2006-03-21T20:53:00.000-05:00

Proven Way to Sell Homes Quickly for the Most Money

TAMPA, Fla., March 21 /PRNewswire/ -- Homeowners are protecting their real estate investments by conducting home inspections prior to selling their homes. By identifying hidden problem spots, sellers are able to fix problems in order to sell homes faster and for more money. Conducting pre-list home inspections and repairing problems before the home goes on the market can speed home sales by as much as 30 percent.

Pillar to Post Home inspections are no longer a mom and pop operation

SkyPoint earns new multi-million-dollar investor

2006-03-21T20:39:00.000-05:00

Tampa Bay Business Journal - 5:52 PM EST Tuesday

With several of its 32 floors already coming out of the ground, downtown Tampa's SkyPoint residential tower is getting some fresh cash from an Atlanta investment firm.
Jamestown, a real estate investment and management company, has committed $10.5 million total to both SkyPoint and a similar condo tower project under construction by Novare Group in Charlotte, N.C. Jamestown executives are calling it the first "opportunistic deal" they have made in two years, expanding its base outside its traditional New York, Washington, D.C., and Boston markets.
With its investment in SkyPoint and Avenue, a 36-story, 386-unit tower in Charlotte, Jamestown has effectively taken out a portion of Novare's cash in the deals.
In return, Jamestown will receive a preferred return on its investment and a portion of the excess profits, a release said.
Jamestown executives are looking at developing a long-term relationship with Novare, and looking at other projects under development in Atlanta and Nashville, they said.
Both the Tampa and Charlotte projects are more than 80 percent sold, and both are expected to open in Spring 2007.
SkyPoint, on North Ashley Drive, will be comprised of 380 units and 10,500 square feet of retail.

Hillsborough Adds 133,204 Residents

2006-03-21T00:42:00.000-05:00

Published: Mar 16, 2006
TAMPA - Hillsborough County continues to be one of the nation's biggest producers of new residents; a harvest cropping up at new subdivisions, office plazas and on increasingly crowded highways.
New population estimates released today by the U.S. Census Bureau show that the county gained 133,204 residents since April 2000, the 15th-largest increase in the nation. This increase, to an estimated 1,132,152 Hillsborough residents, is reflective of past and future growth that one estimate says will last through 2030.
Economists watching Florida and the Tampa Bay area's booming population wonder how smoothly jobs, housing and services grow, blend and develop as Florida grows.
These population predictions translate into positives in the form of job growth, new residential and commercial construction and the demand for businesses to provide goods and services to new residents.
Those same transplants, however, place demands on Hillsborough's infrastructure, health care system and the cost of housing. That includes the rush hour impact of commuters moving to booming counties such as Pasco, Hernando and Polk.
Growth will work best if Florida focuses less on construction on vacant land and looks more at redeveloping existing neighborhoods and business locations, said Jim Hosler, team leader of research and economic development for the Hillsborough County City-County Planning Commission.

Real estate sales trends reflect some impact of the area's growth. Recent slowdowns in Florida's active real estate market is likely a result of a drop in the number of speculative buyers, Reaser said. Investors buying so much real estate in the past created a shortage in inventory, and forced home prices up, she said.

Brad Monroe, president of the Greater Tampa Association of Realtors, said Hillsborough County is returning to a more traditional sales pace, with an inventory of two to three months' worth of available real estate.

Condo conversions thrown into reverse

2006-03-20T23:47:00.000-05:00

Could this be the beginning of a trend?

BOYNTON BEACH -- A conversion reversion at a South Florida apartment complex could serve as an indicator to the rest of the state that the condominium craze has reached its peak.
The Gateway Club at Orchid Lakes, a 319-unit apartment community in Boynton Beach that announced a conversion to condominiums late last year, has switched back to a rental community

InTown + West Tampa

2006-03-19T19:08:00.000-05:00

That was then.... By Times StaffPublished May 17, 2005
TAMPA - The West Tampa Community Development Corporation and InTown Properties have entered into a development agreement to build single-family homes in West Tampa.
InTown Properties is a development company created by former county commissioner Ed Turanchik.

This is now.... Weekly Planet March 15, 2006
The mural is well-known to everyone in West Tampa, even if it is mostly obscured by trees that have grown up in front of it at Main Street and Howard Avenue. It reads, "It's Time For West Tampa." The most recent attempt to prove the mural right can be found on Albany Street a few blocks north of the interstate, one of the extra-wide residential streets that criss-cross West Tampa. Construction workers are putting the last touches on three new homes that could change the neighborhood forever. A carpenter nails a vinyl soffit into a porch ceiling that looks just like the wood slats found in homes 100 years older.
The three homes sit on lots no wider than 33 feet. One bungalow is just 18 feet wide, in the traditional "shotgun" configuration -- meaning that a load of buckshot fired through the front door could fly out the back door unimpeded. It is an architecture that is familiar to Tampa... Familiar, that is, at the turn of the 19th century.
They are the brainchild of former Hillsborough County Commissioner, unsuccessful Olympics bidder, failed Civitas partner and all-around dreamer Ed Turanchik.
He has plans to build more than 75 new homes -- historically accurate and affordable -- in West Tampa.
Nowhere else in Tampa Bay, and perhaps in Florida, is there a better chance to create a modern urban neighborhood than here in West Tampa. To create a highly dense, affordable, working-class, transit-ready city within a city. To create a model for how this state can turn its growth inward to its urban cores rather than sprawling across virgin scrub-palmetto fields and former citrus groves.

His biggest obstacle was Tampa's antiquated zoning laws, which were designed for suburban construction, not urban challenges. He wanted the city to allow him to recreate the neighborhood exactly as it was in 1931. Just a week before his project launches, Turanchik unrolls a plat map from that year for a visitor to his office, showing how densely packed the neighborhood was, as much as 13 units per acre -- the same density as exists on Harbour Island in downtown Tampa. He convinced city officials that the historic patterns of growth were better than the current suburban-oriented rules.

Rules:
Must get construction loan and cannot deviate from pre-designed plans
Must live in home for 3 years- Homestead
No rentals
One house to a customer
Bungalows (pic above) are income restricted (43k household)
Madatory monthly lawn service $50.

Questions:
Will they pay the interest only payment for the construction loan if the preferred lenders are not used (GTE and Suncoast)
Will comps (appraisals) be available in an area where homes are much less then sales price (239k)

Regulatory:
Developers and urban visionaries have a remarkable amount of regulatory hoops they have to jump through to build something new or start a business. The city allows for the opportunity for change in West Tampa, on one hand, while putting numerous obstacles in its path -- for instance, giving unusually strong oversight authority to neighborhood residents through what is called an "overlay" district that calls for tough design and construction standards. An informal Overlay Committee of those residents meets to discuss new projects, and its clout with Tampa City Council is strong, if not specifically grounded in law.

The Kress - round II

2006-03-17T09:02:00.000-05:00

Last week, the City Council voted to designate as historic landmarks the facades of the Newberry and Woolworth buildings on N Franklin Street, despite objections from the owners of the buildings. The council also ignored a request for compromise from Mayor Pam Iorio, who is eager to seeN Franklin transform into a bustling residential neighborhood. She suggested that the city use zoning documents and monitoring by the city staff to protect the buildings.
But Thursday council members learned the legal description in the ordinance they approved encompassed more property than they had thought.
"The ordinance they adopted is out there. It's valid, it's applicable," but it does not properly identify the land in question, said City Attorney David Smith. "The best way to fix it is to start the process all over again."
That means sending the designation request back to the Historic Preservation Commission for approval, then the City Council, then the Hillsborough County City-County Planning Commission, then back to the City Council for two public hearings, a process that can take months, Smith said. -SPTimes 3/17

Conversion numbers

2006-03-17T08:55:00.000-05:00

The conversion numbers below indicate why it's harder to find affordable rent in the Bay area.

Apartments converted into condominiums in Tampa Bay area since 2001.

HILLSBOROUGH: 50 properties, 14,996 units, 15.3 percent of apartments countywide as of 2001.
PINELLAS: 47 properties, 11,000 units, 21.5 percent of apartments countywide as of 2001

Source: Bay Area Apartment Association

Bay to Bay activity

2006-03-15T20:27:00.000-05:00

The previous post reminded me of a project that Tampa City Council recently voted down. Developer South East Capital Partners tried to get zoning approved for The View. A 26 story bldg next to the cross town and adjacent to Patches (who by the way serves and awesome omelette). It was voted down primarily for it's height and because council believed it would set a precedent for other developers to build "inland". The building wouldn't be on Bayshore and maybe council believed the next highrise would be on McDill!

More Developers:
Crescent Resources - developed One Bayshore (across from Publix) and have plans for 4 more towers in the vicinity. The latest is simply "C" c-itall

Byrd - Would like to develop BLU adjacent to the Channelside Complex and at the tip of Harbor Island. The project would include 2 towers, office space and a SweetBay (formerly Kash n' Karry) BLU

Apts on Bayshore sold - Crescent

2006-03-15T20:07:00.000-05:00

Just north of these apts, on Bay to Bay, is Bayshore park. Currently used by locals that like to run/bike on Bayshore but need a place to park. It's also used by BayshorePatriots
Purchased by Citivest, developer of The Stovall on Bayshore. Citivest would like to re-zone the parcel to allow for more height. In turn they would allocate space for a small park.

Complex sold, will stay apartments
Bay Oaks Apartments, a 176-unit rental complex on South Tampa's Bayshore Boulevard, has a new owner -- and it is not converting the property to condominiums.

The 32-year-old complex was purchased for $27 million, or $153,409 per unit, by Crescent Resources LLC of Charlotte, N.C., from Carter-Haston of Nashville, Tenn., said officials with Cushman & Wakefield, which brokered the deal.

Despite the recent rash of apartment complex purchases being converted into condominiums, Bay Oaks will retain its name and its rental status. Rents on the property average about $708 per month, compared to Tampa's average rental price of $676 monthly, according to the Apartment Ratings Web site.

Crescent is active in the Tampa Bay area, planning two additional office buildings on Boy Scout Boulevard across from International Plaza in Tampa. Crescent, a subsidiary of Duke Energy Corp. in Charlotte, owns and manages 1 million square feet of offices in the West Shore business district, plus 400,000 square feet at Hidden River.

1,500 Condos coming to New Tampa

2006-03-15T20:00:00.000-05:00

I used to live near this site - this will only make the traffic a bigger issue. Anyone that lives in the area can attest at the gridlock.

Plan Calls For 1,500 Condos Along Bruce B. Downs - TBO

A Tampa shopping center developer has been holding on to 644 acres along Bruce B. Downs Boulevard for more than a decade.

Now the Giunta Group wants to build 1,500 condos plus 85,000 square feet of office and retail space north of the Lake Forest subdivision.

The group has applied to rezone the agricultural tract for a planned development. Most of the site, 565 acres, is protected wetlands, so the development would have to be on the fringes and along Bruce B. Downs Boulevard.

The project would represent the tallest buildings in New Tampa's Bruce B. Downs corridor. To maximize density, all but 135 of the condominium units would be built in five-story buildings atop parking garages. The remaining units, those closest to North Oaks and Lake Forest, would be three-story buildings atop garages.

Inauguration Post

2006-03-15T19:43:00.000-05:00

The mission of this BLOG will be to consolidate the multitude of real estate projects and related business transactions that are happening in the Tampa Bay area in one location. It will not necessary be limited to Tampa and you may find items of interest around the state and nation. Please feel free to provide any feedback and ask any real estate questions you may have. I will do my best to answer all questions. Enjoy.