Developers of Element, the still-incomplete 34-story downtown Tampa condominium tower, are considering converting much of the building into apartments until the housing market improves.

A shortage of qualified buyers forced the hand of Novare-Intown Tampa Development LLC, whose completion of the neighboring SkyPoint condo tower was among the few success stories in the imploding urban condo market.

Novare is considering renting out units that range from 691 to 3,445 square feet, using the rental income to help cover its debts until the sales climate improves in a couple of years.

Christine Burdick, head of the Tampa Downtown Partnership, said the move makes sense: Better a vibrant apartment building than a half-empty condo tower.

"There are a lot of people not eligible for mortgages and there's a lot more renters," Burdick said. I think having people living downtown and contributing to its vibrancy is one of the objectives.

Work on Element is so far advanced that Novare plans to remove its tower crane this month from the construction site on Franklin Street. Though the building is nearly topped out, the interior work will stretch well into 2009.

Sales prices range from about $220,000 to nearly $1-million.

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