Friday, August 17, 2018
Real Estate

Massive Midtown Tampa project signs Crescent Communities to build 390 apartments

TAMPA — Crescent Communities has built hundreds of high-end apartments around Tampa in recent years and will build 390 more above a base of ground-floor stores and restaurants as part of the $500 million Midtown Tampa project, developers announced Thursday.

Construction on the Novel Midtown Tampa apartments is scheduled to begin late this year, with completion expected in the second half of 2020.

Neither unit sizes nor rental rates have been determined yet, said Margie Martin, spokeswoman for The Bromley Companies, the New York-based master developer for Midtown Tampa.

The apartments will be part of Midtown Tampa’s 1.8 million square feet of office, residential, retail, entertainment and hospitality development on 22 acres at the southeastern corner of Interstate 275 and Dale Mabry Highway.

PREVIOUS COVERAGE: Developer plans $500 million Midtown Tampa project near Westshore

Based in Charlotte, N.C., Crescent has developed 60-plus master-planned communities of single-family homes, more than 20 million square feet of commercial space and 32 multifamily projects, including the 394-apartment Novel Riverwalk near the David A. Straz Jr. Center for the Performing Arts.

The Novel Riverwalk, which recently started leasing, has about the same number of apartments as the project planned at Midtown Tampa. It includes studio, one-, two- and three-bedroom apartments with 528 to 1,510 square feet of space, a parking garage, fitness center and two saltwater pools.

Locally, Crescent also developed and sold the Crescent Bayshore, Crescent Crosstown and Crescent Westshore apartments.

"Tampa has really evolved into an attractive market, with strong employment growth and an active, livable environment, making it ripe for the first truly-integrated, walkable, mixed-use development in this region," Crescent senior managing director Jay Curran said in a statement released by the Bromley Companies.

The Novel Midtown Tampa apartments will be within walking distance of a recently announced 48,000-square-foot Whole Foods Market and 4 acres of activated outdoor space.

"The vibrant, walkable environment at Midtown Tampa is the ideal location for Novel, where residents will have access to experiences and spaces with a vibrant energy day and night," Bromley Companies CEO Nicholas Haines said in announcing Crescent’s involvement with the project.

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Contact Richard Danielson at [email protected] or (813) 226-3403. Follow @Danielson_Times

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