TAMPA --- WCI Communities has paid $12.5 million for 9.5 waterfront acres in the Westshore Marina District near Gandy and Westshore Boulevards.
The purchase, which closed today, gives the high-end subsidiary of Miami-based Lennar Corp. a total of 11.85 acres in the 52-acre master planned community. WCI plans to build more than 140 three- and four-story townhomes with rooftop decks overlooking private docks in a protected private harbor.
The marina district is a project of Fort Lauderdale’s BTI Partners, which has sold off other parcels in the past few years. Related Group recently topped off a rental apartment complex with occupancy slated for later this year. Bainbridge has topped off an apartment community with occupancy expected for early 2019.
"WCI’s acquisition highlights the fact that this area has become, in a short period of time, a hub of luxury waterfront living with the added benefits of a 1.5 mile-waterfront park, Tampa’s biggest marina and the upcoming development of waterfront restaurants and highly curated retail," Beck Daniel of BTI Partners said in a release.
BTI kept a prime waterfront site on which it is developing Marina Pointe, a three-tower condo project overlooking the bay with units starting at around $700,000. The company recently began preleasing of 70,000 square feet of retail and office space in the district. When built out, the district will have an estimated value of $750 million.