Tuesday, September 25, 2018
Business

A $13.2 million sale brings 345 more luxury apartments to Tampa's Westshore Marina District

TAMPA — Westshore Marina District is destined to transform Tampa's western waterfront but the work will be done almost exclusively by South Florida developers.

Bainbridge Companies of Palm Beach County closed Friday on a 12-acre, $13.2 million parcel on which it plans 345 luxury apartments. That follows the sale of smaller parcels earlier this year to Miami's Related Group and WCI Communities, a subsidiary of Miami-based Lennar.

The seller in all three was Fort Lauderdale's BTI Partners, the master developer of the 52 acres at Gandy and Westshore boulevards. The deal with Bainbridge is likely the final sale to a third party as BTI launches its own project, a 16-story condo tower overlooking Tampa Bay.

Why so much South Florida interest in a part of Tampa that has long been industrial?

"Sometimes when you look at something from the outside, you are able to see things you're not able to from the inside," Noah Breakstone, BTI's managing partner, said Tuesday. "We view Westshore Marina District as really being an incredible waterfront property where a lot of residential living has direct access to the water. That's what exciting to me about this parcel and I believe Related and Bainbridge and WCI see the same thing."

Bainbridge's apartment complex will be gated and include game rooms, exercise facilities, dog parks with a washing station and 24-hour security. The company, which owns rental communities in several states, is also developing 930 Central Flats, a 218-unit apartment project in St. Petersburg's Edge District that is under construction and due to be finished next spring.

PREVIOUS COVERAGE: South Tampa waterfront community to rise along with Selmon Expressway Extension

After the original plans for the marina district property collapsed during the recession, BTI acquired the land and began marketing it to seasoned developers. In February, Related paid $11.8 million for 8.5 acres on which it has started underground work for 396 waterfront apartments. In May, WCI paid $2.5 million for 2.35 acres on which it plans 35 townhomes. It is expected to close on another parcel early next year.

BTI decided to keep a prime waterfront tract for Marina Pointe, a 112-unit condo tower. Although the project was announced only a few weeks ago, "we've been very surprised to see the number of people requesting information," Breakstone said. "It's been well over a couple of hundred."

The company will start taking reservations in the next few weeks for the condos, tentatively priced from the $600,000s to more than $1.5 million.

BTI still has some smaller parcels for which it hopes to land restaurants and a grocery store. When finished in 2020 at an estimated cost of $600-million, Westshore Marina District could also include a 200-room hotel, office space and up to 240 marina slips. Construction will proceed in tandem with another mega-project, the extension of the Lee Roy Selmon Expressway on Gandy Boulevard.

Of course, a lot of things could change if the Tampa Bay area is devastated by a major hurricane like Irma.

"Hopefully, we (in South Florida) will slow it down for you,'' Breakstone said.

Contact Susan Taylor Martin at [email protected] or (727) 893-8642. Follow @susanskate

Comments
Tampa Bay Whole Foods can now deliver through Amazon Prime Now

Tampa Bay Whole Foods can now deliver through Amazon Prime Now

Tampa Bay Whole Foods Market shoppers can finally get organic goodies delivered to their homes in a few hours as members of Amazon Prime. Amazon announced today that Whole Foods has added Tampa, nine other metro areas and parts of Seattle and New Yor...
Updated: 10 hours ago
FEMA rolling out new flood zone maps for Tampa Bay counties

FEMA rolling out new flood zone maps for Tampa Bay counties

Thousands of Tampa Bay-area property owners could soon find themselves with new flood zone designations on their homes and businesses.The Federal Emergency Management Agency has completed a years-long study to update flood zone maps in Hillsborough, ...
Updated: 7 hours ago
Rep. Charlie Crist urges federal consumer watchdog to investigate Marlin Financial

Rep. Charlie Crist urges federal consumer watchdog to investigate Marlin Financial

U.S. Rep. Charlie Crist is calling for the federal Consumer Financial Protection Bureau to investigate Marlin Financial, saying he was "disturbed" by a recent Tampa Bay Times’ investigation into the online auto finance company. In a letter Tuesday af...
Updated: 9 hours ago
Dunkin' to drop Donuts, change name in January

Dunkin' to drop Donuts, change name in January

Dunkin' is dropping the donuts — from its name, anyway.Doughnuts are still on the menu, but the company is renaming itself "Dunkin'" to reflect its increasing emphasis on coffee and other drinks.The change will officially take place ...
Published: 09/25/18
Struggling against Red Tide, a Redington Beach liquor store is too small to qualify for local aid

Struggling against Red Tide, a Redington Beach liquor store is too small to qualify for local aid

REDINGTON BEACH — Mark Wilson hasn’t had a customer for hours.As the only liquor store on his stretch of Pinellas County beaches, Wilson is used to a steady stream of tourists from the nearby condos and hotels. Other beachfront businesses affected by...
Published: 09/25/18
Weight Watchers slims its name down to WW

Weight Watchers slims its name down to WW

Weight Watchers is its dropping its brand name in exchange for something slimmer: "WW." The company says the new logo - coupled with the tagline "Wellness that Works" -- puts an emphasis on overall health and well being, with less...
Published: 09/24/18
Study: Some Tampa Bay neighborhoods among quickest selling in the state

Study: Some Tampa Bay neighborhoods among quickest selling in the state

Tampa Bay sounds like a home seller’s dream market — even compared to other locales statewide. According to a recent study by SmartAsset, four of the top 10 easiest places to sell a home in Florida are in the bay area. Northern Hillsborough County ac...
Published: 09/24/18
Lower demand brings slight dip in gas prices across state, Tampa Bay

Lower demand brings slight dip in gas prices across state, Tampa Bay

Just in time for fall, pump prices are finally declining. Gas prices in Florida averaged $2.72 per gallon Monday, down from $2.74 per gallon a week ago, according to AAA, The Auto Club Group. Tampa Bay prices were even lower at $2.63 per gallon, down...
Published: 09/24/18
SiriusXM to buy Pandora for $3.5 Billion in bid to expand reach

SiriusXM to buy Pandora for $3.5 Billion in bid to expand reach

Satellite radio provider Sirius XM said Monday that it would acquire music streaming service Pandora Media for $3.5 billion in a bid to corral listeners who do not want to pay for premium channels.Pandora rose to success by providing tailored radio s...
Published: 09/24/18
Jeff Vinik invests in gaming headset maker boosted by Fortnite’s popularity

Jeff Vinik invests in gaming headset maker boosted by Fortnite’s popularity

TAMPA — As a mutual fund wonder-boy, hedge fund manager and real estate investor, Jeff Vinik has long displayed a sense for knowing when to put money into the next big thing, and his latest bet on e-sports may be no different.Vink recently bought nea...
Published: 09/24/18