Make us your home page
Instagram

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

Bainbridge Companies of Palm Beach County closed Friday on a 12- acre, $13.2 million parcel as part of the Westshore Marina District project. It plans to build 345 luxury apartments there. [Courtesy of BTI Partners]

Bainbridge Companies of Palm Beach County closed Friday on a 12- acre, $13.2 million parcel as part of the Westshore Marina District project. It plans to build 345 luxury apartments there. [Courtesy of BTI Partners]

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

A $13.2 million sale brings 345 more luxury apartments to Tampa's Westshore Marina District 09/05/17 [Last modified: Wednesday, September 6, 2017 1:00am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Sen. Nelson urges FEMA to examine high number of denied flood claims

    Banking

    Sen. Bill Nelson urged FEMA on Tuesday to ensure fairness, proper oversight and transparency in processing Hurricane Irma aid following a report by the Palm Beach Post that 90 percent of Irma claims under the National Flood Insurance Program had been denied.

    Sen. Bill Nelson is calling for FEMA to ensure the flood claims process post-Hurricane Irma is fair and ethical following reports that 90 percent of claims under the National Flood Insurance Program were denied. | [Times file photo]
  2. Amazon expands in Tampa with Pop-Up shop in International Plaza

    Retail

    TAMPA — A new retailer known largely for its online presence has popped up at International Plaza and Bay Street.

    Shoppers walk past the new Amazon kiosk Tuesday at the International Plaza in Tampa. The kiosk, which opened last month, offers shoppers an opportunity to touch and play with some of the products that Amazon offers.
[CHRIS URSO   |   Times]

  3. Study: Florida has fourth-most competitive tax code

    Banking

    Florida's tax code is the fourth most competitive in the country, according to a study released Tuesday by nonprofit group Tax Foundation.

    Florida has the fourth-most competitive tax code, a study by the Tax Foundation said. Pictured is  Riley Holmes, III, H&R Block tax specialist, helping a client with their tax return in April. | [SCOTT KEELER, Times]
  4. Trigaux: On new Forbes 400 list of U.S. billionaires, 35 now call Florida their home

    Personal Finance

    The latest Forbes 400 richest people in America was unveiled Tuesday, with 35 billionaires on that list calling Florida home. That's actually down from 40 Florida billionaires listed last year when a full 10 percent listed declared they were Floridians by residence.

    Edward DeBartolo, Jr., shopping center developer and  former San Francisco 49ers Owner, posed with his bronze bust last year during the NFL Hall of Fame Enshrinement Ceremony in Canton, Ohio. DeBartolo remains the wealthiest person in Tampa Bay according to the Forbes 400 list released Tuesday. 
[Photo by Joe Robbins/Getty Images]
  5. Clearwater attorney accused of condo foreclosure trickery fights back

    Real Estate

    The Clearwater lawyer accused of tricking a bidder into paying $458,100 for a gulf-front condo now plans to contest a judge's order tossing out the sale.

    John Houde, left, looks in the direction of Clearwater lawyer and real estate investor Roy C. Skelton, foreground, in August during a hearing Sixth Judicial Circuit court Judge Jack St. Arnold at the Pinellas County Courthouse. The judge agreed with Houde's allegation that he was duped by Skelton in thinking he bought a Redington Beach condo for $458,100 out of a foreclosure auction. Now Skelton is fighting back. 
[DOUGLAS R. CLIFFORD   |   Times]