TAMPA — Atlanta developers plan to rekindle an apartment project long stalled near Hyde Park, intending to spend nearly $40 million on hundreds of apartments in a complex called Post SoHo Square.
Post Properties told investors this week it planned to build 231 apartments and more than 10,000 square feet of retail space at the complex, near the epicenter of S Howard Avenue's busy nightlife.
No rental price was given for the apartments, which would average about 880 square feet in size. Developers also gave no starting date for construction, though they said the first apartments would open in early 2014.
Post bought the land, which had included the popular Whiskey Park SoHo nightclub, near the southeast corner of Howard and Swann avenues in 2005 for about $12 million. Post was one of many developers at the time intending to build condominiums and storefronts.
But two years later, as the condo market collapsed, the developers shuffled their plans into a four-story, 192-unit luxury apartment complex, with nearly 20,000 square feet of retail, restaurant and office space.
The latest plan was announced this week in advance of a conference call with Post investors.
Filling in the development gap that failed condo projects left behind, Tampa Bay apartment construction appears to be quickly building strength.
Last week, developers with Pollack Shores Real Estate Group broke ground on a $36 million apartment complex called NoHo Flats, planned for an old industrial expanse of North Hyde Park.
Developers of both projects are looking to lure in Tampa's lucrative rental market, which grew during the recession, fueled by high rates of foreclosures.
Apartment vacancy rates across Tampa Bay have slid to about 6 percent, according to midyear data from commercial real estate broker Cushman & Wakefield. Average rents have risen to $859 a month.
Messages left Wednesday with Post Properties were not returned.
The firm has more than 2,000 apartments in seven complexes, and more than 45,000 square feet of retail space, leased or under development across the country, a Post statement said.
Contact Drew Harwell at (727) 893-8252 or [email protected]