TAMPA — The 35-story downtown Element apartment tower is for sale as part of a big condo and apartment bundle valued at nearly $1 billion, its owners said.
The tower was bought by Chicago-based property investors after its developer defaulted on a construction loan, ST Residential executive Jon Pertchik said.
Pertchik said "the sale will mean nothing" for tenants in the tower's 395 apartments at 808 N Franklin St., which rent for $1,300 to $2,100 a month.
The tower was once planned as condos selling for up to $1 million before the condo market crashed and developers retooled them as rentals.
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