The cloudburst of apartment construction continues to roll across Tampa Bay, this time bringing another complex a few blocks from International Plaza.
Framework Group, the Tampa developers behind a proposed high-rise near the David A. Straz Jr. Center for the Performing Arts, plans to build a 262-apartment complex on a vacant West Shore lot at 4310 W Spruce St.
Framework partnered with Charlotte, N.C., developer Northwood Ravin to buy the 3-acre site this week for $5 million and expects to begin construction this summer, Framework president Phillip Smith said.
Builders have rushed to open apartment complexes across the downtowns of Tampa and St. Petersburg, including Framework, whose 350-apartment Varela, also in the West Shore area, is scheduled to unveil its first units in July.
Smith said he remains optimistic about the local opportunities for renting and says developers here have yet to overbuild.
"There's a much broader spectrum of folks looking to rent these days because it makes good practical sense," Smith said.
"They're not renters by necessity. They're renters by choice."