TAMPA — The Related Group, one of the bay area’s busiest residential developers, is starting to sketch out its vision for about 5 acres it bought along Bayshore Boulevard earlier this year.
Think two condominium towers, with maybe 100 units in each, plus townhomes in place of the existing three-story Bay Oaks apartments south of W Bay to Bay Boulevard.
Related, a prestigious development company based in Miami, doesn’t have a name for the project or renderings to share, but anticipates it will submit plans to the city in 30 to 60 days.
One thing’s for sure, Related founder, chairman and CEO Jorge Pérez said in an interview Wednesday.
They won’t be cheap.
“They will be at the top of the market,” he said, with condos accessible by private elevator, not common hallways. You won’t be able to see the parking garage, because it will be covered by townhouses, lush landscaping or art. He promises a star architect and amenities “far in excess of anything” in the market now. “This will be a defining project for Tampa.”
It’s the kind of project that Related has done elsewhere, but not here, not yet. Instead, in the nine years since it began work in the bay area, Related has built:
• Pierhouse at Channelside, a four-story complex with 356 apartments at 120 S Meridian Ave. It sold the project to Florida’s pension fund for $76.5 million in 2014.
• ICON Harbour Island, a 21-story tower with 340 apartments that Related recently sold to Olympus Property for $131.5 million, the most ever paid for a bay area apartment community.
• ICON Central, a 15-story, 368-unit apartment building that opened in mid July on the 800 block of Central Avenue in downtown St. Petersburg. Tenants soon snapped up its three penthouses for nearly $6,000 a month.
• Town Westshore, a four-story, 400-unit apartment complex in the Westshore Marina District near the Gandy Bridge.
• Manor Riverwalk, an eight-story, 400-unit apartment building that opened in March on the site of the old Tampa Tribune building at 202 S Parker St. The amenity-rich project is 70 percent leased with rents that start at $1,650 a month for studios, $2,000 a month for one-bedroom apartments, $2,400 for two-bedrooms and the low $3,000s for three-bedrooms. The most expensive unit in the building is a top-floor three-bedroom facing the Riverwalk that is renting for $5,200 a month.
Related also expects to break ground in the next 60 days on the first phase of a massive redevelopment called West River.
The project, being built on and near the former site of the North Boulevard Homes public housing complex, will include 1,500 residences with a mix of units, some subsidized for low-income tenants, others that rent at prices set by the market.
With this much work, Related is looking to open an office in Tampa, Pérez said, as well as for more developable sites, including a waterfront St. Petersburg site suitable for a condominium tower.
“We’re looking everywhere in this market ... for garden apartments, high-rise buildings, mid-rise buildings," he said. "We’re looking for great land opportunities even when the markets don’t call for it, but we think they will call for it in the future.”