Tampa is poised to get its first car condominiums next year.
Paddock1 has begun construction on a “luxury garage condo community” in Tampa at Adamo Drive and 34th Street, the company announced.
So what is a car condo, anyway? Paddock1 is a garage that offers high-end storage space for cars and other motor vehicles, project founder and Tampa native Sean Murphy told the Tampa Bay Times. Users will own the real estate rather than paying rent. It’s similar to a condominium because there’s a shared community space and an association, Murphy said.
Paddock1, a reference to both where race cars are stored and Formula 1 international racing, will have 61 units ranging from 1,000 to 1,400 square feet. The largest condo is set to fit nine cars comfortably and lifts could double that number. Units range in price from $255,000 to $345,000 and owners would pay fees between $85 to $125 each a month.
While Murphy said the garage condo is being marketed to car collectors, he also spoke with people interested in using the storage space for boats, RVs, a music studio or as a controlled environment for an art collection.
Multiple garage condos have popped up around Florida in the last few years. The Wheelhouse and the Fortress opened in Jacksonville, and the latter is expanding into St. Augustine. Naples Motors Condo is building also second location.
Murphy said he and his partner Jordan Farrale wanted to bring the idea to the Tampa Bay area.
Sales on luxury goods, from high-end cars to boats and jet skis, performed well over the last year despite the pandemic. Lamborghini, for example, had the best six months of sales ever during the first half of 2021, the company reported in July. Boat and RV sales boomed last year in Tampa Bay, and companies struggled to keep up with demand.
”There’s been a huge demand for all these vehicles, and people come to realize you may have an HOA that doesn’t allow you to store it outside or you want to keep it nice,” Murphy said. “Looking for storage opportunities, there’s just not that much readily available.”
While some people would spread out their collections across different storage areas, Murphy said Paddock1 would be a single destination close to downtown Tampa.
Nearly half of the units have been sold ahead of construction, Murphy said. Units come with a bathroom, hurricane protection for up to 150 mph winds, insulated steel doors and are equipped for internet.
Condo owners can meet in the 3,000-square-foot clubhouse with a lounge and bar, temperature-controlled wine and cigar lockers, conference room, a specialty car showroom and event space.
Paddock1 is expected to open next summer.