A parcel of waterfront South Tampa land just south of Gandy Boulevard has sold for $15.5 million, clearing the way for the development of a 325-unit apartment complex.
The development, dubbed Broadstone Westshore, will be located at 5105 W Tyson Ave., west of West Shore Boulevard. It will have 285 traditional apartments, 40 two-story townhomes, a parking garage, a pool, a courtyard, a clubhouse and a dog park.
The project is being helmed by Arizona’s Alliance Residential Company, which has developed properties in 16 states, including Tampa’s Bleecker Hyde Park and Citrus Village apartments.
“We love the location and what’s happening in the marina district there,” said Bobby Anderson, a managing director with Alliance. “We think there’s a real opportunity and a real demand for probably a best-in-market apartment community.”
The seller is a limited liability company owned by Targa, a Fortune 500 natural gas infrastructure company based in Houston. The company used the land for above-ground fuel storage, and Anderson said an “extensive environmental search” yielded no concerns.
Anderson said Alliance looks to break ground in the next few weeks, with an opening sometime in late 2024. He said that timeline shouldn’t be disrupted by the region’s recovery from Hurricane Ian.
“I’ve worked in Florida my whole career, and living through multiple hurricanes and having projects in the direct path of hurricanes, you’re always cautious about anything waterfront, or even anything remotely near the water, when you have a storm surge like we saw with Ian,” he said.
Alliance plans to rebuild the property’s seawall and elevate the grade on the land for the apartments to adhere to guidelines from the Federal Emergency Management Authority. The goal, he said, is “to make sure that the projects will be standing for a very long time, and that it’s an absolutely safe place to live for a resident.
“Over and over, in your lifetime and my lifetime, I’ve seen a lot of hurricanes hit Florida, and everybody still wants to be on the water,” he said.
In June, Alliance paid $35 million for a 29-acre plot in the Sabal Park area, northeast of Interstate 75 and E Dr. Martin Luther King Jr. Blvd., on which it plans to build a 366-unit complex dubbed Prose Park View. Prose is designed as Alliance’s more affordable brand — unlike Broadstone, which Anderson described as “ultra-luxury.”