1. Real Estate

Three big new apartment projects underway in Tampa Bay

This rendering show Allure at Gateway, a 274-unit apartment community in Pinellas Park expected for completion in 2019. [Courtesy of NRP]
Published May 7, 2018

Tampa Bay's apartment boom is continuing unabated with three big, mid-priced projects coming out of the ground.

In a joint venture, the giant Carlyle Group and Ohio-based NRP Group are clearing ground for the 274-unit Allure at Gateway on U.S. 19 in Pinellas Park. A Georgia company, Flournoy, is building 339 apartments on U.S. 19 in Clearwater and 218 apartments in Tampa's Westchase area.

While lenders have begun to rein back on high-end new multi-family construction, location and comparatively affordable rents are selling points for all three projects.

"There certainly is some hesitation on the A-plus urban downtown product, but the products you're talking about are more traditional — still well-located but not necessarily A-plus," said Darron Kattan, managing director of the Tampa brokerage Franklin Street. "There is still a lot of demand for that (semi-suburban) product."

RELATED COVERAGE: St. Petersburg's apartment boom is spreading west

In its first foray into the Florida market, Flournoy is well into construction of Vue at Belleair, a sprawling complex of 11 buildings at Belleair Road and the U.S. 19 frontage road. The first tenants are due move in early this summer, property manager Yvonne Shea said.

Ranging from about $1,100 to $2,100, Vue's rents will be lower than for new apartments in downtown St. Petersburg and Tampa. The four-story buildings with rooftop terrace views of Tampa Bay will include 10 "carriage units" with one-car garages.

In Tampa, construction is also underway on Five Oaks at Westchase, a six-building complex just off Sheldon Road across from Costco. Rents are tentatively set for the $1,050 to $1,695 range.

Shea said Flournoy chose the Clearwater and Westchase locations because they are near shopping and restaurants.

Flournoy, which until now has focused on Georgia and the Carolinas, "is a well-established multi-family developer," Kattan said. "Lending has pulled back on this type of product as well but quality developers are the ones that are mostly likely to still build because of their capability and track record."

MORE: Go here for more Business News

There is some concern among lenders that the bay area is becoming saturated with luxury apartments, especially in popular downtown areas where rents can soar to $3,000 and above. Overall, reliable rent figures are hard to come by because most companies surveying the rental market check only large apartment complexes at a time when many people rent single family homes.

According to Apartment List, Tampa's average rent for a two-bedroom apartment has risen 4.4 percent since last year to $1,230, $70 more than the national average. Another company, RentCafe, pegs the annual increase at 5.7 percent.

Also attracted to the U.S. 19 corridor were Carlyle and NRP, which paid $5.7 million in March for a 17-acre tract on a stretch of highway dominated by Walmart, furniture stores and car dealerships.

"The main thing is the proximity to 1-275 and the ease of driving to Tampa and downtown St. Pete," said Kurt Kehoe, NRP's vice president for development in Florida.

Allure's main entrance will be on Gateway Center Boulevard, but residents also will be able to exit via U.S.19, though only to the north. Rents in the $40-million project will range from approximately $1,100 to $1,800.

NRP built the Beacon 430 apartments in downtown St. Petersburg three years ago and is "right at the finish line" with Avanti, a nine-story, 366-unit building across the street at 201 Fourth St. S, Kehoe said. Although Avanti won't be finished until September, several months behind schedule, the first tenants will move in this month.

Rents will start at around $1,400 for studios and rise to more than $2,000 for large, higher-floor units with views of the bay. NRP also plans 243 apartments on the 1700 block of Central Avenue.

Contact Susan Taylor Martin at or (727) 893-8642. Follow @susanskate


  1. A rendering of the proposed Edge Collective in St. Petersburg's Edge District. Storyn Studio for Architecture
    The "Hall on Central'' will be managed by Tampa’s Hall on Franklin team.
  2. Joseph Erickson, 53, looks out the window at the gulf-[front condo he thought he won at a foreclosure auction last year.t JOHN PENDYGRAFT   |  Times
    "There have been serious allegations,'' Judge Keith Meyer said.
  3. West Port Colony apartments in St. Petersburg C2 Design Group Inc, Chris Stevens
    The complex off Fourth Street N is convenient to both Tampa and downtown St. Petersburg.
  4. Lithia Motors Inc. has acquired three dealerships from the Williams Automotive Group including Wesley Chapel Toyota near the Interstate 75 and State Road 54 interchange in Wesley Chapel. [Times (2007]
    Wesley Chapel Toyota, Wesley Chapel Honda and Tampa Honda dealerships change hands
  5. Joseph Erickson, 53, won a foreclosure auction for a condo at Happy Fiddler Condominiums in Indian Rocks Beach last year only to have a man claim he is the true owner of the property and should get the  $350,000 that Erickson has already paid for the condo. JOHN PENDYGRAFT   |  Times
    A Land O’ Lakes man had already spent money on renovations when he got two shocks about his new condo.
  6. Florida had 381,300 jobs in the manufacturing sector in September. [Times 2016]
    No matter how many times you hear that the country doesn’t make anything anymore, don’t believe it.
  7. The pool area at ICON Harbour Island RICHARD LUBRANT  |  Related Group
    ICON Harbour Island is adjacent to the $3 billion Water Street development.
  8. The Grande Oaks development will be just south of this sign, which sits on the eastern boundary of the town of St. Leo on State Road 52. Tampa Bay Times
    Town officials say they don’t want to become like Clermont.
  9. Spanx founder and Clearwater native Sara Blakely will be the keynote speaker at the Synapse Summit 2020 innovation convention, scheduled for Feb. 11 and 12 at Amalie Arena in Tampa. (Times file photo)
    Organizers say the Clearwater native is a game-changer for the event on Feb. 11-12 at Amalie Arena. It is expected to draw more than 6,000 entrepreneurs.
  10. St. Petersburg's City Council just passed a tenant bill of rights. SUSAN TAYLOR MARTIN  |  Susan Taylor Martin
    The new ordinance is meant to reduce housing discrimination and lower eviction rates.