(Read more on the debt and equity markets and the multifamily market .)
TAMPA, FL-With $69 million in construction financing, Phillips Development & Realty LLC has started construction on the 401-unit Le Jardin apartment community on International Boulevard.
Senior contributing lenders included Fifth Third Bank, US Bank and Compass Bank. Mezzanine funding was provided by Ameritone Properties of Englewood, CO, a division of Archstone-Smith. Phillips Development & Realty partner and site acquisition manager Brad Minsley tells GlobeSt.com that the first units are expected to be completed in 12 months and the last units in 18 months. Rents for the units will range from $1,200 to $1,800.
Minsley says, when the project was initially being developed in 2003, plans were to build a rental community. When the condominium market strengthened in 2005 and 2006, developers considered building a condominium project instead and upgraded the finishes planned for the project. "After the condo market cooled off, we decided to go back to developing a rental community, but decided to keep the condo level of finishes," he says.
Designed with French details, the project is four stories plus a mezzanine level, including one-, two-, and three-bedroom floor plans ranging from 756 sf to 1,598 sf. It features porte-cochere entry, formal lobby, social center, resort-style pool, fitness center, and lushly landscaped courtyards throughout as well as concierge and valet services.
Positioned on nine acres in the Westshore Business District, the site is less than one mile from International Plaza, Westshore Mall, Tampa International Airport, Raymond James Stadium, and minutes from Old Hyde Park Village, Downtown Tampa, Channelside, and Ybor City. It also offers convenient access to the Veterans Expressway, Dale Mabry Highway and Interstate 275.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
