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$100M Preserve at Alafia Switches Gears to Rental

TAMPA BAY, FL-Market conditions spur Garrison Developer Group of Florida to change its $100-million waterfront multifamily project to apartments instead of condominiums, as originally planned.

By Melissa Kress | Updated on October 11, 2007

(Read more on the multifamily market.)

TAMPA BAY, FL-While the original plans for the Preserve at Alafia called for luxury condominiums at the waterfront community, Garrison Developer Group of Florida has switched gears and is now developing a luxury rental community. Local housing needs and market fundamentals spurred the decision, according to Rey Ortega, president of GDG.

“This decision was not just a gut call,” Ortega explains in announcing the decision. “We moved into final plans for the project just as the subprime credit issue reared up and indicated the population of the US was more likely to be renters in the future. We took a step back and rapidly executed a new feasibility study for the project.”

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