(Read more on the multifamily market.)
TAMPA, FL-A joint venture of Atlanta-based Pollack Partners and locally based Mainsail Development Group plan to begin construction in spring 2008 on a 320-unit multifamily development near the Westshore submarket. The project carries a $42-million construction price tag.
The project, which has not yet been named, will include three buildings that are three or four stories high. It will have one- and two-bedroom apartments with features including 9-foot ceilings, tiled and carpeted floors and individual heating and air conditioning units. Complex amenities include a clubhouse, theater room and business center. "There has been little apartment development in the area in recent years, and we feel this is a great opportunity," says Pollack Partners chairman and CEO Marc Pollack, in a prepared statement.
Pollack Partners managing director Steven Shores tells GlobeSt.com that the project is expected to be completed in summer 2009. Target rents have not yet been determined, but the intent of the project is to provider lower cost apartments than those found in the Westshore submarket. "It's a value play against the higher valued properties in Westshore," Shores says.
The project will be located in Southwest Tampa on Hillsborough Avenue off Veterans Highway, just west of Tampa Bay International Airport. It is close to offices and the International Mall and is a short drive to Downtown. Shores anticipates that it will attract a variety of tenants. "We didn't underwrite the project to a specific demographic," he says.
Pollack Partners and Mainsail Development Group teamed up about 10 years ago on the development of a hotel, which is located across the street from the development site.
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