TAMPA, FL-Tampa-based Morin Development is trying to revive a development plan hatched several years ago to revitalize the West End Tampa area just west of downtown. An ambitious project, the developer had planned to build 550 apartments, between 60 and 79 townhouses, 340 condominiums and 25,000 square feet of retail, restaurant and office space.

Today, Morin is looking for a 10% equity partner to build one piece of the redevelopment project, the 306-unit luxury apartment complex to be known as the Fremont. The complex will consist of two mid-rise towers along with a five-story parking garage with a roof-top swimming pool and sundeck which will overlook downtown Tampa and Tampa Bay.

Marcus & Millichap is marketing the development, which will sit on 2.5 acres of land, for $53.5 million as a turnkey project. The developer is looking for a high-net-worth individual, who would put down the 10% equity stake, or $5.35 million in cash, allowing Morin to take out a $48.15-million construction loan, says Casey Babb, senior associate with Marcus & Millichap in Tampa, who is one of the brokers marketing the project. The Fremont is projected by Marcus & Millichap to yield a 20% to 24% levered internal rate of return if there is a seven-year hold. The development cost per unit, based on the projected total cost of $53.5 million for the project, will be nearly $175,000.