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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."

As part of the feasibility study, Tampa-based GDG held focus groups to determine the shape of the Hillsborough County residential market and assess the needs of the community in suburban Tampa. The developer discovered an overwhelming desire for upscale, resort-like luxury apartments, GDG execs explain.