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Business Observer Wednesday, Oct. 26, 2022 4 weeks ago

Developer buys nearly 12 acres near Tampa Bay for 'ultra-luxe' community

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The Arizona developer will bring the apartment units to Tampa’s fast-growing marina district early 2024.
by: Louis Llovio Commercial Real Estate Editor

An Arizona developer has bought 11.94 acres near Tampa’s Westshore Marina District and will build 325 apartment units on the property.

According to Alliance Residential Company, the plan is to build a community called Broadstone Westshore that will be made up of what it’s calling ultra-luxe apartments. These units will range from 593 square feet to 1,520 square feet and include quartz countertops, 9-foot ceilings and 42-inch cabinets. Among the amenities will be a three-story clubhouse, media lounge, putting green and podcast studio.

The first apartments will be available April 2024, according to a statement. 

Alliance would not disclose the cost of the project or the sale price for the property at 5105 W. Tyson Ave. near the Gandy Bridge. But Hillsborough County records show an LLC with an address in Scottsdale, Arizona, matching Alliance’s paid $15.5 million for it Sept. 7.

Alliance’s announcement of the new community comes a month after it unveiled plans for another complex that’s 19.7 miles — and a world — away from Broadstone.

That development is called Prose Park View. The 29-acre, 336-unit workforce apartment complex will be on Dr. Martin Luther King Boulevard on the city’s east side, near Interstate 75, north of where it intersects with Interstate 4. That community will be made up of one- and two-bedroom units ranging from 697 square feet to 1,174 square feet.

The Prose brand was launched in 2018 to “address demand for quality affordable apartments.”

In addition to the Tampa property, Alliance also announced it bought 15.94 acres in Winter Haven where it plans to build a 324-unit attainable apartment community. It too will be a Prose branded property.

Alliance was founded in 2000 and has offices in 19 states. According to its website, it has built or bought more than 100,000 units, investing $20 billion.

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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