Loading
Garrison Developer Group to develop Preserve at Alafia
Tampa-based Garrison Developer Group of Florida has closed on a $48-million loan to fund development of The Preserve at Alafia, 351-waterfront luxury apartment development near downtown Tampa.
The federally backed financing, arranged through Prudential Huntoon Paige, will be used to complete phase one of the project along the Alafia River in Hillsborough County.
“We are delighted to get the green light for this compelling project,” Rey Ortega, president of GDGFL in making the announcement, said in a press release. “Extensive market research demonstrates that The Preserve at Alafia will fill a strong need in the Tampa area for upscale rentals located in an extraordinary waterfront setting that has previously unavailable to renters.”
Sound Construction Group of Clearwater will serve as general contractor for the project, which features five-story buildings.
The developer will also build Alafia Crossing (phase II of the project), a mixed-use development that encompasses more than 40,000 square feet of retail space, 20,000 square feet of professional office space and 10,000 square feet dedicated to fine and upscale casual dining. Phase III is the full-service Holiday Inn hotel.
Leases for Alafia Crossing are about 55% committed, according to Ortega. The first phase of the apartments will be leased in last quarter of 2010. Completion of the project is targeted for summer of 2011.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
