Miami-based The Related Group purchased 5.8 acres in the Channelside District for $6.5 million.
BUYER: RD Channelside LLC (principals: Jorge M. Perez Holdings Ltd., Jorge Perez, Jeffery Hoyos and Matt Allen), Miami
SELLER: Regions Bank
PROPERTY: 120 and 114 S. Meridian Ave. and 125, 128, 210 and 110 S. 11th St., vacant land on 12th Street and additional vacant industrial land, Tampa,
PRICE: $6.5 million
PREVIOUS PRICE: $1.01 million, June 2009 (certificate of Title); $9 million, February 2005
LAW FIRM ON DEED: Greenberg Traurig PA, Miami
PLANS, DESCRIPTION: Miami-based The Related Group purchased 5.8 acres in the Channelside District for $6.5 million.
The price equated to $1.12 million per acre.
The developer has proposed building a four-story multifamily residential project on the vacant site, which is bordered by Meridian Avenue, 12th Street, Cumblerand Avenue and Whiting Street.
“We certainly like the dynamics of Channelside and downtown Tampa,” says Steve Patterson, president and CEO of Related Development LLC. “We feel good about Tampa from a job growth perspective and its demographics. Hopefully it will recover quickly. We want to do more projects there and plan to be there for the long haul.”
Patterson says the timing for the project is still uncertain, but the firm has already had some preliminary discussions with city officials. The company hopes to build 360 units.
“We may do it as a rental project in the beginning,” Patterson says, “but everything we build is envisioned as condominiums.”