Work begins on Meres Town Center
The DeBartolo Development LLC, and Forge Capital Partners LLC joint venture Community Reinvestment Partners II LP, and lead developer the AG Development Group Inc. have broken ground on Meres Town Center in Tarpon Springs. Described as the first mixed-use development in the city, the project will create retail, medical office and residential space on a site near the city's downtown on Alternate U.S. 19 and Meres Boulevard.
The development will include a 100,000-square-foot shopping center anchored by a 37,570-square-foot Sweetbay Supermarket. Construction will start first on the Sweetbay, which is scheduled for completion in November.
Community Reinvestment Partners II LP, is the second retail fund launched by Forge Capital Partners LLC, to develop, acquire, renovate and reposition retail real estate located in low-to-moderate income areas, particularly in Florida, Alabama, Georgia and the Carolinas. The fund has raised more than $85 million in equity from investors including TIAA-CREF, Regions Bank, Wachovia Bank, SunTrust, Northern Trust Bank and Synovus Financial.
Hotel developer buys land for dual-branded Oldsmar hotel
BUYER: Double Fource Properties LLC (principal: Paul Simone), Oldsmar
SELLER: North Tampa Shores Center LLC
PROPERTY: lot 6, North Tampa Shores Center, Oldsmar
PRICE: $1.2 million
LAW FIRM ON DEED: Hill Ward & Henderson PA, Tampa
PLANS, DESCRIPTION: Hotelier and developer Paul Simone purchased 3.39 acres across from his Holiday Inn Express Hotel and Suites and his Hilton Garden Inn at Tampa Road and St. Petersburg Drive, for $1.2 million, equal to an average of $353,982 per acre. Simone says he's planning to build a seven-story hotel containing two hotel brands for Hampton Inn and Homewood Suites by Hilton.
“We're looking to start construction in a year and a half,” Simone says. “Doing two brands in one building is the only thing that makes sense there... on that small footprint. It wouldn't work with only 85 units; we're going to do about 150. I'm in no rush to get it done. I'm hoping that by the time we open three years from now the hotel market will have improved. ”
Northside Engineering Services Inc. in Clearwater is doing the early engineering design work as project goes through its building permit approvals.
Tampa community non-profit
buys Rainbow Apartments
BUYER: University Area Community Development Corp. Inc. (principals: Victor Crist, Calvin Glidewell, Tom Locke and James McIlwain), Tampa
SELLER: TREI Holding Co. as successor trustee to Oak Forest Trust
PROPERTY: 13711 N. Inoma St., Tampa
PRICE: $3.8 million
PREVIOUS PRICE: $601,700, December 1996
LAW FIRM ON DEED: The Rydberg Law firm PA, Tampa
PLANS, DESCRIPTION: The Tampa-based University Area Community Development Corp. purchased the 48,104-square-foot Rainbow Apartments complex, which fronts 138th Avenue, for $3.8 million, equal to an average of $52,778 per unit. The non-profit plans to improve the 72-unit affordable housing complex with the goal of continuing to rent it out for at least the next year.
“We'll being doing some improvements to bring it up to our standards,” says Julian Garcia Jr., executive director. “It's in pretty good shape, but we'll be servicing all the A.C.s, replacing the bad appliances and painting the interiors of the units.”
However, the University Area Community Development plans to eventually transfer the site to Hillsborough County as the development site for new county library.
NewRads Properties LLC
buys Dale Mabry building
BUYER: NewRads Properties LLC, Tampa
SELLER: Amstin LLC
PROPERTY: 17501 N. Dale Mabry Highway, Lutz
PRICE: $1 million
PREVIOUS PRICE: $332,500, October 2005
TITLE FIRM ON DEED: Stewart Title Guaranty Co., Tampa
PLANS, DESCRIPTION: NewRads Properties LLC, a Tampa-based limited liability company affiliated with Tampa's Tower Imaging Inc., purchased a 4,718-square-foot medical office building on Dale Mabry Highway south of Van Dyke Road for $1 million, equal to an average of $212 per square foot of building space. Tower Imaging has occupied one of the two units in the building for a new Tower OpenScan Radiology Center; the second unit is leased to Nu Image Med Spa Tampa. The 2,000-square-foot new radiology center offers an open MRI and walk-in X-ray services.
“This is one of thirteen locations we have in Hillsborough and Pasco counties,” says Christopher Pardo, chief operating officer for Tower Imaging Inc. “This building is fairly new and in a beautiful location. This is between two of our other existing centers in Lutz and one in Carrollowood.” The purchase entity NewRads Properties LLC mortgaged the property to SunTrust Bank for $850,000.
Nova Hotel Renovation
finishes Fort Harrison work
The Church of Scientology has completed work on Fort Harrison, considered part of the church's spiritual headquarters Flag in Clearwater. Starting in April of 2008, the building was completely renovated, which included the construction of professional kitchens to service the retreat's three restaurants.