Apartments making comeback in Tampa

Two large rental apartment projects are on the drawing boards in Tampa, signaling a possible return to urban living after years of hot single-home sales on the outskirts prior to the residential real estate bust.

Charlotte, N.C.-based Crescent Resources is planning to build 375 units along Bayshore Boulevard near Platt Street, with construction possibly starting by the end of this year. The $80 million project has been in the works for years in some form or fashion, either as luxury apartments or condominiums.

Units will range from 600 to 1,300 square feet each, with asking rents estimated between $1,000 and $2,200 per month. The apartments would be aimed toward the type of well-heeled residents who have long called Bayshore home, particularly medical professionals who will soon work at the University of South Florida's new Center for Advanced Medical Learning and Simulation (CAMLS) downtown.

Meanwhile, Miami-based Related Group seeks to enter the Tampa market with 360 apartments near the Channelside complex and looks to break ground as early as this year's third quarter. Monthly rents would range between $1,250 and $2,200, putting them in reach of downtown professionals who might not want to commit to buying condos in Channelside.

Jorge Perez, Related chairman and CEO, indicated to the Business Review in an interview last fall that he is interested in building in Tampa, provided the site is right. Related paid $6.5 million for 5.8 acres along South Meridian Avenue bordered by 12th Street, Whiting Street and Cumberland Avenue.