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Developer buys nearly 2 acres in Tampa to build student housing complex

Commercial Street Partners’ land next to University of Tampa comes approved for eight-story building with 150 units.


  • By Louis Llovio
  • | 10:27 a.m. April 27, 2022
  • | 2 Free Articles Remaining!
Commercial Street Partners buys 1.82 acres and will build student housing complex. (Courtesy photo)
Commercial Street Partners buys 1.82 acres and will build student housing complex. (Courtesy photo)
  • Tampa Bay-Lakeland
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A New York commercial real estate developer has purchased nearly 2 acres next to the University of Tampa and plans to build student housing on the property.

Commercial Street Partners paid $11.5 million for the 1.82-acre parcel of land at 311 N. Newport Ave.

The site is already approved for an eight-story building with 150 units, 576 beds and 303 structured parking spaces. The Rochester-based developer is planning to build two-, three-, four- and six-bedroom units — each unit will get its own bedroom. Among the amenities will be a third-floor pool and a rooftop lounge both overlooking the campus.

One unknown is when construction will begin, according to a statement from Colliers, which represented both the buyer and seller. While Commercial Street has the approvals to start the work as well as a complete set of drawings, plans for groundbreaking and a construction timeline have yet to be determined.

Sean Baird, Colliers director of student housing services, says the property was attractive to Commercial Street in part because “this is a supply-constrained market, and demand is going to continue growing into the future.”

Colliers says there are only two “true purpose-built off campus student housing communities” near the university — The Henry and 220 E Madison. Both are 100% occupied. According the University of Tampa’s website, The Henry is the preferred off-campus housing option.

Commercial Street is a developer of luxury multifamily and student housing communities in five states, including Florida. According to its website, the company has completed $250 million worth of multifamily projects in the past four years.

A list of developments on the company’s website does not identify the Florida properties.

 

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