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.