click on the link that Smiley put here about four posts up.
TAMPA-Downtown Tampa’s apartment boom is growing even stronger, with new plans for an 80-unit apartment building for low-income seniors.
American Realty Development of Maitland hopes to break ground next month on a seven-story apartment project on North Florida Avenue, just north of Fortune Street. Named Madison Heights, it will be across from the Marion Transit Center at the north end of downtown.
Plans call for 80 one- and two-bedroom apartments above a first-floor parking area, American Realty manager Patrick Law said. Would-be residents must be 55 and older and meet income requirements based on Hillsborough County’s median household income.
Rent will run from $275 to $674 a month. His company is financing the $15 million construction cost with a mix of government tax credits and a loan from PNC Bank. He hopes to finish construction by the summer of 2014.
Given the retirement of millions of Baby Boomers, Law expects to have little trouble filling the units.
“We’re in Florida, are you kidding me?” he said.
Downtown Tampa is seeing a surge of apartment development recently, with at least five developers planning luxury apartment towers offering rents starting at $1,000 a month and going above $2,000.
Fewer are targeting the low-income or seniors, but those sectors have shown signs of life lately. The master-planned Encore community built a seven-story, affordable senior apartment building called The Ella along Scott Street in northeast downtown.
And, a development firm called Sage Partners renovated the old Methodist Place Apartments on Harrison Street and turned it into an affordable senior apartment project called Vista 400.
I hear from residents that Vista 400, the property directly to the south, is quickly descending into this category. Mass exodus to Encore over the conditions.I don't know why, I just keep forseeing myself looking at this property in 20 years in disrepair. I've seem similiar projects in other cities that were built in the early 90's that have not faired well over the last two decades. Just a feeling I get from the project.
Happens when you go cheap. I see Vista 400 being torn down and rebuilt with better use within 10 years. I hope the same can be said about this.I hear from residents that Vista 400, the property directly to the south, is quickly descending into this category. Mass exodus to Encore over the conditions.
I would think they would turn a much higher profit with more units? Being that they're targeting "affordable" housing, the demand should be there. Just dislike seeing these lots filling up with squatty buildings. The prime lots closer to the river and in the CBD will no doubt be built with tall towers but once these relatively cheap lots are gone, you will never see the mix of incomes downtown will need to truly diversify.^Zoning doesn't require it, they got the land cheap, so they can afford to do a cheap, squatty building and still walk away with big profit.