Crescent Changes Name of $86M Tampa Multifamily Community

By Georgiana Mihaila, Associate Editor

Following the recent groundbreaking ceremony held on Feb. 13, developer Crescent Resources is changing the name of its landmark $86 million multifamily development in Tampa from “Circle” to “Crescent”.

“Crescent is focusing on innovation in all aspects of our work, including how we design and build multifamily communities for the way people live today,” said Brian Natwick, president of Crescent’s Multifamily Division. “By shifting the name of our apartment communities, we are signifying that when you see the Crescent name on a development, whether it’s apartments or mixed use, you can be confident of a thoughtful approach to every aspect of the community, from site selection to amenities and from sustainability to community building.”

First announced in September 2012, Crescent Bayshore— the company’s fifth multifamily project in Tampa—is a 367-unit apartment community currently underway at 319 Bayshore Blvd. The development will feature studio, one-, two-, and three-bedroom floor plans and include amenities such as three secluded courtyards, two rooftop terraces or the 7,000-square-foot resort-style pool deck complete with an outdoor kitchen, covered dining, and bay-side lounging.

The units will feature gourmet kitchens with granite countertops, prep islands, and stainless steel appliances, while bathroom finishes are set to include granite countertops, ceramic tile floors and tub and shower surrounds. Each unit will have high ceilings, spacious walk-in closets, and private balconies as well as recessed lights, fans, and built-in USB outlets.

Consistent with all of Crescent’s developments, Bayshore will incorporate many sustainable features and materials. The community has been designed to meet Leadership in Energy and Environmental Design (LEED) certification requirements from the U.S. Green Building Council.

MSA Architects of Miami designed the Spanish Eclectic eight-story structure, while Moss & Associates of Fort Lauderdale will serve as general contractor. The first apartments are expected to be complete in the first quarter of 2014.

Image via Circle Bayshore official website

Moffitt Cancer Center to Add $74.2M Facility in Phase I Expansion

By Georgiana Mihaila, Associate Editor

In a move that expands its footprint in the Tampa Bay area, Moffitt Cancer Center recently broke ground on a 200,000-square-foot outpatient facility on its McKinley campus.

A groundbreaking ceremony was held on Feb. 1. Special guests and speakers included Moffitt CEO Alan List, survivor Ron Giovannelli, State Surgeon General John Armstrong, Florida House Speaker Will Weatherford, Tampa Mayor Bob Buckhorn, U.S. Rep. Kathy Castor, Florida Rep. James W. Grant and founder H. Lee Moffitt.

The $74.2 million project was made possible by a 30-acre land donation from the city of Tampa and Hillsborough County, as well as support from the Florida Legislature.

“We are so grateful that the city and county have stood in full support of Moffitt’s mission — to contribute to the prevention and cure of cancer — since we opened,” said Alan F. List, M.D., Moffitt president and CEO. “And this new facility would not have been possible without the foresight and vision of our Florida Legislature, including the tireless efforts of Rep. James Grant and Sen. Ronda Storms.”

The new McKinley facility will include clinics, an ambulatory surgery center, infusion and imaging facilities, research labs, and space for blood draws. Approximately $54.2 million will be spent on the eight-story building and parking garage, with $20 million being the estimated cost necessary to equip it.

Tampa Mayor Bob Buckhorn discusses Moffitt’s importance to the Tampa Bay community

According to the company, the clinics will include screening services moved from Moffitt Cancer Center Screening and Prevention’s location on Fowler Avenue. The four new ambulatory surgery suites will serve patients with cancers including breast, melanoma, head and neck, and sarcoma. Clinical space will include breast and skin cancer programs, as well as associated imaging. Accompanying the medical services areas will be offices, administration facilities and dining areas.

The new facility, slated to open in 2015, is the first phase of the McKinley campus expansion. Moffitt’s McKinley campus–located less than a mile from the cancer center’s main campus—opened in 2009.

Images via Moffitt Official Facebook page

Standard Pacific Homes Buys 675 Acres in Wiregrass Area of Tampa

By Georgiana Mihaila, Associate Editor

Well-known homebuilder Standard Pacific Homes has officially announced buying 675 acres in the Wiregrass area of New Tampa from Sierra Properties.

The developer plans to create over 20 all-new luxurious architectural designs to be offered on 1,180 homesites within four distinctive Wiregrass neighborhoods, all targeting the move-up buyer segment. With a grand opening planned for the beginning of 2014, Standard Pacific Homes will offer all-new home designs that feature large-scale open spaces and thoughtful design details suited for modern people.

“As one of the few remaining parcels of land in this prestigious setting, Wiregrass is a perfect match for Standard Pacific Homes’ growth strategy which focuses on building exceptional communities in premier locations,” said Southeast Regional President for Standard Pacific Homes, David Pelletz. “The top-caliber quality of the community will serve as a flagship for future master-planned communities being created by Standard Pacific Homes in the Florida market.”

The homes will range in size from 1,800 to 5,000 square feet and will feature elegant exterior styles including Italianate, Spanish and European Cottage. Another notable feature is the highly-appointed gourmet kitchen that flows into an expansive great room, an ideal space for entertaining and everyday life, says the company. The homes will also introduce an indoor/outdoor living concept as well as master suites outfitted with spa-like master baths.

The amenity package includes a clubhouse, tennis courts, a lap pool, a lagoon-style pool, a community playfield and a walking trail system. Located less than two miles from the community is The Shops at Wiregrass, an affluent shopping mall offering 800,000 square feet of retail, restaurants and entertainment options. The surrounding area also includes quality schools, a community college, the Florida Hospital–Wesley Chapel–and a 100-acre regional park. Plus, the community offers direct access to job opportunities as one of the two main gateways into the Tampa Business District.

Image: Italianate home exterior, courtesy of Standard Pacific Homes

Hines Taps Into Tampa Bay Market with 308-Unit Apt. Complex

By Georgiana Mihaila, Associate Editor

International real estate firm Hines recently started construction on its first St. Petersburg project, the 308-unit Azure Residences multifamily complex. 

Located within the Carillon Park master-planned community, Azure will include 308 luxury garden-style residences in seven three-story buildings and one four-story building with direct entry and detached parking garages. Consisting of one-, two- and three-bedroom apartments with sizes ranging from 655 to 1,376 square feet, the complex will feature an amenity package including a clubhouse, a resort-style swimming pool, a state-of-the-art fitness center, an Internet café and a sports lounge.

Designed by The Preston Partnership of Atlanta, Azure’s architecture is meant to evoke a coastal style with buildings clad in clapboard siding and incorporating shake accents, wide eaves, metal roof accents and stucco at the buildings’ bases. Upper-level apartments will also benefit from water views of Tampa Bay.

Located in proximity to Roosevelt Boulevard, Ulmerton Road and I-275, Azure Residences will be a drive away from some of the region’s best beaches in St. Petersburg and Clearwater. Furthermore, as part of the Carillon Park community—comprised of more than two million square feet of Class A office space, a Publix grocery-anchored retail center, a four-star hotel and a 60,000-square-foot outpatient clinic—the multifamily community will benefit from the neighboring employers in the area that include Raymond James, Franklin Templeton, Aegon, Fidelity National, General Dynamics, Jabil Circuit and PCSU Financial.

According to an official Hines announcement, the general contractor Urban Oaks Builders expects occupancy of the first units in October 2013, with final completion set for October 2014.

Hines Managing Director and leader of the firm’s Southeast Region multifamily platform Jon Wood said, “Azure is a significant project for us as it will occur on one of the few remaining apartment sites in St. Petersburg and within one of the best locations in the area, Carillon Park. We look forward to growing our multifamily presence in Central Florida.”

Hines is the developer of the 276-unit Ponce & Bird multifamily project currently underway in Miami, and is highly familiar with the Florida market; the company’s experience in Florida includes the development of 3,000 acres of master-planned communities including Palencia, Glen St. John and Woodlawn in Jacksonville; the 16-story, 101-unit luxury condominium tower, Madeira on Marco Island; the 55-story Wachovia Financial Center in Miami; and the 12-story 2525 Ponce de Leon building in Coral Gables. Hines recently acted as the development manager for the Frank Gehry-designed New World Center performing arts center in Miami Beach, as well as the new Dr. Phillips Performing Arts Center currently under construction in the City of Orlando.

Image courtesy of Hines

Driftwood Hospitality Buys Hyatt Regency Tampa, Plans Hilton Rebranding

By Georgiana Mihaila, Associate Editor

After being on the market for nearly six months, the 521-room Hyatt Regency in downtown Tampa is now under new ownership. Driftwood Hospitality Management LLC purchased the property for an undisclosed amount.

The acquisition marks Driftwood’s re-entry to the Tampa market; “We are excited to return to the Tampa market and believe this property is poised for success with terrific core offerings and a central location that appeals to business and leisure travelers alike,” said Mike Diaz, CEO of Driftwood Hospitality Management.

The Hyatt Regency is located at 211 North Tampa Street in downtown Tampa. The hotel features a full-service Avanzare restaurant and lounge, a heated outdoor pool, rooftop whirlpool, gift shop and fitness center. The 521-room hotel boasts 30,000 square feet of flexible function space and access to nearby beaches, golf courses, tourist attractions and local corporations.

The new owner plans on investing $13 million into property renovations, which are expected to commence within the coming weeks. As part of Driftwood’s planned renovation program, the company will reconfigure the hotel’s first floor, updating the lobby and restaurant. When complete, the location will be home to Tampa’s newest Starbucks and will feature a variety of other new amenities. Guestrooms and meeting spaces will also be refreshed in late 2013.

Effective immediately under Driftwood’s management, the Hyatt Regency Tampa will operate as Hotel Tampa – A Hilton Affiliated Property. Upon completion of the first phase of the renovation, which is slated for Q2 2013, the property will be reflagged as the Hilton Hotel Downtown Tampa.

Seller AREA Property Partners was represented in the transaction by Holliday Fenoglio Fowler’s Senior Managing Director Daniel Peek, Associate Directors Paul Hsu and Max Comess and Senior Real Estate Analyst Cyrus Vazifdar.

Parkway Closes on $22.5M Tampa-Westshore Office Building Purchase

By Georgiana Mihaila, Associate Editor

Parkway Properties Inc.has closed on the acquisition of the Westshore Corporate Center in Tampa for a net purchase price of $22.5 million. Parkway Properties has recently been on a shopping spree.

The company has first shown interest in the 170,000-square-foot building in early October; “Westshore Corporate Center is well located within the Westshore submarket and is one of our third-party managed assets in the former Eola Capital portfolio, allowing Parkway to achieve attractive pricing given the $850,000 credit we will receive at closing,” said Parkway’s President and CEO, James R. Heistand, at the time.

Located at 600 N. Westshore Blvd., Westshore Corporate Center was built in 1988 and is currently 77.7 percent leased. Parkway expects the property to generate a 2013 estimated cash net operating income yield of approximately 8.5 percent based on the net purchase price. The company will own 100 percent of the asset and plans to assume the in-place first mortgage secured by the property, which has a current outstanding balance of approximately $14.5 million with a fixed interest rate of 5.8 percent and a maturity date of June 1, 2015.

Westshore Corporate Center is currently managed by Parkway Realty Services and was formerly part of the Eola Capital LLC portfolio before Eola merged with Parkway in May 2011. Given the agreement formed between Parkway and the former Eola principals in December 2011, 100 percent of any proceeds received by the former principals were granted to Parkway. Therefore, Parkway will only be required to pay a purchase price of $22.5 million, which is net of an $850,000 credit that would have otherwise been paid to the former Eola principals.

In its effort to pursue high-quality assets, Parkway Properties has also announced entering into a purchase and sale agreement to acquire Phoenix Tower, a 626,000 square foot office tower located in the Greenway Plaza submarket of Houston for $124.5 million; Tower Place 200, a 260,000 square foot office tower located in the Buckhead submarket of Atlanta for $56 million; and 525 North Tryon, a 406,000 square foot office tower located in the central business district (CBD) of Charlotte, N.C. for $47.4 million.

Image: Westshore Corporate Center via tampachamber.com

Parmenter Realty Buys Two Tampa Office Buildings from Prudential for $85M

By Georgiana Mihaila, Associate Editor

Miami-based Parmenter Realty Partners added 494,813 square-feet of office space to its portfolio when it purchased two Class A office buildings on Rocky Point Island in Tampa, Fla. for $85 million.

Seller Prudential Real Estate Investors first started looking for a buyer for the Island Center and Waterford Plaza buildings in mid-2009, but withdrew the properties from the market only to restart marketing efforts approximately four months ago.

Mike Davis, executive director of Cushman & Wakefield’s Southeast Capital Markets Group—the firm that negotiated the transaction on behalf of the seller—said that “The capital markets again view Tampa positively from a long-term investment perspective.  Accordingly, well-positioned core assets are in high demand.”

The Cushman & Wakefield’s Southeast Capital Markets Group sales team was formed by Mike Davis, executive director, Rick Brugge, CCIM, associate director and Michael Lerner, senior director. Cushman & Wakefield was assisted by CLW Real Estate Services.  The sale price of $85 million equates to approximately $169 per square foot.

Totaling 494,813 square feet, Island Center and Waterford Plaza are both Class A, 12-story office buildings and have been built in 1985 and 1986 respectively. The 249,797-square-foot Island Center is located at 2701 Rocky Point Drive and spans over 2.9 acres, while the Waterford Plaza, located at 7650 Courtney Campbell Causeway, encompasses 245,016 square feet.

The two buildings were 85 percent leased at the time of the sale, with a tenant roster that includes URS Corp., Cigna Healthcare, GXS Inc. and TCM Bank.

Image: Island Center via LoopNet

Richman Group Plans $45M Apt. Community on Industrial Park Site

By Georgiana Mihaila, Associate Editor

The Richman Group of Florida unveiled plans for a $45 million luxury apartment community named Gateway Centre. To be located on the 40-acre site of a former industrial park, the four-story complex will rise on Gandy Boulevard. The site was purchased by The Richman Group last month from flea-market magnate Hardy Huntley.

According to Tampa Bay Times, Winter Park-based Douglas Partners had similar plans for the property, but as the deal failed to materialize, the owner started seeking new investors for the Pinellas County property.

Gateway Centre will consist of 432 units sized between 870 and 1,500 square feet, featuring nine-foot ceilings and granite countertops, with rents ranging from $1,000 to $1,800 per month. Amenities will include a clubhouse, an outdoor kitchen, tennis courts and a nature trail.

Developer The Richman Group will break ground on the project next year. Plans call for a 2014 opening date, when the first phase of the Gateway Centre—consisting of 320 units—is scheduled for completion.

No multifamily projects were delivered in the Tampa-St. Petersburg metro area in 2011. By contrast, Marcus & Millichap predicts that market-rate rental inventory will expand by 1 percent during 2012 with the completion of 1,500 units. Also this year, permitting remains on track to increase by more than 50 percent to 3,600 units of multifamily housing. According to the same report, approximately 2,000 units were under construction at the end of the second quarter, representing a potential 1.3 percent increase in market-rate stock. The total includes 344-unit second phase of the Circle at Crosstown in the Brandon/Plant City submarket, which broke ground in the second quarter. Projects containing 1,500 rentals will come online in the metro during 2012, including more than 1,000 units in Hillsborough County.

Chart courtesy of Marcus & Millichap

Construction Starts on $225M St. Joseph’s Hospital-South in Riverview

By Georgiana Mihaila, Associate Editor

A groundbreaking ceremony marked the start of construction for the first not-for-profit hospital to serve southern Hillsborough County—the $225 million St. Joseph’s Hospital South.

St. Joseph’s Hospital-South, part of BayCare Health System— a leading community-based health system in the Tampa Bay area—will be a full-service hospital offering a wide range of services from emergency care and women’s services to surgery and intensive care. The property will be located at 6901 Simmons Loop Road in Riverview, Fla., easily accessible via I-75 and Highway 301.

The 72-acre campus will include a medical office building that connects to the four-story, 352,000-square-foot hospital for convenient access to pre-procedure testing and physician offices.  The site also will be home to a 40,000 square-foot, free-standing physician office building, which is expected to open in 2013 with imaging and laboratory services as well as primary care and specialty physician offices.

Hospital president and CEO, Isaac Mallah, said his staff has worked for more than seven years to get the necessary approvals to build the hospital.  But the idea to build in this location was conceived in the mid 1980s, when the land was acquired.

In addition to providing health care to area residents, the project is expected to be a welcome addition to the business community. “Think about it: $225 million invested here and the ripple effect that will have,” said Congresswoman Kathy Castor during the groundbreaking ceremony.  “First: construction jobs, boosting small business throughout the community. Then, the medical professionals that will move here and their families that will grow up here. This hospital is going to be an anchor for economic development for the SouthShore community and all of southern Hillsborough County.”

St. Joseph’s Hospital-South will join the other 10 not-for-profit hospitals in the BayCare Health System network in 2015.

Taubman, Benderson Break Ground on $315M Shopping Center in Sarasota

By Georgiana Mihaila, Associate Editor

The Mall at University Town Center is one step closer to fruition as developers Taubman Centers Inc. and Benderson Development Company LLC broke ground on the $315 million shopping center during a ceremony held on Monday.

The ceremony was attended by community officials including Sharon Hillstrom, Manatee Economic Development Corp.; Mark Huey, Economic Development Corp. of Sarasota County; Christine Robinson, Chair of Sarasota County Commission; and Congressman Vern Buchanan. It culminated with a $10,000 donation on behalf of the mall to the Education Foundation of Sarasota County—a non-profit organization dedicated to quality public education for all children.

The Mall at University Town Center will be a state-of-the-art, two-level, enclosed mall featuring an 80,000-square-foot Saks Fifth Avenue, a 180,000-square-foot Dillard’s and a 160,000-square-foot Macy’s. The $315 million shopping center will include more than 100 specialty stores and restaurants, approximately half of which are anticipated to be new to the market.

Located at I-75 and University Parkway, the area’s most heavily traveled interchange, The Mall at University Town Center aims at becoming the dominant fashion shopping destination in the growing Sarasota region. Analysts predict the project could even become the busiest retail hub from Tampa to Fort Myers.

“The Mall at University Town Center will be a legacy project for Sarasota County,” said Christine Robinson, Sarasota County Commission Chair. “It’s an economically diverse development offering new jobs and new job opportunities. The mall was created by a visionary public-private partnership and based on a sustainable concept that will become a national benchmark for combining a world-class rowing and recreational facility with a world-class commercial and residential center.”

Slated for completion in October 2014, the retail center is expected to pump more than $400 million a year into the regional economy, contributing significantly to the growth of nearby commercial centers, creating thousands of new jobs and boosting property values.

Images via Taubman Centers