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.