Sale of South Tampa property signals confidence in economic recovery
November 17, 2012 by Mark
An article dated November 13 notes a waterfront site that once held the Georgetown Apartments is now up for sale, a move that Tampa, Florida officials say signals both a resurgence of confidence in the economic recovery, and a new demand for residential development.
The site, which comprises 162 acres on the west coast of Florida, is touted as one of the most desirable, as well as one of the largest, in the area. It is approved for the construction of 1,235 residential units, in addition to a marina with 189 slips. Bruce Erhardt of Cushman and Wakefield, the broker for the transaction, noted that although the property was first listed without a price shown, people have already demonstrated “serious interest” in the site.
Three Tampa companies, Validus Group, DeBartolo Development, and Christian Tyler Properties LLC, along with Avanti Properties Group of Winter Park, bought the property in October 2009 for $30.5m. The four companies began discussions about the sale of the property in the summer of 2012 – a marker that conditions were starting to improve.
David Brightwell of Validus argues that the transaction is a “bellwether sale” that sends a strong signal the end of the recession is in sight. Bruce Erhardt added that he expects whoever buys the property to build on it, rather than holding it as an investment – another sign that things are looking up.
One option for the four companies is to have brochures printed describing their proposed housing units in detail, and the Tampa Chamber of Commerce might consider consulting brochure printers as well, to describe how the new housing might encourage retail development in the neighborhood.