PUBLICATION: Tampa Bay Business Journal
TITLE: Commercial Real Estate: New apartment-and-retail development proposed in Tampa Heights
AUTHOR: By Ashley Gurbal Kritzer – Real Estate Editor, Tampa Bay Business Journal
DATE: June 1, 2021
A Tampa real estate venture capital firm has teamed up with a Pittsburgh developer to pursue a mixed-use project on a prime corner in Tampa Heights.
Tampa’s Loci Capital and Pittsburgh’s Maifly Development are proposing a seven-story building with 320 apartments, 593 parking spaces and 11,000 square feet of retail space in the southeast corner of Florida and Oak avenues. The street-level retail would be built along Florida Avenue.
Tampa Heights is seeing an influx of developer and investor interest spurred by The Heights, a mixed-use district on the northern bend of the Hillsborough River. South of The Heights, another development is underway: The West River district, which will include a Publix Super Markets Inc.
The 2.45-acre site includes two city-owned parcels. The developers say in city filings that they plan to offer the city a deal that includes both cash and a commitment to workforce and affordable housing units. Affordable housing is a major focus for Mayor Jane Castor‘s administration.
That deal, along with the rezoning, requires city council approval. A public hearing on the project will be held Sept. 9.
“Loci Capital has deep roots in Tampa,” Patton Chillura, Loci Capital vice president, said in a statement, “and with Tampa’s accelerated growth, we are thrilled to partner with Maifly Development to deliver a new residential option in Tampa’s urban core.”