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Recently our very own Dave Traynor presented some valuable market update information for the Tampa Downtown Partnership. This highlighted the many changing landscapes in the Channelside and Downtown areas in regard to property for sale and for rent. Here’s a synopsis of the presentation for you to peruse.
FOR SALE: The developments for sale on which updates were given included Skypoint, Ventana, The Towers of Channelside, The Slade, and The Plaza (Harbour Island).
Skypoint, listed by Smith & Associates Real Estate recently sold out. The building is now owned by 380 individuals, some of which have resale properties available on the market. To view units available for sale, please click here. This property is particularly attractive since FHA & VA financing options are obtainable for buyers.
Ventana, located in Channelside, has seen an increase in sales and currently only 20 homes are remaining out of the original 84. The value of the homes averages $150/SF, which means that 1,500 SF condos are ranging in the mid-to-high $200′s.
The Towers of Channelside has gone from bankruptcy to receivership, which means a whole new sales program has been developed. The prices are low, and the development has an in-house financing option that is very attractive to buyers. This is the only high rise in the Channelside area, and it offers 3 bedroom homes with views of the water. The prices are competitive at $185/SF, and the interior finishes include granite countertops, stainless steel appliances, and wood/carpet flooring.
The Slade was recently completed and closings are underway. 1 bedroom units start at $140,000 and 2 bedrooms start from the $200,000′s.
The Plaza is the newest luxury building in Harbour Island. The development has sold 105 units out of its total 138. The development is immaculate from top to bottom, and units boast all of the amenities that you might find in a resort.
CHANGE OF PLAN: FROM SALE TO LEASE
There is also plenty of opportunity to rent in new construction developments in the Downtown/Channelside area. Grand Central at Kennedy was one of the first condominium projects to focus its attention on leasing. The building has the most total homes at 392, with 192 being owned by individuals. The other 200 units continue to be rented by the developer and the community stays heavily occupied. They have added a new fitness facility, Power House Gym, in the community’s retail area. As a whole, it has been very successful in the Channelside District. The Place is another development that has a mix of individual owners and developer leases – though it leans more towards a higher quantity of leased units. The rental market is strong in Channelside and as a whole units are 95% occupied. Rental rates between the two buildings mentioned are in the range of $1.50/SF, resulting in leases ranging from $1,000 – $2,000/month.
FOR RENT: APARTMENT COMPLEXES
Seaport, located North of Kennedy close to the Ybor corridor, is a lower cost option for downtown apartments. The property, which offers stained concrete flooring and high ceilings, is 80% occupied. Rental rates at Seaport, and rental rates average $1.20/SF.
Element, the sister development to Skypoint, is the only high rise rental building in Downtown. This is one of the more expensive rentals in the area, but the building offers full service amenities and views that can not be matched by other possibilities in the rental market.
All of these new developments support the Downtown residential life which supports and will help to continue to grow a great retail mix in the area. As downtown revitalizes, the key component will be the residents in the buildings exploring their community and becoming Tampa’s urban pioneers. Channelside continues to be on the city’s radar, and will see vast changes over the next few years. Downtown continues to receive attention as well, and has great new additions like the History Museum, Tampa Museum of Art, and the beautifully redone Curtis Hixon Waterfront Park. We encourage you to check out what is happening downtown!
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