Best Real Estate Deals: Top Tampa Bay multifamily deals of 2023

Multifamily properties have been the darling of Tampa Bay’s booming real estate market for over a decade — and these deals represent the top tier of the assets class. Here are this year’s honorees:

Renata at Lakewood Ranch
Renata at Lakewood Ranch is a flagship project for Ryan Cos. It is a large apartment development for the Tampa Bay region, with 502 units spanning 37 acres. The project broke ground in October 2022 and is scheduled to be completed in summer 2024. Leasing will begin in the first quarter of 2024.

• Developer and general contractor: Ryan Cos. US Inc.
• Broker: Steve Horn, Ian Black Real Estate LLC
• Legal team: Kyle W. Grimes, Grimes Hawkins Gladfelter & Galvano PL
• Lender: PGIM Real Estate
• Inside the deal: Ryan Cos. overcame supply chain issues as well as national economic headwinds that made financing a challenge.

“Despite these formidable challenges, Ryan managed to overcome them thanks to strong financial support from PGIM Real Estate and their joint venture partner, ParkSprings Development,” Ryan Cos. said. “These strategic financial partnerships played a pivotal role in successfully navigating the complexities of the Renata development project, demonstrating resilience and adaptability in the face of adversity.”

Saltaire, St. Petersburg
Saltaire is a 35-story, 192-unit condominium tower in downtown St. Petersburg. It broke ground in 2020 and wrapped up construction in 2023.

• Developer: Kolter Urban
• General contractor: Kast
• Lender: Wells Fargo
• Brokers: Smith and Associates Real Estate
• Inside the deal: Saltaire faced multiple logistics issues due to the Covid-19 pandemic, the blockage of the Suez Canal and several hurricanes.

“Our entire European material supply chain was affected,” Kolter Urban said. “However, thanks to effective logistical planning by our manufacturing partners overseas, we overcame these obstacles to deliver a timely and quality-driven project. When given a challenge on a material that couldn’t be sourced, our partners located complimentary options that still maintained the design and feel of the building.”

ONE Tampa, downtown Tampa
One Tampa is a 225-unit, 42-story condominium tower planned for 520 N. Tampa St. in downtown Tampa. Its sales gallery opened in early 2023, and construction will begin in the first quarter of 2024.

• Developer: Kolter Urban
• General contractor: Moss Construction
• Brokers: Smith and Associates Real Estate
• Inside the deal: “After reaching a compromise with the City of Tampa, the eastern and northern facades of the property have been redesigned to pay homage to and incorporate the architectural character of the Tarr Furniture Building located at 520 N Tampa Street and completed in 1921,” Kolter Urban said.

“In a nod to the history of the neighborhood, a five-story brick façade has been inset at the northeast street-level corner of ONE Tampa. Designed with early 20th-century-style arched windows, decorative stone details, and blackened steel elements, it provides an industrial-chic lobby entrance for residents and guests. Inside, the lobby’s double-height ceilings and chic seating arrangements create a welcoming contemporary environment.

“This change allowed the project to move forward while honoring Tampa’s history and look ahead to advance the future of design in downtown Tampa.”

Summerall
Summerall is a multifamily complex in Riverview that will include 352 market-rate and 120 affordable multi-family units as well as 22 work-from-home office suites. It broke ground in December 2022 and the first buildings will be complete in March 2024. The project represents a total investment of $135 million.

• Developer: 2nd Wave Development
• General contractor: First Florida
• Lender: SouthState
• Legal team: Fanelli Law, Hill Ward Henderson, Carlton Fields and in-house counsel
• Broker: Chris Bowers, Eshenbaugh Land Co.
• Inside the deal: “The challenges for this project included assembling 11 parcels (nine owners) with the same rights and closing timelines, entitling via a comprehensive plan amendment under the oversight of a very involved board of county commissioners, [making modifications] with a reluctant neighbor and capitalizing a project with tremendous headwinds,” 2nd Wave Development said.

“We relied on communication and vision to overcome these challenges. We openly discussed timelines and county requirements with our sellers and neighbors. Our team shared the vision for the project and community impact with anyone who would listen: more housing for a spectrum of consumers.”

Casa Bel-Mar
Casa Bel-Mar is an affordable housing project in South Tampa that represents a true team effort. It broke ground in June and will have 100 units — 58 one-bedroom units and 42 two-bedroom units. It is a public-private partnership, with backing from local, state and federal funds.

• Developer: Archway Partners, Tampa Housing Authority, Signature Property Services of Florida
• General contractor: Pike Cos.
• Lender: Bank of America, Citi Community Capital
• Legal team: Shutts and Bowen
• Inside the deal: “The ability for private developers and lenders to work side by side with local governments, state agencies, quasi-governmental agencies and federal agencies is a recipe for how public and private partnerships should operate,” Archway Partners said.

“The Tampa Housing Authority, a co-developer and partner in the development, is providing 80 Housing Choice vouchers which will be project based. Signature Property Services, a city of Tampa certified minority- and women-owned business enterprise, is a co-developer in the development. Archway Partners, a locally based affordable housing developer, is a co-developer as well, acting as lead developer. Each partner brings their experience in the design, construction, finance, lease-up and affordable housing.

“The development would not have come to fruition without $2.5 million in gap funding from Hillsborough County and another $2 million from the city of Tampa. The Tampa Housing Authority provided another $3 million. The Housing Finance Authority of Hillsborough County issued multifamily housing revenue bonds, which come with a 4% federal tax credit allocation. The tax credits are being purchased by Bank of America, and Citi is providing permanent financing.”

• Mast Capital’s 248-unit Wesley Chapel project
  Miami-based Mast Capital is building a 248-unit apartment complex at 5101 Bruce B. Downs Blvd. in Wesley Chapel. It began construction in late 2022.
• Developer: Mast Capital
• General contractor: First Florida
• Lender: Texas Capital Bank
• Inside the deal: “We engaged with the seller, a large local hospital system, in early February 2020 and reached and executed a letter of intent on March 9, 2020. Only a short time later, the seller’s priorities would change dramatically. The purchase and sale contract discussions would take a back seat to the pressing need for the hospital to react definitively to the global pandemic. Ultimately, the hospital was wonderful to work with throughout this time, and both sides were happy to kick off formal diligence of the opportunity in June 2020,” Mast Capital said.

“Prior to diligence, we were aware that multiple developers had tried to figure out the impact of the site conditions that existed at the property but were either reluctant to take on the perceived risk or didn’t spend the time or resources to fully grasp the potential. We loved the location from the start, and we knew that BayCare Hospital was moving forward with its new hospital adjacent to the site. We were comfortable in trying to fully understand the amount of de-mucking, wetland mitigation and importing of fill that may be required to stabilize the site in order to develop a luxury community that would integrate well within the fabric of Wesley Chapel.

“Lastly, the site was zoned C-2, which would require public hearings and a majority vote from the county commissioners for a conditional use permit to allow residential development. The application was delayed given a continuation vote from the County Commissioners as they studied the amount of residential development being planned in the county. However, we were able to have a successful commission vote on our application just before a moratorium would be imposed on new land-use change applications for multifamily projects that ultimately spanned a year.”