Boca Raton-based developer the Altman Companies has acquired construction financing of $18.4 million from City National Bank of Florida to build a 17-story, 258-unit rental community in New Tampa, according to the Florida Real Estate Journal.
The developer has already broken ground at the 60-acre site, to be named Altis at Grand Cyress, located on the west side of Livingston Road and south of Highway 54 in a rapidly growing area referred to as “New Tampa North.”
Twenty acres will be developed in total, with the remaining land set aside for a lake and forested cypress preserve, the Journal said.
The first units are scheduled to be delivered by July 2012. [FREJ]