New Orleans-based HRI Properties has a deal to pay $7.5 million to the City of Tampa for a vacant block downtown next to city hall.
The Tampa City Council last week approved the sale to HRI, which plans to develop an apartment building and a Hyatt Centric Hotel on the site, together with a 408-space parking garage.
HRI’s successful bid was the highest of three submitted and above the value suggested by city-ordered appraisals. One appraisal valued the block at $6.85 million, the other at $4.41 million.
Terms of HRI’s deal with the city allow the company to make an initial payment of $4.5 million for the downtown Tampa block and to pay the $3 million balance in ten years or when the property is sold, whichever occurs first.
Construction is expected to start in next year and finish in early 2019 at a cost of $121 million. [Tampa Bay Times] — Mike Seemuth