The Real Deal Miami

Altman acquires land for Tampa rental development

The Boca Raton-based firm plans to build a 315-unit apartment building near downtown
December 31, 2016 09:00AM

Altis Grand Central rendering

Altman Companies paid about $8 million for 2.5 acres in Tampa where the Boca Raton-based developer plans to erect a 315-unit apartment building.

The land is located near downtown Tampa along by Grand Central Avenue between Cedar Street to the east and Magnolia Street to the west.

In addition, Altman paid $5.25 million for a building called across Grand Central Avenue from the 2.5-acre site.

The 43,200-square-foot building, called Grand Central Place, houses office space and a restaurant called Mise En Place.

Altman obtained two mortgage loans secured by the properties from Seacoast National Bank, one for 4.6 million, the other for $3.5 million.

Altman plans to build a 315-unit apartment building called Altis Grand Central and 10,000 square feet of retail space on the 2.5-acre site.

In addition, Altman bought a building across Grand Central Avenue that spans about 43,200 square feet. The building, which dates back to 1925, houses office space and a restaurant called Mise En Place.

Altman obtained two mortgages secured by the properties from Seacoast National Bank, one for 4.6 million, the other for $3.5 million.

Altman expects to start construction of the apartment building after obtaining city approval of a small increase in the footprint of the building due to changes in its architecture.

The Boca Raton-based developer has spent more than a year working with the City of Tampa and owners of property near the development site to refine the apartment project. [Tampa Bay Times]Mike Seemuth