Altman acquires land for Tampa rental development

The Boca Raton-based firm plans to build a 315-unit apartment building near downtown

TRD MIAMI /
Dec.December 31, 2016 09:00 AM

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


Related Articles

arrow_forward_ios
Mayor of Miami Beach Dan Gelber (Credit: Nicholas Hunt/Getty Images)

Miami Beach creates $550K rent relief fund

Miami Beach creates $550K rent relief fund
2101 Normandy Drive, Samuel Heskial and Marilina Apfelbaum (Credit: Google Maps)

Marc Shulman sells Normandy Isles building to French family office

Marc Shulman sells Normandy Isles building to French family office
Josh Zegen, Madison Realty Capital, Invesca CEO Chris Longsworth

Invesca scores $102M construction loan for two SoFla apartment projects

Invesca scores $102M construction loan for two SoFla apartment projects
From left: Julian Johnston, Phil Gutman, Dora Puig and Albert Justo, with two Miami Beach houses that Johnston rented out

New Yorkers snap up high-end rentals in Miami Beach

New Yorkers snap up high-end rentals in Miami Beach
From left: William Kakon and Ophir Sternberg

South Florida property owners offer free rent in April, May

South Florida property owners offer free rent in April, May
From left: David Weitz, Steve Wernick, Michael Lirtzman, Joe Furst, and Erik Rutter

Silicon Valley heads to Wynwood’s office market

Silicon Valley heads to Wynwood’s office market
Rendering of 3811 Shipping Avenue and Camilo Miguel Jr.

AvalonBay partners with Mast Capital on mixed-use project near Coral Gables

AvalonBay partners with Mast Capital on mixed-use project near Coral Gables
Renderings of Midtown Miami (Credit: AMLI)

AMLI launches leasing of massive Midtown Miami project during pandemic

AMLI launches leasing of massive Midtown Miami project during pandemic
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...