Miami-based Related Group broke ground for construction of a 400-unit apartment building on the former riverfront site of the Tampa Tribune daily newspaper in downtown Tampa.
The apartment building will be an eight-story, L-shaped rental property called Manor Riverwalk.
Related CEO Jorge Perez is personally providing the equity investment for the development, Related executive Steve Patterson told a crowd that gathered for a groundbreaking ceremony for Manor Riverwalk.
Related also got a $76 million loan from Bank of the Ozarks to fund construction of the apartment development at 202 South Parker Street on the west bank of the Hillsborough River in downtown Tampa.
Including the 400 units planned for Manor Riverwalk, Related has completed or has started building nearly 2,000 rental residences in Hillsborough County and neighboring Pinellas County.
Amenities planned for Manor Riverwalk include a stand-alone parking garage, a fitness center and three courtyards.
Related bought the Tampa Tribune building in downtown Tampa for $17.75 million in 2015. The newspaper ceased publication in 2016 after almost 140 years of operation.
Related is building around an oak tree on the development site and has preserved a Tampa Tribune sign that was attached to the newspaper’s building. [Tampa Bay Times] – Mike Seemuth