The Real Deal Miami

South Florida firms buy into Tampa waterfront project

Wellington-based Bainbridge paid $13.2 million for 12 acres from Fort Lauderdale-based BTI Partners
September 16, 2017 09:00AM

Site work at the Westshore Marina District in Tampa

Fort Lauderdale-based BTI Partners collected $13.2 million for selling another  site at its 52-acre, master-plan development in Tampa, called Westshore Marina District, to a South Florida-based developer.

BTI sold the 12-acre site to Bainbridge Companies, a Palm Beach County firm based in Wellington. Bainbridge plans to build 345 apartments on the land, located near the Tampa side of the Gandy Bridge across Old Tampa Bay to St. Petersburg.

South Florida companies are dominating the development of the Westshore Marina District, which could transform Tampa’s west-side waterfront.

Miami-based Related Group and WCI Communities, a unit of Miami-based Lennar Corp., also have acquired acreage in the Westshore Marina District from BTI, which is keeping part of the 52-acre property for its own development.

In February, BTI got $11.8 million from Related for 8.5 acres, where underground work is under way for 396 apartments.

In May, the Fort Lauderdale-based firm got $2.5 million from WCI for 2.35 acres where Lennar subsidiary plans to build 35 townhomes. WCI expects to close on another parcel purchase at the Westshore Marina District in early 2018.

BTI is retaining a prime waterfront tract on the master-plan property for development of a 112-unit condo called Marina Pointe.

Within the next few weeks, BTI will begin to take reservations for units at Marina Pointe, tentatively priced from the $600,000s to more than $1.5 million.

In addition to apartments and condos, Westshore Marina District also could encompass a 200-room hotel, office space and as many as 240 marina slips.

BTI is still marketing small parcels in the district to restaurants and grocers. [Tampa Bay Times]Mike Seemuth