Developer lands construction loan for high-rise condominium in Tampa

The developer of a 35-story condominium in Tampa got a loan to finance construction.

Tampa-based Mercury Advisors announced Wednesday that it landed the construction loan for the 70-unit condominium development, called Elevé 61.

The Tampa Bay Times also reported that unit prices would range from the $800,000s to more than $1.8 million. Smith & Associates Real Estate will handle sales.

Construction is expected to take 18 months, and a sales center for Elevé is expected to open in Tampa at 1212 East Whiting Street in late September. The estimated cost of the development is $74 million.

Elevé would have two units per floor, each of them with a three-bedroom, three-bathroom floor plan. Orlando-based Scott + Cormia did the architectural design of the development.

Twelve years ago, Mercury Advisors acquired the development site at East Whiting Street and Channelside Drive in Tampa’s Channelside area.

Ken Stoltenberg, a partner of Mercury Advisors, told the Tampa Bay Times that Channelside “has become what we always envisioned it would be, which is a walkable neighborhood.”

Within a mile of the Elevé site, Mercury Advisors also is building a 23-story apartment building called Channel Club. [Tampa Bay Times] – Mike Seemuth