Morgan Group Starts Multifamily Project Near Tampa

The Morgan Group’s plans for a riverfront apartment complex northeast of Tampa are moving forward after a major land deal and years of conflict with environmental preservationists.

The Houston-based multifamily developer, led by CEO Philip Morgan, bought a vacant 74-acre property on the east side of U.S. Highway 19 North in Tarpon Springs from Walmart for $8.1 million, the Tampa Bay Business Journal reported. The price was almost $110,000 per acre.

The purchase, coupled with a $67.7 million construction loan from PNC Bank, paves the way for Anclote Harbor Apartments. The proposed development, located a mile north of Tarpon Avenue and on the south side of the Anclote River, calls for 404 residential units clustered across five buildings. The land cost plus the construction loan pencils out to $188,000 per unit.

The complex will feature amenities including boat docks, private canoe and kayak areas, nature trails, a pool and access to the Pinellas Trail.

Construction is expected to begin in February and would mark the culmination of years of legal and environmental disputes. Walmart acquired the property in 2005 with plans to build a supercenter but faced stiff resistance from environmental activists who stalled the project in court.

In 2021, the Tarpon Springs city commission approved the Anclote Harbor Apartments, reigniting opposition from environmentalists. The Concerned Citizens of Tarpon Springs sued in an effort to overturn the approval, but the Pinellas County Circuit Court appellate panel upheld the city’s decision in 2022.

Additional scrutiny arose that year when newly elected city commissioners alleged misconduct in the approval process. However, an investigation by Carlton Fields law firm concluded in November 2023 that there was no evidence of undue influence.

The city commission later reclassified portions of the property to balance development with conservation, preserving 22 acres of wetlands and converting 14.6 acres of pine habitat into recreational space.

The Morgan Group has an extensive portfolio of over 18,500 units across 65 complexes nationwide. Recently, the developer partnered with Harvey Schwartz’s Carlyle Group to secure a $67 million loan for redeveloping a closed Macy’s and adjacent lot in Pompano Beach into a 356-unit apartment complex.

— Andrew Terrell