$55 Million Apartment Complex Project To Break Ground In Channel District

Miami-based Related Development is scheduled to break ground on a new $55 million apartment complex project in the Channel District on Monday, February 13th.

The project will sit on 6 acres of land, bringing about four four-story wood structure buildings, making up a 356-unit apartment complex. Two four story garages totaling 630 parking spaces to service the complex will also be included in the construction, as well as 4,800 square feet of retail space.

“We like Tampa a lot,” says Arturo Pena, VP and development manager at Related Development. “We think it's a very up-and-coming area and love the proximity to downtown Tampa, Channelside, the Tampa Bay Times Forum and the Port.”

According to Peña, one of the goals of the mutlimillion dollar project is to bring about awareness of the history of the Channel District as a port area. Internationally renowned interior designer RTKL plans to include accents reminiscent of shipyards, courts and docks, featuring corten metel (think: oxidized metal) and ropes throughout.

“There will be metaphorical ship references throughout the entire design of the complex,” Peña says.

Running from Meridian Avenue to 12th Street, the project will include a lineal park in between the buildings on 11th Street, the complex straddling the park on both sides.

The park, designed by landscape architect Dix.Lathrop and Associates, will follow the complex's shipyard theme, including a curving path surrounded by mounds of earth reminiscent of rolling waves. One of the park's focal points will include the remains of a ship skull -- a metal sculpture that will come out of the ground -- making for a complete “at sea” experience.

With construction slated to begin by March 1st, initial occupancy of the complex is expected by the middle of 2013. Construction will take about two years total with completion scheduled for March 2014.

“Related has a reputation of being pioneers, so we think this project will help bring focused media attention to the Tampa Bay area,” Peña says. “People will focus more on the City of Tampa, leading to additional activity in the area.”

Joining Related Development, RTKL and Dix.Lathrop on the project are Miami-based architects MSA Architects and Regions Bank as the project lender. According to Pena, potential equity partnerships are in the works.

Writer: Alexis Quinn Chamberlain
Source: Arturo Peña, Related Development