Atlanta developer to build apartments on North Franklin Street

North Franklin Street just found a new resident — Atlanta-based Carter & Associates.

The development company plans to build a 23-story apartment building and garage on two parcels at 911 and 915 N. Franklin St. A rezoning application is under review by the city’s planning department.

If approved, construction could begin in the first half of 2015.

“We’ve been eyeing the Tampa market for awhile,” says Conor McNally, chief development officer for Carter & Associates. McNally formerly worked for the Novare Group, another Atlanta firm that developed the SkyPoint condominium building on Ashley Drive.

“It’s looking good from a jobs perspective…Downtown is getting some good momentum back,” McNally says. “We like being within walking distance to the river and arts and downtown offices.”

While too early to discuss monthly apartment rates, McNally says the luxury apartments will be on par with others in the area including the nearby Element.

This latest project follows a list of announcements in the past year for new apartments and retail in downtown and the Channel District. And, the recent openings of Le Meridian and Aloft hotels are adding to downtown’s allure.

The project from Carter & Associates could be the stage-setter for more to come. The firm is under contract to buy the property from Kress Square IV LLC, which is owned by father and daughter, Doran Jason and Jeannette Jason. They also own the iconic S.H. Kress building at 811 N. Franklin St., which is still awaiting a development deal.

“I think this is sending a signal that the North Franklin area is primed for what I think will be an explosion of projects,” says Tampa Mayor Bob Buckhorn. “The time is right. I’m ecstatic.”

McNally sees a strong market for apartments over condominiums generally but especially in Tampa, which is among the fastest growing cities in Florida.

“People want to be in urban areas,” he says but they also want mobility. And many still have fresh memories of the market downturn in 2008 which has made it more difficult to get financing for condos, he adds.

“People were left high and dry,” McNally says. “The 25-,27-,29-year olds, they can’t tell you where they are going to be in five or 10 years down the road.”