Related pays $11.81 million for Tampa development site

Miami-based Related Group closed on the purchase of part of a master-planned community in Tampa for $11.81 million.

Related bought 8.5 acres of a 52-acre master-planned community called Westshore Marina District. Related plans to build a 396-unit apartment complex on the site, located on the eastern end of the Gandy Bridge that connects St. Petersburg and Tampa.

Fort Lauderdale-based BTI Partners, the master developer of the Westshore Marina District. has designed the development of the 52-acre site to include retail stores, offices, a 200-room hotel and as many as 1,750 residences, plus a 1.5 mile park along the waterfront and at least 185 boat slips.

Related, the first company to buy land at the master-planned community, expects to start construction of its planned apartment complex in about a year and to begin leasing units in August 2018.