BTI Partners has notched yet another major sale within its Westshore Marina District project, bringing to 32 the number of acres sold or committed this year within the 54-acre project in South Tampa.
In its latest transaction, BTI has sold a 12-acre tract to Bainbridge Cos., which is planning to build 351 upscale apartments. Bainbridge also owns apartment communities elsewhere in Tampa and in Sarasota and Bradenton.
The $13.2 million sale also brings the total dollar volume of land deals within Westshore Marina District to $40 million, following sales to WCI Communities and the Related Group.
The Bainbridge deal also is significant because it will likely be the final third-party development within the master-planned district. Early next year, BTI intends to begin selling units in Marina Pointe, a series of 16-story condominium towers the Fort Lauderdale-based company will develop.
“We’re delighted at the sales but not really surprised by them, either,” says Noah Breakstone, BTI’s managing partner.
“Since the end of the recession, there’s developed a major need in many cities for the creation of waterfront neighborhoods, so Westshore Marina District is really part of a larger trend.”
Located just off Westshore Boulevard in Tampa, the marina district is slated at build out to contain as many as 1,750 residential units and 240 marina slips, a 200-room hotel, a 1.5-mile waterfront park and other commercial space.
Breakstone says BTI also is formulating plans for as much as 50,000 square feet of retail and restaurant space on a 6-acre tract within the district.