Related buys South Tampa development tract for $11.81m
Miami-based Related Group has acquired a 8.5 acre tract of land in the South Tampa master planned community, Westshore Marina District. The firm paid $11.81 million for the plot which sits on a 52 acre development and will feature 1,750 residential units, 156,250 sqf of retail; 83,750 sqf of office, a marina and a 1.5 mile waterfront park for Tampa residents. Related plans to build a 396 rental scheme on the 8.5-acre site along a waterfront park. Construction of the luxury rental building is set to commence in Feb. 2018 with leasing expected to start in August 2018. Related picked up the site from Developer/investor BTI Partners.
“Westshore Marina District will revitalize southwest Tampa’s waterfront and activate a neighborhood that has been ripe for redevelopment for decades,” said Beck Daniel, BTI Executive Vice President of Development for Westshore Marina District. “This is the first of many diverse new offerings for the Westshore Marina District and hopefully the first in a long line of transformational projects for BTI in the Tampa Bay area.”