A Florida homebuilder is doubling down on Tampa’s Westshore Marina District, buying a $12.5 million piece of waterfront land where it is planning to build luxury townhouses.
WCI, a division of homebuilding giant Lennar, closed on 9.5 acres of waterfront land in the district on Monday, master developer BTI Partners said. It is WCI’s second acquisition within the district; in 2017, WCI bought 2.35 landlocked acres, where it is building 35 townhouses.
The builder is planning “140 luxury three- and four-story townhomes with rooftop decks overlooking private docks in a protected private harbor” on the waterfront land, BTI Partners said.
The land transaction is another significant milestone for Westshore Marina District, which is seeing interest from both builders and homebuyers. BTI Partners, which is also developing luxury condos on the property, said its first tower has already secured $50 million in reservations, up from $35 million in April. Related Group and Bainbridge are under construction on apartments within the district; Bainbridge’s apartments recently topped out and are expected to see the first residents move in in 2019.
BTI is also preleasing 70,000 square feet of office and retail space. The total development costs are pegged at $750 million, which includes the following:
- – 1,750 residential units
- – 185 to 240 marina slips- Retail, restaurants and office space
- – 1.5-mile waterfront park
“WCI’s acquisition highlights the fact that this area has become, in a short period of time, a hub of luxury waterfront living with the added benefits of a 1.5 mile-waterfront park, Tampa’s biggest marina and the upcoming development of waterfront restaurants and highly curated retail,” Beck Daniel, BTI’s director of development, said in a statement. “BTI began working on this project very early in this real estate cycle and we are proud to be one of the first large-scale mixed-use developments in the Tampa Bay area to be delivering on our promises.”