Excerpted from Tampa Bay Times story.
Tampa Bay’s apartment boom is continuing unabated with three big, mid-priced projects coming out of the ground.
In a joint venture, the giant Carlyle Group and Ohio-based NRP Group are clearing ground for the 274-unit Allure at Gateway on U.S. 19 in Pinellas Park. A Georgia company, Flournoy, is building 339 apartments on U.S. 19 in Clearwater and 218 apartments in Tampa’s Westchase area.
While lenders have begun to rein back on high-end new multi-family construction, location and comparatively affordable rents are selling points for all three projects.
“There certainly is some hesitation on the A-plus urban downtown product, but the products you’re talking about are more traditional — still well-located but not necessarily A-plus,” said Darron Kattan, managing director of the Tampa brokerage Franklin Street. “There is still a lot of demand for that (semi-suburban) product.”