Miami-based Related Group closed on the purchase of part of a master–planned community in Tampa for $11.81 million.
Relate 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. [Tampa Bay Times] — Mike Seemuth
Miami-based Related Group opened a 300-unit apartment building in Doral with monthly rents up to $3,600.
Related offers studios and one-, two- and three-bedroom apartments at The Flats Apartments, located in the mixed-used CityPlace Doral development. Monthly rents start at $1,645.
Residents of The Flats will have ground-floor access to the first Fresh Market grocery store in Doral, one of more thansssssss40 tenants of CityPlace Doral that will include CinéBistro and Improv Comedy Club. CityPlace Doral, expected to open early this year, will have more than 300,000 square feet of retail space.
“From the very onset of development, we aimed to offer an urban atmosphere within Doral’s suburban setting, and The Flats fulfills that goal,” Steve Patterson, President and CEO of Related Development, said in a prepared statement. “Residents can shop, eat, drink and go home all without ever getting in a car.”
Besides The Flats, the residential component of CityPlace Doral includes another rental property called The Manor Apartments, and Oasis, a residential project developed in partnership with Shoma Homes. Oasis is 90 percent sold with unsold eight homes remaining.
The Related Group announced pricing for The Flats Apartments, comprised of two towers atop part of CityPlace Doral’s 300,000-square-feet of retail. Residences range from studios to three-bedrooms, priced between $1,645 to $3,600.
The mixed-use division of development powerhouse The Related Group is determined to push forth on not one, but two apartment projects in Atlanta’s core this year. Steve Patterson Related Development Bisnow Related Development has already broken ground on Apogee Midtown and plans to do so soon on Apogee Buckhead, adding more than 350 units to each submarket when more than 11,000 new apartment units are underway within the city. That’s because, with Atlanta’s job growth and current apartment fundamentals, Related Development CEO Steve Patterson (on left) said he’s confident demand will be there once both projects deliver. “Apartment vacancies are the lowest they’ve been in 20 years, and we’re worried about the market falling apart on us?” Patterson said. “That’s nonsense.” Apogee Midtown Atlanta Courtesy: Related Development Already, Related has broken ground on Apogee Midtown, a 39-story, 390-unit apartment project (above) connected to a 77k SF Whole Foods Market on 14th Street in the heart of Midtown that is slated to open late next year. Patterson said Related is expecting some $2.50/SF in rents. The other project is Apogee Buckhead (below), a 35-story, 362-unit apartment tower at 3372 Peachtree Road in the heart of Buckhead, which will look to achieve rents at $2.60/SF. Units in Buckhead — a neighborhood on which Bisnow will host an event next month — will be slightly smaller than in Midtown, which will attract what Patterson said are more affluent and older renters. “Right now, I think in Buckhead, there’s probably 3,500 to 3,600 units under construction, and Midtown it’s pretty close,” Patterson said. “But we think that demand is pretty deep there, particularly for the larger units in Buckhead. This is a market that grows [by] 60,000 to 80,000 jobs a year.” Apogee Buckhead 3372 Peachtree Road Courtesy: Related Development According to Atlanta-based Haddow & Co, which tracks Class-A apartment performance within the Interstate 285 ring, the stock of more than 32,400 units tallied a 97.5% occupancy rate and more than $1,700/month average rents as of Q3 2016. But on its heels are another 11,400 units underway, with 10,000 more units planned. While there’s no definitive plans for concessions, Patterson said Related has added wiggle room in its pro forma for the two Atlanta properties to offer them if needed. Patterson said Related is eyeing more locations in Atlanta and beyond, despite the plethora of new product potentially hitting the market in the next 24 months. “There are markets out there other than Atlanta which are overbuilt today or about to be,” Patterson said, “but they’re not markets we’re active in right now.”
THE RELATED GROUP ANNOUNCES LEASING FOR THE FLATS APARTMENTS AT CITYPLACE DORAL
The Related Group is pleased to announce that The Flats Luxury Apartments at CityPlace Doral is now available for lease. Delivering mid-January, the two-tower residential project will be comprised of 300 luxury studio, one-, two- and three-bedroom apartments with prices ranging from $1,645 to $3,600 a month. In addition to The Flats Apartments, CityPlace Doral’s residential component includes The Manor Apartments, another For Rent luxury apartment property, and Oasis, which was developed in partnership with Shoma Homes. The Manor Apartments in Doral is now available for move in, and Oasis is 90 percent sold with only eight homes left
The Flats Apartments is conveniently located atop CityPlace Doral, a master-planned community poised to become South Florida’s hottest destination for upscale living, shopping, dining and entertainment. At the ground floor of The Flats Apartments, residents will have direct access to the city’s very first Fresh Market as well as a collection of over 40 world-class retailers, including anchors like Kings America, CinéBistro and Improv Comedy Club.
“The Flats Apartments put residents in the thick of CityPlace’s live-work-play lifestyle,” said Steve Patterson, President and CEO of Related Development. “From the very onset of development, we aimed to offer an urban atmosphere within Doral’s suburban setting, and The Flats fulfills that goal. Residents can shop, eat, drink and go home all without ever getting in a car.”
CityPlace Doral features over 300,000 sq. ft. of retail space and is slated to open in early 2017.
TAMPA — Two major apartment projects — one in downtown St. Petersburg, the other on the water in Tampa’s Gandy Boulevard area — could start construction next year.
The Miami-based Related Group, one of Florida’s leading residential developers, announced Monday that it expects to close next week on the site of a proposed 15-story, 354-unit apartment building at 801 Central Avenue in St. Petersburg’s burgeoning Edge District.
On the Tampa side of the bay, Related is planning a four-story, 396-unit project just south of Gandy Boulevard and west of Westshore Boulevard.
“We are strong believers in (the Tampa metro area) and we want to be there for the long run,” said Steve Patterson, head of Related’s rental division. “There’s been great job growth, great population growth, property values are rising, it seems to be attracting young people into the urban cores both in St. Pete and Tampa — a lot of those things demonstrate demand for the right type of resident.”
Dubbed Town at Westshore Marina District, Related’s Tampa apartments will be on eight acres of a 52- acre site once planned for a grandiose development called New Port Tampa. That collapsed during the recession, and in 2015 BTI Partners of South Florida acquired the property. It has been marketing parcels to developers like Related.
Patterson said he could not disclose the land price of the apartment complex, which will cost about $80 million. Most of the units will have views of the water including Tampa Bay, he said. Two bedroom apartments likely will start around $1,800 or $1,900.
“We are obviously looking for employment centers and Westshore is a key center in Tampa,” he said. “The combination of being close to jobs and on the water made it extremely attractive. It has great access, (residents) will be able to get over to St. Pete quickly and also to downtown Tampa.”
Patterson said Related expects to close on its parcel in the next three or four weeks. BTI, which is awaiting final city approval of its master plan for the 52 acres, will be reopening roads, making other infrastructure improvements and putting in landscaping.
In addition to Related, BTI has “multiple buyers in place right now” for both residential and ownership projects, executive vice president Beck Daniel said Monday. BTI also is talking to groups interested in commercial and retail space.
In St. Petersburg, the as yet-unnamed Related project comes in the midst of a luxury apartment boom that has added some 2,000 new rental units to the market in the past few years. Within two blocks of the Related property are the newly completed, eight-story, 384-unit Hermitage and the future site of 930 Central Flats, a 218- unit, five-story building now under construction.
Despite some concerns that downtown St. Petersburg could be getting saturated with expensive apartments, Patterson said he thinks the demand is strong, especially among slightly older tenants.
“The people that are renting these high-end projects are more boomer than millennial,” he said. “With the home ownership rate falling as it has and people moving back into cities, that is driving the absorption rate.”
The site of the Related project is currently owned by a Tampa company that planned to put a four-story apartment building atop the 1926 Union Trust Co. bank, which is on the National Registry of Historic Places. Patterson said Related will demolish some later additions to the building, but preserve the original neoclassical structure for possible retail or restaurant use.
Construction on the apartments, which are near a new Publix and across the street from the Morean Arts Center, could start around June, Patterson said.
The Central Avenue apartments will be Related’s first project in Pinellas County. In Tampa, it is building the 304-unit, 21-story Manor on Harbour Island and plans a 400-unit rental complex on the site of the Tampa Tribune building on the Hillsborough River in downtown Tampa.
In June, the Tampa Housing Authority tapped Related for the $400 million West River redevelopment project that will include a mix of market-rate and subsidized housing units.
One of the largest Hispanic-owned businesses in the United States, Related has built, renovated and managed more than 90,000 condominium and apartment units. It developed many of South Florida’s best known condo towers, including the 41-story Trump Tower Hollywood.
December 03, 2016 03:30PM
Broward County endorsed a plan by Related Group and a partner to lease county land at Andrews Avenue and Sistrunk Boulevard and build apartments there, most of them with rents below market rates.
County commissioners voted November 29 to negotiate a land lease agreement with Miami-based Related Group and a company called Flagler Warehouse 1, co-owned by Doug McCraw, founder of the Flagler Arts and Technology Village, or FATVillage.
McCraw’s company and Related have formed a company called Related FATVillage LLC to build a mixed-use development with 150 apartments, including 109 that would be available at below-market rates.
Most of the apartments would have below-market monthly rents, including $1,631 for studios and $1,957 for two-bedroom units.
The development team tried to price the below-market units to keep rent from exceeding 30 percent of a tenant’s income.
The mixed-use development, called The Gallery at FAT Village, would have retail-store and art-gallery space on the ground floor.
Related FATVillage LLC would make payments on the county land lease over a 60-year term.
The county acquired the land at 600 North Andrews Avenue after a developer failed to build affordable housing there, one of two failed attempts to put below-market rentals on the property, county officials told the Sun-Sentinel.
Ralph Stone, executive director of the Broward County Housing Finance and Community Development Division, told the newspaper that Related FATVillage LLC isn’t seeking a subsidy, or land at little or no cost. [Sun-Sentinel] – Mike Seemuth
A Miami developer is under construction on a 21-story apartment tower and plans to move quickly to begin another major development in downtown Tampa.
Related Group closed on the land for Manor at Harbor Island, at 402 Knights Run Ave., paying $12 million for the 1.27-acre site in a deal that closed in late February, according to Hillsborough County property records. It’s also secured a $60 million loan from Bank of America, according to property records.
“Construction is under way,” Arturo Pena, vice president with Related Group, said Wednesday.
In the coming months, Related expects to begin another big development: The demolition of The Tampa Tribune’s downtown offices to make way for another multifamily project.
Related closed on the Tribune’s waterfront real estate in late July, paying $17.75 million for the site. The Tribune signed a lease for its offices, which Pena said expires in late April or early May. The Tampa Bay Business Journal first reported on April 17 that Related was targeting the site for a redevelopment play.
“We’d like to start demolition as soon as possible, as early as May or maybe June,” Pena said. “And begin new construction in September.”
Despite the proximity of the two developments — they’re about one mile apart — Related doesn’t view them as competing projects. Pena said the group expects the Harbour Island tower to draw affluent empty nesters; the downtown project will likely attract a younger demographic.
Pena said Related remains bullish on the rental market and Tampa.
“We like the Riverwalk and we love what the mayor is doing — we love the amount of jobs,” Pena said. “The job growth is one of the metrics that we look at the hardest.”