Related Group under construction on Harbour Island tower, wants to begin Tampa Tribune project ‘ASAP’
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.”