Related Group secures $52M loan for new luxury apartments in Westshore, Tampa


By Mike Salinero

Related Development LLC, the Miami firm redeveloping the former Tampa Tribune site, secured a $52 million construction loan Thursday to build a luxury rental community in the Westshore area.

SunTrust Bank provided the funding that will allow Related to build the 396-unit Town Westshore rental community, which recently broke ground at 5001 Bridge St. just south of Gandy Boulevard and about five blocks west of Westshore Boulevard.

“We see tremendous growth in the I-4 corridor, and developments like Town Westshore are positioned to take advantage of the continued job and population growth in the region,” says Rebecca Cox, VP at SunTrust Commercial Real Estate, in a news release.

The property is one of four Related projects in the greater Tampa area, including the Manor, now underway on the former Tribune site, just off Kennedy Boulevard along the Hillsborough River in downtown Tampa.

“Related has a track record of not only identifying underserved markets, but also delivering compelling residential properties tailored to the specific submarket,” says Steve Patterson, President and CEO of Related Development, in a news release. “Town Westshore is no different. We’ve done our homework and are confident the property and its central location will resonate with Tampa and St. Pete’s growing base of renters.”

The four-story, luxury mid-rise apartment development includes 396 units on just over 8 acres. Amenities will include fitness and yoga studios, saunas, massage treatment rooms, E-lounges, executive dining rooms and concierge services. On the drawing board: shopping, dining and a marina within walking distance.

Town Westshore is one of several blockbuster projects Related has planned or in the works in Tampa. The company, founded by Chairman and CEO Jorge Perez, is partnering with the Tampa Housing Authority on the West River project, the redevelopment and re-imagining of 150 acres on the west bank of the Hillsborough River near downtown.

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Source: 83DegressMedia.com