Jade at North Hyde Park includes a five-story, 192-unit apartment building and on-site garage as well as a restaurant or retail store.
By: D'Ann Lawrence White
TAMPA, FL — Commercial real estate company Marcus & Millichap announced the sale of the 1.85-acre North Hyde Park Development Site for $3 million.
The North Hyde Park Development Site is located at 608 N. Willow Ave. The property was purchased by Wingspan Development Group, which plans on creating Jade at North Hyde Park, a five-story, 192-unit apartment building with an accompanying on-site garage with 297 parking spaces. Jade is also slated to include a 3,100-square-foot storefront for a restaurant or retailer and an 895-square-foot outdoor patio.
Jade will also feature resort-quality amenities and high-end finishes including a 24-hour fitness center, swimming pool with poolside club and outdoor kitchens, gathering lounge, cyber cafe, conference room, bike storage and repair, resident storage lockers, electric car-charging stations, in-unit washer/dryer, quartz countertops, energy-efficient stainless steel appliances, tiled back splash, programmable thermostats and private patios or balconies.
Construction is anticipated to begin the first quarter of 2020.
"The Tampa urban core continues to be a development hotbed as demand outpaces supply by a wide margin leading to formidable rents," said Casey Babb, an investment specialist in Marcus & Millichap's Tampa office. "Recent sales activity in downtown Tampa of more than $300,000 per unit for mid-rise and upwards of $440,000 per unit for high-rise further bolsters the appetite for developers in spite of all-time high construction costs."
Chris Coleman, VP of Development at Wingspan, periodically shares his thoughts and observations on property development news.