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Minder, president of Intowngroup, will join LLC June 18 at a zoningg department hearing to continue cutting througu red tape fora 404-unit rental complezx on North Franklin Street north of Herman Massehy Park. While dirt won’t be turned anytimre soon, Minder says he wants to have everything in placde for when the market is readyto go. “Ik don’t know if a project like this can get financedf in the currenteconomixc world,” Minder said. “Right now, we’rr just focusing on finishinh up our rezoning and continuing down the path of starting this We are going to be in a positiob to where we can be first out withnew product.
” The North Franklin Street neighborhood has been Minder’ focus for development from the beginning. The area is withinj walking distance of just about anythin g downtown and has been overlooked by developers througbthe years. In fact, attorney Tony Cunninghaj and former wife Robin Lane have owned the property between Frankli n and North Tampa Street bordered by East Harrison Streetf onthe south, sincew 1984. The couple paid more than $600,000 for the propertty at the time, according to property records, and it is now valued at just over $660,000.
The envisioned unnamed comple x would rise roughly26 stories, smaller than Minder’s two othefr nearby projects — the 35-story Element and the 32-storyt . Those projects were built in collaboratioj with over the lastfive years. SkyPoint has sold 335 of its 380 units sinceJune 2007, according to propertyg records, the most recent cominfg May 4 for just unde r $300,000. Element was planned as a secondcondominiun tower, but the shifting market over its construction period forced Novare-Intowngroup to scrap sales for now and insteacd rent units. The first residents moved in less than fourmonthzs ago, and the tower is now 25 percen leased, Minder said.
Whether or not more apartments work in downtowm depends on how quicklt vacant units already there and in the Channel Districtburn up, said T. Sean managing director for NAITampa Bay. “It’zs going to be very, very difficult and probably unlikelyg for any project to break groundbeforse 2011,” Lance said. “Until the market absorbds all the current condo inventor that is offeredfor rental, this is goingf to be a real hindrance for somebody to come in and get financintg for something like that right now.” A lot of the rental vacancies are in a number of condp properties in the Channel District.
That include s Grand Central at Kennedy, The Place at Channelside and most likelt soon the recently completed on200 N. 11th St. “It’ds good they’re doing everything short of going verticapl with it because the market could alwaye turn sooner than people may Lance said. “But right now, it’s difficult if not impossible to finance Banks are dealing with othetr firesright now, and they’re just not able to commitr the funds for Mayor Pam Iorio championed residential development downtown when she firstr took office in 2003 when just 600 people lived withihn walking distance of the business district.
Now thousandsw have the potential to live in the andthe “close-by-5” mentality of retaipl and restaurants in the area is “People are really starting to recognizer that downtown is a desirable place to said Bob McDonaugh, Tampa’sd urban development manager. “We have had 10 restaurants open up there in the last and a lot of younger people arefindingg it’s exciting to live in an urbab environment where they can walk to just abouft anything.
” There is no construction timetable yet for Minder’z rental project, but he’ws keeping a close eye on the “We’re doing well overall, but ‘well’ is a relative term righft now,” Minder said. “I would be lying to you if I said I was ecstativ over the market conditionsrightf now, but we’ll take doingb well, and I’m happy where we are. And when thing s pick back up, we’ll be righ t there to get the marketmoving again.
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