Sunday, June 16, 2024

Miami investor introduces new $250 million multifamily fund focused on Tampa

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Real Estate Updates in Naples/Fort Myers, Tampa/St. Petersburg, and Sarasota/Manatee

The real estate market in Naples/Fort Myers is buzzing with activity as a 5,500-acre parcel in Collier County has seen a significant price drop. Gopher Ridge, located just north of Immokalee, was originally listed at $57.8 million but can now be purchased for $44.5 million. The property, listed by SVN Saunders Ralston Dantzler, has historically produced high-yielding round oranges for juice production and is poised for future residential development with 1,763 acres zoned for 4-8 units per acre.

In Fort Myers Beach, construction is set to begin on a new boat storage facility at the Compass Rose Marina on June 1. The facility will feature 286 dry storage slips built to withstand winds of up to 200 miles per hour and a Category 5 hurricane. Future plans for the marina include wet slips and retail, office, and mini-storage space.

In Tampa, a major downtown project is undergoing changes as developers behind the Orange Station development have announced the removal of planned condominiums in favor of workforce apartments and increased office space. The project, located in the Edge District, will also include an Autograph Collection Hotel pending city approval.

In other news, a Tampa office building named One Presidents Plaza has been sold to a South Florida private equity group for $14.25 million. The 96,376-square-foot office building, now renamed Veterans Plaza, is undergoing renovations to improve common areas and corridors.

Miami real estate investment firm Participant Capital Advisors has launched a new fund targeting multifamily properties in the suburbs of Tampa and Orlando, as well as major metropolitan markets in Florida. The firm aims to raise $250 million for the Participant Capital Sun Belt Multifamily Development Fund 1, focusing on mid- and high-rise properties in Miami and South Florida.

Lastly, Michael Saunders & Co. has consolidated three offices into the Wells Fargo building in downtown Sarasota, creating efficiencies for clients and agents. Plans for a major residential project on Sarasota’s waterfront are currently on hold as developer Kolter Urban requested a continuance at a recent planning meeting.

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