Pollack Shores Real Estate Group buys land for NoHo apartment project

BUYER: CRP/Pollack Hyde Park LLC, Atlanta
SELLER: Hyde Park Realty Group LLC
PROPERTY: 1505, 1507, 1509, 1511 and 1515 W. Grey St., 502 N. Oregon Ave., 405 N. Rome Ave., 1506, 1516 and 1544 W. Cass St., 1523, 1525 W. Carmen St., Tampa
PRICE: $4.89 million
PREVIOUS PRICE: $3 million, July 2009

SELLER: Jan Investments Inc.
PROPERTY: 1502, 1504 1506 and 1508 Gray St., Tampa
PRICE: $655,000
PREVIOUS PRICE: $655,000, August 2012

SELLER: Stephanie Harden
PROPERTY: a portion of Carmen St., Tampa
PRICE: $325,000
PREVIOUS PRICE: $102,500, July 2010

LAW FIRM ON DEED: Alston & Bird LLP, Atlanta

PLANS, DESCRIPTION: Atlanta-based Pollack Shores Real Estate Group purchased 9.4 acres in the North Hyde Park district for a total of $5.87 million.

The developer has announced plans to build a loft-style apartment community on 8.5 acres of the site. Construction is scheduled to start in the next few weeks on a 311-unit development called NoHo Flats. Built in a mixture of three- and four-story buildings, the project will encompass three city blocks.

In 2006, the parcels were part of a larger 15-acre site, developer assembled with plans and entitlements to build 1.5 million square feet of residential and commercial space. NoHo Flats will be the second major apartment development within the site.

Resident amenities planned for NoHo Flats include a pool, outdoor courtyards, club room, mail room, media room, fitness room, yoga and spin studio. Both surface and garage parking will be offered.

Construction is expected to take about 15 months, according to Anthony Everett, a partner and director of Central Florida for Pollack Shores Real Estate Group.

The developer was particularly attracted to the site, he says, because of its closeness to downtown, the University of Tampa and Tampa General Hospital's proposed rehabilitation center.

Casey Babb and Paul Bouldin of Marcus & Millichap's Tampa office handled the transaction.

Poole & Poole Architecture of Richmond, Va., designed the project.

Marc Pollack and Steven Shores formed Pollack Shores Real Estate Group in 2006. The multifamily investor has developed and acquired 11 communities in three states with a total of 3,870 units.