Tempo at Encore land sells as construction begins

BUYER: The Tempo at Encore LP (Tampa Housing Authority Development Corp., Hazel Harvey, Robert Shimberg, Rubin Padgaett, Jerome Ryans, Susan Johnson-Velez and Andrew Libby Jr.) Tampa
SELLER: Housing Authority of the city of Tampa, Florida
PROPERTY: 1102 Ray Charles Blvd., Tampa
PRICE: $2.11 million
LAW FIRM ON DEED: Saxon Gilmore Carraway & Gibbons PA, Tampa

PLANS, DESCRIPTION:
A joint venture of the Housing Authority of the city of Tampa, Banc of America Community Development Corp. and RBC Capital Markets Tax Credit Equity Group purchased a portion of the more than 40-acre Encore development for $2.11 million.

The developer, a similar joint venture made up of just the Tampa Housing Authority and Banc of America Community Development, has already started constructing a seven-story multifamily building on the property called The Tempo at Encore. The project will create 203-unit apartment buildings in a mixture of one- to four-bedroom units.

It will feature a swimming pool, outdoor theatre, music rehearsal rooms, exhibit space clubhouse with fitness center, computer room and more.

Tempo will be the fourth building in Encore, and its total development cost is projected to be more than $43 million.

The purchase entity, The Tempo at Encore LP, mortgaged the property to the Housing Authority of the city of Tampa for $22.63 million, the Federal Home Loan Mortgage Corp. for $10 million and the Housing Finance Authority of Hillsborough County for $9.85 million.

The Encore development is a $425 million master-planned, urban mixed-use redevelopment venture spanning 12 city blocks.