Florida Crystals buys Finergy's Channelside land

BUYER: FCI Development Eleven LLC, West Palm Beach
SELLER: Finergy Channelside Holding LLC
PROPERTY: 217 and 222 11th St., Tampa
PRICE: $3.84 million
PREVIOUS PRICE: $3.6 million, February 2006 and $3.44 million, March 2006
LAW FIRM ON DEED: The Colburn Firm PL, Sarasota

PLANS, DESCRIPTION:
West Palm Beach-based Florida Crystals Corp. purchased the 1.89-acre Amazon Hose and Rubber site in the Channelside District a for $3.84 million.

The price equated to $2.03 million per acre.

The land was collection of three parcels containing two abandoned warehouses.

Florida Crystals plans to demolish the warehouses to develop a seven-story mid-rise building with 270 residential units and an adjacent six-and-a-half story parking garage.

The seller, Sarasota-based Finergy Development, purchased the property in 2006 with plans create a 22-story mixed-use development with 226 residential condominium units, 119 hotel units and about 50,000 square feet of retail.

Ryan Sampson of Eshenbaugh Land Co. represented the buyer and T. Sean Lance of NAI Tampa Bay represented the seller.

“This is a great site in a very strong submarket,” Lance says in a press release. “While there are a number of projects planned or under development in this submarket, we feel the desire for millennials and empty nesters to relocate into urban infill areas, combined with the finish level and amenity packages offered in these new projects, is going to be a compelling enough story to fill them up.”