Bainbridge buys Ybor site at a premium

BUYER: Bainbridge Ybor City Apartments LLC
SELLER: Intown/Framework Group LLC
PROPERTY: 3 acres in Ybor City
PRICE: $4.25 million
PREVIOUS PRICE: $1.63 million, June 2015

PLANS, DESCRIPTION:
Bainbridge Cos. late last month bought a roughly three-acre site in Ybor City's La Casa subdivision for $4.25 million to develop a four-story apartment complex.

But the planned $43 million Bainbridge at Ybor City Flats project has stirred up controversy even before construction has begun. That's because sellers Intown/Framework Group had acquired the same land from the city of Tampa for just $1.63 million only weeks earlier, raising questions about whether the city had done a proper evaluation of the property.

Bainbridge, a Wellington-based developer that owns two dozen apartment complexes in Florida, hopes to begin work on its 240-unit project by the end of the year. Rents are expected to range from $1,200 a month to $2,200 a month.