Miami developer spends $55 million on Tampa property

Miami developer The Related Group has spent $55.5 million on property near downtown Tampa and plans to a build mixed-used development on the site.

The project, which comes with $8 million for the expansion of the city’s Riverwalk, will include luxury market rate apartments and condominiums as well as student housing and retail. The property will also come with 10 boat slips and a helistop.

In all, when complete, the development will be made up 32,760 square feet of retail and 1,079 residential units.

Related, according to a spokesperson for the developer, “envisions lining Parker Street with pedestrian-friendly shops and diverse (food and beverage) offerings.”

The property Related bought is made of four parcels — two on Parker Street and one each on Keller and Cedar Avenues — and is on the west side of the Hillsborough River, across from downtown.

Related has called Tampa its second home and is already busy in the area. It is currently building the 27-story Ritz-Carlton Residences on Bayshore Boulevard and recently announced a second tower for that development. It is also the developer behind Icon Central — now Camden Central Apartments — in St. Petersburg and Town Westshore in Tampa.

In addition to those projects, Related, which got its start developing affordable housing projects in Miami, is also working on the 120-acre West River Tampa development and is the master developer on the Rome Yard development. Both are affordable housing projects in the city.

In January, Related sold the 400-unit Manor Riverwalk apartment to a Denver real estate investment trust for $225 million. That building is near where the new development will be built.

Dates for when construction will begin and when the project is expected to open were not immediately available.