Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of North Hyde Park Development Site, 1.85 acres of land located in Tampa, FL, according to Chris Travis, sales manager of the firm’s Tampa office. The development site sold for $3,000,000 and is set to become a 5-story, mixed-use property with 192 apartments and a ground-floor retail area, all wrapped around a 6-story parking garage.
Casey Babb, CCIM, an investment specialist in Marcus & Millichap’s Tampa office, procured the site on behalf of the Buyer. “The Tampa urban core continues to be a development hotbed as demand outpaces supply by a wide margin leading to formidable rents,” said Babb. “Recent sales activity in downtown Tampa of more than $300,000 per unit for mid-rise and upwards of $440,000 per unit for high-rise further bolsters the appetite for developers in-spite of all-time high construction costs.”
North Hyde Park Development Site is located at 608 North Willow Avenue in Tampa, FL. The property is now owned by Wingspan Development Group, who plans on creating Jade at North Hyde Park, a five-story, 192-unit apartment building with an accompanying on-site garage. Jade is also slated to include a 3,100-square-foot storefront fit for a restaurant or retailer.