The apartments represent the first of three phases of AlafiaCrossing, a $100-million mixed-use project along the Alafia Rivernear Interstate 75 that will also include hotel, office and retailsegments. Apartments will begin leasing later this year and thebalance of the complex should open next summer.

"Extensive market research demonstrates that The Preserve atAlafia will fill a strong need in the Tampa area for upscalerentals located in an extraordinary waterfront setting that haspreviously unavailable to renters," says Rey Ortega, president ofGarrison. Asking rents for the apartments will average $1,000monthly, he says.

Developers in the Tampa Bay market are expected to complete only1,000 rental units this year as overall demand for apartmentsremains subdued, according to research by Marcus & MillichapReal Estate Investment Services. Vacancy is forecast to rise onlyslightly to 10.8%, while asking rents are projected to fall 3.8% to$767 per month.