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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.