TAMPA, FL—Grady Square, a $56 million luxury multifamily community in the heart of Tampa's Westshore area, is underway. Richman Group of Florida is developing the multifamily asset.

Located along North Grady Avenue near West Columbus Ave, Grady Square is set to open Summer 2016. The 300-unit multifamily community includes four story elevator buildings and a parking garage.

“The development will bring a new and exciting choice for luxury apartment living in a very established and desirable area of Tampa,” Todd Fabbri, executive vice president for Richman, tells GlobeSt.com. “Our vision for Grady Square is a true live-work-play environment which goes hand in hand with our central Westshore location and abundance of restaurants, shops, entertainment, recreation and employment.”

Grady Square will offer studio, one-, two- and three-bedroom multifamily units ranging from 574 to 1,628 square feet. Amenities will include a hotel-inspired two level clubhouse, a 1,700-square-foot fitness center, a yoga/spin studio, a meditation lounge, and a tech center.

Richman has closed five market rate projects in the last 12 months. Construction is also underway on Aurora, a $67 million luxury multifamily property in Downtown Tampa, FL.

According to Marcus & Millichap's latest Tampa Apartment Research Report, announcements of employer expansions or relocations are appearing more frequently, and downtown Tampa sits on the verge of undertaking a years-long transformation. The firm predicts apartment operators will raise the average rent 5.3 percent this year to $995 per month.

Richman is ranked by the 2014 Multi-Family Executive as the seventh largest owner of multifamily rental apartments in the US. Richman and its affiliates have developed nearly 20,000 multifamilyunits and has owned or asset managed more than 100,000 units. The firm acquired the former Without Walls megachurch last September for $14.3 million.