TAMPA—Construction is underway on Aurora, a $67 million luxury multifamily property in Downtown Tampa, FL. Richman Group of Florida is building the property, one of five market rate projects the firm has closed in the last 12 months.
Located at 124 South Morgan Street, Aurora sits along the new Selmon Greenway bike path and next to the $1 billion redevelopment project around the Amalie Arena. The multifamily project should start leasing in Spring 2016.
“Excitement is growing about Downtown Tampa’s urban waterfront renewal,” Todd Fabbri, executive vice president for Richman, tells GlobeSt.com. “Aurora’s modern amenities and chic industrial vibe will enhance this revitalized destination.”
Although the upturn in the local economy is in its fifth year, a lengthy stretch of runway remains for the Tampa Bay multifamily market to gain momentum and flourish, according to Marcus & Millichap‘s latest Tampa Apartment Research report. The firm predicts staffing will expand 3%, or by 37,000 jobs, during 2015. Slightly over 34,000 positions were created last year as manufacturers and building trades shed workers.
Aurora will feature 351 studio, one-, two- and three-bedroom luxury multifamily units ranging from 577 to 1,593 square feet. The multifamily community will have five-story, elevator buildings, a parking garage, pool with cabanas, a fenced dog park, a two-level clubhouse, a fitness center and many other amenities.
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 multifamily units 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.