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Senior Financial Analyst
407-481-2187
patrick.coley@berkadia.com
Patrick Coley
Financial Analyst
813.675.0465
wade.sarchet@berkadia.com
WADE SARCHET
Associate
813.675.0121
bailey.smith@berkadia.com
BAILEY SMITH
Director
321.319.1415
tyler.swidler@berkadia.com
DRE# SL3437022
TYLER SWIDLER
Senior Managing Director
813.217.3419
matt.mitchell@berkadia.com
DRE# BK3221815
MATT MITCHELL
Managing Director
321.319.1414
brett.moss@berkadia.com
DRE# SL3320854
BRETT MOSS
INVESTMENT SALES
Senior Director
Benjamin.Harris@berkadia.com
310.209.3236
BENJAMIN HARRIS
Managing Director
Allan.Freedman@berkadia.com
310.209.3243
Allan Freedman
Associate Director
Nick.Provost@berkadia.com
310.209.3227
Nick Provost
MORTGAGE BANKING
Contact Info
4890 West Kennedy Boulevard
Suite 940
Tampa, FL 33609
P. 813.675.0469
Tampa Office:
Location
110 S. Boulevard, Tampa, FL 33606
Address
0.96 Acres
Size
Regional Mixed-Use (RMU) 100
Current Zoning
Existing 5,101 gross SF commercial building on the property
Site Condition
Water: City of Tampa Water
Sewer: City of Tampa Waste Water
Electricity: TECO
Utility Providers
Tampa, Florida
Municipal Approvals
Site Summary
Southeast Hillsborough area is the fastest growing area in the Tampa Bay MSA and one of the fastest growing regions in the U.S. Over the next 5 years, Southeast Hillsborough expects to gain 76,000 (11.95% increase) new residents, accounting for nearly half of the population growth expected across the entire Tampa Bay MSA. In response to this growth, homebuilders have been adding thousands of new homes and Hillsborough County plans to add 9 new public schools within the submarket (including one just blocks away from the Subject Site). While growth has been robust, multifamily development has not kept up. Only 2,956 units have delivered since 2021, while another 2,820 units are currently under construction (AxioMetrics).
BOOMING SOUTH BAY AREA:
04
Residents enjoy convenient access to major employment nodes, with downtown Tampa and the Brandon office markets 15 to 25 minutes away. Employment in the immediate area also include Port Tampa Bay (85,000 direct and indirect jobs), the newly delivered St. Joseph's Hospital South, and Amazon's one million square foot distribution center just south of the Site.
EASY ACCESS TO GROWING JOB CENTERS:
03
Over the next five years, Southeast Hillsborough will account for 50% of Tampa Bay’s population growth. With only 6,024 new rental units slated for delivery in Southeast Hillsborough, this submarket has one of the most favorable supply-to-growth ratios (one unit to every 12.6 people) in the state. Additionally, Waterset itself has built-in supply constraints with only 750 units of entitlements remaining. Also notable, the projected five-year average household income will increase to $110K compared to the $93K average today, suggesting the population growth will be comprised of a wealthier demographic that will find themselves in an area with limited Class A supply. Due to this imbalance of supply and demand, YardiMatrix is projecting positive rent growth above 3.0% in 2024 and 2025 along with elevated occupancies well over 95.0% for the same time period
Favorable Supply & Demand Fundamentals:
02
The Property sits within the heart of Hyde Park, Tampa's most exclusive and desirable neighborhood. Located just outside of downtown Tampa, Hyde Park offers a dynamic lifestyle surrounded by unlimited amenities with immediate access to Tampa’s largest employment nodes. Within Hyde Park, sites for development area exceedingly rare. Lack of vacant land, geographic land constraints, and affluent demographics have made the neighborhood an extremely high-barrier-to-entry submarket.
Investment Highlights
Berkadia is pleased to present the opportunity to acquire a +/-0.96-acre development site located in Historic Hyde Park, one of Tampa’s most desirable and high barriers-to-entry neighborhoods (the “Property” or the “Site”). The Site offers developers a rare opportunity to deliver a residential tower just steps away from acclaimed Hyde Park Village and prestigious Bayshore Boulevard. Once completed, the Property will offer sweeping views of downtown Tampa and Hillsborough Bay.
The Property is zoned Regional Mixed Used 100 (RMU-100), which allows a maximum FAR of 3.5. Since the Property is located in the Central Business District Periphery of the 2040 City of Tampa Comprehensive Plan, a developer is allowed to obtain a density bonus to build to a 7.0 FAR for an estimated cost of $3.5 million payable to the City of Tampa. Ownership has received site plan approval for a 22-story, 182-unit student housing development which contemplated an FAR of 6.34 and would have required a $2.8 million density bonus payment to the City of Tampa.
Prime Location: Situated at the northeast corner of South Boulevard and West Cleveland Street, the Property is in a highly visible location between the exclusive residential enclave of Hyde Park, Downtown Tampa and the University of Tampa. Many of Tampa’s most sought-after destinations are within walking distance or a short bike ride such as Hyde Park Village, SOHO District, the Tampa Riverwalk and Water Street. The ultra-convenient location is proximate to additional demand drivers such as Tampa General Hospital, Tampa Heights, Amalie Arena, MacDill AFB and the Westshore Business District. The Property also provides immediate access to the Selmon Crosstown Expressway putting both the Gateway Office Market in St. Petersburg and the Brandon Market within a 15-20 minute drive.
The Opportunity
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1122 G Street, San Diego, CA 92101
1122
G STREET
Tampa, FL 33606
A RARE 0.96-ACRE HIGH-RISE DEVELOPMENT SITE IN EXCLUSIVE HYDE PARK, TAMPA, FLORIDA
MUNICIPAL APPROVALS IN PLACE FOR A 23-STORY HIGH-RISE RESIDENTIAL TOWER
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Exclusive Hyde Park Location:
The Property is zoned Regional Mixed Used 100 (RMU-100), which allows a maximum FAR of 3.5. Since the Property is located in the Central Business District Periphery of the 2040 City of Tampa Comprehensive Plan, a developer is allowed to obtain a density bonus to build to a 7.0 FAR for an estimated cost of $3.5 million payable to the City of Tampa. Ownership has received a site plan approval for a 22-story, 182-unit student housing development which contemplated an FAR of 6.34 and would have required a $2.8 million density bonus payment to the City of Tampa.
Easy Path to Approvals with Zoning In-place that Allows for FAR of up to 7.0 with Payment of Density Bonus:
The Tampa MSA continues to experience strong net migration and a prosperous job market, which will continue to drive the apartment market over the long term.
Tampa MSA Market Fundamentals:
110 S. BOULEVARD
Development site
Location