south-tampa-site

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. © 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.

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WADE SARCHET

Associate 813.675.0121 bailey.smith@berkadia.com

BAILEY SMITH

Director 321.319.1415 tyler.swidler@berkadia.com

TYLER SWIDLER

Associate Director 727.871.9576 alec.fox@berkadia.com

ALEC FOX

Vice President 813.675.0122 bryan.brown@berkadia.com

BRYAN BROWN

Managing Director 321.319.1414 brett.moss@berkadia.com

BRETT MOSS

Senior Managing Director 813.217.3419 matt.mitchell@berkadia.com

MATT MITCHELL

Senior Managing Director 727.674.4097 jason.stanton@berkadia.com

JASON STANTON

INVESTMENT SALES

Mortgage Banking

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

Tampa Office:

Location

4465 W Gandy Blvd, Tampa, FL 33611

Address

A-05-30-18-3X1-000000-F0000.0 A-05-30-18-3X1-000000-G0000.0

Tax ID

Hillsborough

County

Tampa, Florida

Municipality

6.86 Acres

Gross Acreage (Approx)

6.32 Acres

Usable Acreage (Approx)

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:

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:

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:

Flexible zoning allows developers to secure administrative approvals for a variety of uses such as the site plan proposed by current ownership that includes 257 units in a 4-story, mostly surface-parked project with a 1-story parking deck. Developers can also seek higher density and height for a multifamily development under Florida’s recently adopted Live Local Act.

Investment Highlights

Berkadia is pleased to present the opportunity to acquire a +/-6.86-acre development site (+/-6.32 acres developable) located in the coveted South Tampa submarket (the “Property” or the “Site”). As one of the largest contiguous pieces of land remaining in South Tampa, the Site offers developers a rare opportunity to deliver a project with scale in an in-fill area with high barriers-to-entry. The Site is currently zoned Commercial-Intensive (“CI”) allowing for a wide variety of uses at a 3.25 FAR. Current owners have conceptualized a site plan for a +/-260-unit multifamily project (surface parked with a small single story parking structure) that adheres to zoning restrictions and requires only administrative approval; however, a developer may have the opportunity to seek approvals to increase density or develop a different use altogether. The Property’s location and visibility makes it an ideal site on which to develop a multifamily, hospitality, or a commercial project. Situated north of the intersection of Gandy Boulevard and Manhattan Avenue, the Property is in a highly visible location between desirable, densely populated residential neighborhoods and the Gandy retail corridor which includes many restaurants and convenient neighborhood shopping such as a brand-new Publix Grocery Store and a newly remodeled Super Target. The ultra-convenient location is minutes away from downtown Tampa, the Westshore Office Market, and the Gateway Office market, while the immediate area is home to major new developments including the exciting Westshore Marina District and the exclusive Isles of Tampa Bay.

The Opportunity

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1122 G Street, San Diego, CA 92101

1122 G STREET

Tampa, FL 6.86-ACRE DEVELOPMENT SITE LOCATED IN HIGH BARRIERS-TO-ENTRY SOUTH TAMPA SUBMARKET

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Investment Highlights

The Opportunity

Investment Highlights

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EASY PATH TO APPROVALS FOR MULTIFAMILY PROJECT OR OPPORTUNITY TO SEEK MUNICIPAL APPROVALS TO INCREASE DENSITY AND/OR DEVELOP A DIFFERENT USE

Easy Pathway to Approvals:

The Site is located between Kennedy Blvd and Gandy Blvd, the boundaries that have long defined the exclusive enclave of South Tampa. Within these boundaries, sites for development area exceedingly rare.

Exclusive South Tampa Location:

Downtown Tampa, Westshore Office Market, and Gateway Office Market are all within 15 minutes of the Property and are home to over 380,000 jobs.

Conveniently & Centrally Located to Tampa Bay’s Top 3 Office Markets:

Infill submarket with lack of vacant land, geographic land constraints, and affluent demographics.

High Barriers-to-Entry:

Strategically positioned close to Tampa Bay’s most popular recreational, entertainment, shopping, and dining destinations.

Exciting Lifestyle Drivers:

Net migration patterns continue to drive market fundamentals.

Strong Growth Market:

Commercial Intensive (CI), which allows a wide range of uses at a 3.25 FAR. Multifamily mixed-use requires height restriction of 45 feet. See Official City of Tampa Zoning District Regulations in the Document Center for further information. *Live Local Act allows for height variances to the highest building in 1 a mile radius, which is 190 feet. It also allows for administrative approval of multifamily on any commercially zoned property.

Zoning

Previous improvements have been demolished and excavated with impervious areas removed. Site has been left at base grade. Existing elevations range from 7.0-8.5. New building pads finish floor elevations need to be at elevation 12.0 minimum.

Site Conditions

Hillsborough County

Due Diligence Documents

Please find the following materials available in the Document Center: Phase 1, Geotechnical, P&CR, Boundary Review, Title, Conceptual Site Plan, Easement Agreement