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Downtown condo pioneers soon may get company
By DAVID KARP, Times Staff Writer TAMPA -- When the theater lets out in the evening, crowds pour out of the Performing Arts Center. Everyone dashes for their cars. "It's a madhouse," said Roger Carlton Sherman, "but I walk away." That's because Sherman, 55, lives a few blocks away at the One Laurel Place Condominiums. From his patio, he can watch a sea of red tail lights jam the theater parking lots. "I walk home and they are still getting their cars from valet," said Sherman, erupting in laughter. Hidden away by the Ashley Street exit of the interstate, the Laurel Place condos are the only residential complex to thrive in downtown Tampa. As more people move downtown to be centrally located and avoid long commutes, developers hope to create more successful housing options such as Laurel Place. Lofts have sprouted up in the Channelside district, and an entire subdivision has been built on Harbour Island. (There is also a retirement home downtown.) Now, there are plans to build even more condos downtown. The city will seek proposals this year to build a residential tower near Curtis Hixon Park on the Hillsborough River. On Friday, city leaders took a tour of downtown St. Petersburg to see how it drew residents to its downtown. And last week, a developer unveiled a plan to build two, 12-story residential buildings on Ashley Drive by the Tampa Museum of Art. How would these condos do? Just look at Sherman's home. One Laurel Place was the first downtown condominium here in 1982, years ahead of major downtown development. Developers originally planned two residential towers on the site along the Hillsborough River just north of the Performing Arts Center. "They were a little ahead of their time," said Lee Smith, a resident who works part-time in the unit's office. Today, the 10-story complex has 97 units, and all but five are occupied. Tenants own 83 of the condos, and rent out 14 apartments. The condo association maintains a tennis court, swimming pool and Jacuzzi. But there's no fitness center or social hall. The two-bedroom condos, which run about 1,200 square feet, have sold in the last year for about $85,000, property records show. It costs another $10,000 to buy one of the complex's 36 garages. In general, owners have seen the value of their condos rise, property records show. Condos that sold on average for $85,000 last year were originally purchased for around $67,000. "The units sell when they become available," said Madeleine Courtney, a real estate agent with Coldwell Banker. "They do not sit on the market." That wasn't always the case. In the mid '90s, before the building boom downtown, many of the units depreciated in value, property records show. After years of inactivity, St. Petersburg has seen its own downtown building boom. A number of condominiums and apartments now thrive near the bayfront. In the last few years the 21-story Florencia, the 14-story Cloisters and Vinoy Place, with 10 floors of residences, have added more than 200 luxury condo and townhouse units downtown, with prices ranging from $300,000 to more than $1-million. Now St. Petersburg city officials are reviewing plans for the Villas, a $70-million, twin tower, mixed-use project along the bayfront that would feature 200 condos, a parking garage and space for restaurants and shops. Realtors see similar promise in Tampa. The success of more expensive residential developments, such as Harbour Island and the condos at 345 Bayshore Boulevard, show the rising demand for downtown living. "The Harbour Island apartments ... have been going like gangbusters," Castro said. The reason? Location, location, location. Chuck Sutnick, who moved to One Laurel Place in 1988, used to work in Temple Terrace. And each morning, as he left his home, he would pass cars lined up heading south. "Everyone was trying to get downtown, and I was leaving," said Sutnick, 57. In the afternoon, the traffic was reversed. "Everyone is bumper to bumper going north, and I was flying on to home," he said. "Commuting is fantastic." Many residents at One Laurel Place work downtown -- and can walk to work. Police records show crime is low. Residents reported only a few thefts in the last year, according to incident reports. "The crime is where the people hang out," said Sutnick. "People don't hang out downtown." Others say they enjoy Tampa's only taste of urban living -- being able to see tall buildings, hear the sounds of a city and walk to churches, theaters and offices. "The sunsets for me are unbelievable," said resident Cheril Hammond. "The sky gets a pretty color of blue right around 6 o'clock." When she was living in south Tampa, she never noticed how the sky changed, she said. She couldn't see the sun set over the trees and buildings. Others enjoy watching the activity on the street. "I thought it would be the ultimate to live downtown," said Roslin Springer, 59, a pastor at the First Christian Church in Hyde Park. There is always activity," said Springer. Still, it's not New York. There are only two restaurants within walking distance of the condos -- one at the Holiday Inn City Center and Maestro's, at the Performing Arts Center, which is only open during shows. Residents must drive to the Publix on Bayshore Boulevard or to Hyde Park to shop. Some walk to one of five downtown churches for services. Before more shops or restaurants open, though, more people will have to take a risk and move downtown, real estate agents said. "I think you have to have people down there first," said Castro. "If we want downtown to be vibrant and grow, and not have the sidewalks close up at 5 o'clock, we need more residential downtown." -- Staff writer David Karp is at 226-3376 or karp@sptimes.com.
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From the Times Ernest Hooper |
