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TAMPA - For the past two years, Mayor Pam Iorio has been talking about turning downtown Tampa into a bustling residential community.
Now she has the blueprint for a project she believes could make it happen.
Atlanta developer Novare Group and Tampa's Intown Group announced plans Tuesday to develop 400 high-rise condominium homes on the southeast corner of Ashley and Polk streets. They're buying the land from TECO Energy, which has a parking lot and garage on the property next to its headquarters.
TECO and the developers wouldn't reveal the sale price of the land or the cost to build the tower.
TECO has owned the city block for more than 20 years. The parking garage hasn't been used by TECO employees since early 2003 because it's unsafe, said TECO spokesman Ross Bannister.
Construction on the 31-story building is scheduled to begin in 2005 and finish by the end of 2006.
The one- and two-bedroom homes, with price tags starting at $170,000, should appeal to first-time home buyers in the 25-to-40 age range, said John Long, senior vice president for Novare Group. They will feature granite counter tops, 10-foot ceilings, floor-to-ceiling glass walls, reserved parking and upscale fitness and community centers. The building will have more than 12,000 square feet of street-level retail space.
It's the first major residential project on the north end of downtown, where city leaders are trying to encourage a cultural arts district. The condos will be within walking distance of the Tampa Bay Performing Arts Center and Tampa Theatre.
They also mark the entry of Atlanta-based Novare Group into the Tampa market. The company has had success with urban residential projects in Atlanta, and in the past year launched projects in Nashville and Charlotte, N.C.
Bannister said TECO talked with several buyers interested in the property, but sold to Intown and Novare because they were ready to move quickly.
"We are really excited about Tampa," Long said. .
The downtown area is still sleepy, he said, but his company is impressed with city leaders' efforts to wake it up. "They're starting to do the right things to make that happen," he said. "We want to be a part of it."
Iorio said she sees the project as a springboard for her plans to entice people to call downtown home. "It's in a price range that's going to appeal to a lot of younger buyers," said Iorio, who said she has been concerned about the high prices of homes slated for the Channel District. There, condominiums start at $250,000 and climb past $1-million.
"It's whatever the market will bear," she said. "But I'd like to see some greater diversity."
Janet Zink can be reached at 813 226-3401 or jzink@sptimes.com