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Upscale condo development caters to young professionals

Bayboro Tower's location is ideal for those who wish to live between the University of South Florida and downtown.

By PAUL SWIDER
Published January 31, 2007

Cities are revitalizing downtowns in an effort to attract young professionals, but developers are only beginning to provide housing options, so the choices are few.

"What they're trying to do is find that front door downtown that they can afford," said Mark Waterbury, who is aiming Bayboro Tower at the market searching for condominiums under $200,000.

Bayboro at 201 Fifth St. S is a conversion of a 37-year-old apartment building that once nearly became a dormitory for the University of South Florida.

Waterbury and his partners took the 30 one-bedroom units and nine studios and upgraded them from simple student rentals to upscale, if small, units appealing to those wishing to live between the growing campus and the downtown business community.

"We're aiming at people who are ready to graduate," Waterbury said. "For them, this is an ideal location."

Bayboro will be ready in April, Waterbury said, but its units will go on sale in the next few weeks. Prices start as low as $132,000 for a studio, but the most expensive unit is a corner one-bedroom at $204,000, one of only two more than $200,000.

As the downtown condo boom has cooled, builders have been dropping prices into the $400,000 range, but that's still too much for young people just starting a career. Those young professionals have few choices if they want to be close to the action.

"There was not a whole lot out there in the $120,000-$140,000 range," said Steve Russell, a 25-year-old insurance broker who recently bought a $130,000 condominium at Bay Villa on Second Avenue S and Sixth Street.

Russell said most others he knows his age are still renting, but his mortgage payment for a 400-square-foot, one-bedroom unit is about the same as his friends' rent. He said he's glad that he can walk to Tropicana Field or even BayWalk for a movie.

"It's nice that this is close to everything," he said. "It's a cool, growing city."

Russell bought his unit from real estate agent Eileen Beddinghaus, who said she's sold most units in that building to others like him. People come in curious about the price and are surprised at what they can get.

"It's twentysomethings, mostly," she said.

"They can find something else for our price, but it's not in the condition or area they want to be."

Beddinghaus said Bay Villa has granite counters, hardwood floors and stainless steel appliances, the kinds of amenities people only expect in pricier condos. Waterbury, too, has similar touches that make urban living comfortable, if not spacious.

But downtown living can be attractive yet tight. Bayboro's largest units are 740 square feet, though they have patios.

The smallest units have kitchens barely large enough to open the cabinets, but even third-floor windows look onto Tampa Bay.

The few downtown housing opportunities may be short lived for young people.

Across the street, the larger Beacon on Third went through a similar conversion several years ago, but units that originally sold in the mid $100s are now reselling for up to $100,000 more.

Paul Swider can be reached at 892-2271 or pswider@sptimes.com or by participating in itsyourtimes.com .

[Last modified January 30, 2007, 22:10:55]