WESTHORE BUSINESS DISTRICT APARTMENT SITE
4310 W SPRUCE ST. TAMPA, FL
$5,000,000 SALES PRICE
3.42 ACRE SITE
264 UNITS PLANNED
Hired to list the 3.42 acre property for sale by a former out of state client who developed adjacent apartment community via a land sale by us in 2007. This client had reached out during their due diligence of a note sale on the subject property as we had an extensive history and knowledge about the specific nuances of this particular property having worked on it previously.
Once client purchased the note, they were able to foreclose the current owner in short order and we were able to bring the property out to market for sale on their behalf. There was very strong interest from the market immediately, due to its location within the Westshore Business District (WBD) in Tampa, Florida. The WBD is the largest office submarket in the state of Florida with 12,000,000 square feet of office space, 100,000 employees and more than 4,000 different companies. The WBD is the geographic and economic center of Tampa Bay so the developers who were paying the most for similar sites throughout Florida, were selected first and an agreement was made with one of the largest developers in the United States.
This developer, however, ended up dropping the contract citing regional issues as the cause. Planning for such a possibility we had a back-up developer ready to step in at the same contract price and terms. As a result, this new developer closed on time and at the contract price. The project is currently under development today.