By Ashley Gurbal Kritzer is senior reporter for the Tampa Bay Business Journal
A Houston developer is planning to build a new residential tower on Tampa’s most prestigious street.
Dinerstein Cos. is proposing a 12-story tower at 319 Bayshore Blvd., adjacent to 2 Bayshore, the complex that sold for a record-setting $303,814 per apartment in 2014.
The site is .86 acres and vacant, currently used for surface parking. It is owned by Charlotte-based Crescent Communities, which developed 2Bayshore and is still active in this market, with a new project about to break ground near the Tampa Riverwalk.
Dinerstein’s plans call for 130 units and 225 parking spaces. The unit mix would include 22 efficiency units; 93 one- and two-bedroom units; and 15 three-bedroom units.
The tower will be 122 feet or 12 stories, which is an increase over the 98 feet originally approved for that site. Dinerstein is asking the city to approve a non-substantial change request for a taller building.
If city planners agree that the height increase is not a substantial change from the originally approved plans, the project is permit ready and can move forward without a public hearing and city council approval.
The city filings do not indicate whether the residential units will be apartments or condominiums. Dinerstein is an apartment developer, so it is likely that the project would at least begin construction as apartments, though the location makes it a candidate for an eventual conversion to condominiums.
A Dinerstein representative was not immediately available for comment Tuesday.
The property is one of the most valuable urban infill sites in Tampa, if not the entire state. Besides its position on Bayshore Boulevard and proximity to Tampa General Hospital and downtown Tampa, there’s an immediate precedent of success in that location. The adjacent apartment development, 2Bayshore, opened in 2014 with rental rates that were a new high watermark for Tampa at the time, $2.32 per square foot.
Ashley Gurbal Kritzer is senior reporter for the Tampa Bay Business Journal.