Alabama Real Estate Developer Spending Big Bucks in New Tampa

While it’s true we may be in the middle of the worst recession in recent memory, one developer envisions a bright future for New Tampa. A large apartment complex is going up at Trout Creek Drive and Bruce B. Downs Boulevard. Known as Colonial Grand at Hampton Preserve, it will eventually house 486 apartments in 31 buildings, according to Jim Spahn, spokesperson for Colonial Properties Trust, the project’s Birmingham, Ala.-based developer. The apartment buildings will vary between two and three stories. Reported cost? Nearly $54 million. The property will also come with a pool, clubhouse, fitness center and lots of open space, Spahn said. “We are a service-orientated company, and our priority is taking care of the resident,” he said. “What’s going to set us apart from the rest is we’re going to be offering a residential lifestyle that will include parks, outdoor grilling, courtyards and social-gathering areas throughout the community.” Spahn said recession or not, Tampa has always been a sure thing for Colonial Properties. “Tampa is a good primary growth market for us,” he said, noting that the company has another property not far from Hampton Preserve called Colonial Grand at Seven Oaks in Wesley Chapel. Business owners near the new property have been eagerly anticipating the number of customers the apartment complex will eventually bring, as well as other benefits. “I was looking to buy something close to my studio so I could walk to work,” said Maria Ivanova, a pilates instructor who owns and runs Euro Pilates, a workout center directly across the boulevard from the complex. “The more exercise I get, the better.” Restaurant manager Ali Vaz, who runs the Kabob House and Appna Halal Meat Bazzar, can’t wait for the first tenants to move in. “As small business economics goes, yes, of course this will be good for our business because it’s right across the street from us,” said Vaz. Vaz said he hopes Colonial Properties is successful, noting there’s an apartment complex “just around the corner” that he said is struggling to attract residents. In many cases right now, it is cheaper to own than rent. “If they want to fill the complex as soon as possible, I say they have to charge a reasonable rent,” he added. Cushman and Wakefield apartment broker Byron Moger said Colonial properties should have no problems attracting new residents to New Tampa since there hasn’t been much new residential development in the area for a while, at least since 2007. “Because it’s an area that has plenty of land for development and was located in a desirable residential area, we have typically seen a couple thousand units a year delivered,” he said, adding that it’s a sign of better things to come. Already, he noted, there are development deals in the counties of Pasco and Sarasota that are set to add at least 4,000 units to the area. Moger attributes the apartment boom to job growth and, until now, a lack of residential construction in the area. According to Spahn, the first stage of Colonial Grand at Hampton Preserve should be open by October, with total completion expected sometime in 2012.