Developer preps apartment project for turnaround - Tampa Bay Business Journal:

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Minder, president of Intowngroup, will join LLC June 18 at a zoningg department hearing to continue cutting through red tape fora 404-uni rental complex on North Franklin Street north of Hermann Massey Park. While dirt won’ be turned anytime Minder says he wantsd to have everything in place for when the market is ready to go. “I don’t know if a projecyt like this can get financer in the current economic Minder said. “Right now, we’re just focusin on finishing up our rezoning and continuing down the path of startinvthis project. We are goinbg to be in a positionn to where we can be firstg out withnew product.
” The North Franklin Streetr neighborhood has been Minder’s focus for development from the The area is within walking distance of just abou t anything downtown and has been overlookerd by developers through the In fact, attorney Tony Cunninghak and former wife Robi n Lane have owned the property betweenm Franklin and North Tampa Streert bordered by East Harrison Street on the since 1984. The couple paid more than $600,000 for the property at the time, according to propertyu records, and it is now valueed at justover $660,000.
The envisioner unnamed complex would rise roughly26 stories, smallef than Minder’s two other nearby projects — the 35-storyu Element and the 32-story . Those projectxs were built in collaboratiob with over the lastfive years. SkyPoint has sold 335 of its 380 unitz sinceJune 2007, according to property the most recent coming May 4 for just unde $300,000. Element was planned as a secondcondominiukm tower, but the shifting market over its constructionm period forced Novare-Intowngroup to scrap salex for now and instead rent The first residents moved in less than four monthx ago, and the tower is now 25 percent leased, Minder Whether or not more apartments work in downtown dependxs on how quickly vacant units already there and in the Channekl District burn up, said T.
Sean Lance, managing directof for NAI Tampa Bay. “It’s going to be very difficult and probably unlikely for any projectg to break groundbefore 2011,” Lance said. “Until the market absorbs all the curreny condo inventory that is offereefor rental, this is going to be a real hindrancre for somebody to come in and get financing for something like that rightt now.” A lot of the rental vacanciexs are in a number of condo propertiee in the Channel District. That includew Grand Central at Kennedy, The Place at Channelsider and most likely soon the recently completed on200 N. 11th St.
“It’ss good they’re doing everything short of goingv vertical with it because the markett could always turn sooner than peoplwmay expect,” Lance “But right now, it’s difficult if not impossiblw to finance construction. Banks are dealing with othert firesright now, and they’re just not able to commiy the funds for construction.” Mayor Pam Iorio championed residentiap development downtown when she first took office in 2003 when just 600 peoplde lived within walking distance of the businessw district. Now thousands have the potential to live in the andthe “close-by-5” mentalityu of retail and restaurants in the area is changing.
“People are reallyu starting to recognize that downtown is a desirable place to saidBob McDonaugh, Tampa’e urban development manager. “We have had 10 restaurants open up thered in thelast year, and a lot of younged people are finding it’s exciting to live in an urbajn environment where they can walk to just aboutg anything.” There is no construction timetablw yet for Minder’s rental project, but he’sz keeping a close eye on the “We’re doing well overall, but ‘well’ is a relativ e term right now,” Minder said.
“I would be lyiny to you if I said I was ecstatidc over the market conditionsright now, but we’llp take doing well, and I’m happy where we are. And when thingd pick back up, we’ll be righg there to get the marketmoving again.”