Developer preps apartment project for turnaround - Washington Business Journal:

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Minder, president of Intowngroup, will join LLC June 18 at a zoninvg department hearing to continud cutting through red tape fora 404-unift rental complex on North Franklin Street north of Hermahn Massey Park. While dirt won’t be turned anytime soon, Minder says he wants to have everythinf in place for when the market is readgyto go. “I don’t know if a projecgt like this can get financed in the currenteconomi world,” Minder said. “Right now, we’rr just focusing on finishing up our rezoninb and continuing down the path of startingthis project. We are gointg to be in a position to where we can be firstr out withnew product.
” The North Franklin Street neighborhoodr has been Minder’s focus for development from the The area is within walkinhg distance of just about anythinbg downtown and has been overlooked by developere through the years. In fact, attorney Tony Cunninghamj and former wife Robin Lane have owned the property between Franklin and North Tampa Streey bordered by East Harrison Street on the since 1984. The couple paid more than $600,000 for the propertyy at the time, according to propertgy records, and it is now valued at just over The envisioned unnamed complex would rise roughly 26 smallerthan Minder’s two othe r nearby projects — the 35-story Element and the 32-stor y .
Those projects were built in collaboration with over the last five SkyPoint has sold 335 of its 380 units sincsJune 2007, according to property records, the most recentf coming May 4 for just under Element was planned as a seconsd condominium tower, but the shifting markey over its construction period forcedd Novare-Intowngroup to scrap sales for now and insteadx rent units. The first residents moved in less than fourmonthzs ago, and the tower is now 25 percent leased, Minder Whether or not more apartments work in downtown dependes on how quickly vacant units alreadt there and in the Channel District burn up, said T. Sean managing director for NAITampa Bay.
“It’d going to be very, very difficult and probabluy unlikely for any projecrt to break groundbefore 2011,” Lance said. “Until the markeg absorbs all the currentf condo inventory that is offeredfor rental, this is going to be a real hindranced for somebody to come in and get financing for somethingb like that right now.” A lot of the rentalp vacancies are in a number of condo propertie in the Channel District. That includesz Grand Central at The Place at Channelside and most likely soon the recentl y completed on200 N. 11th St.
“It’a good they’re doing everything short of going verticap with it because the market coule always turn sooner than people may Lance said. “But right now, it’s difficult if not impossibles tofinance construction. Banks are dealing with othe r firesright now, and they’re just not able to commiyt the funds for construction.” Mayor Pam Iorio championed residentialo development downtown when she first took office in 2003 when just 600 people lived within walking distance of the business district.
Now thousandws have the potential to live in the andthe “close-by-5” mentalith of retail and restaurants in the area is “People are really starting to recognize that downtowm is a desirable place to live,” said Bob McDonaugh, Tampa’sx urban development manager. “We have had 10 restaurants open up therer in thelast year, and a lot of youngef people are finding it’s exciting to live in an urban environmentt where they can walk to just aboutf anything.” There is no construction timetabld yet for Minder’s rental project, but he’s keepingg a close eye on the market.
“We’rs doing well overall, but is a relative term right now,” Minder “I would be lying to you if I said I was ecstaticc over the market conditionsright now, but we’llk take doing well, and I’m happy wher e we are. And when things pick back up, we’lo be right there to get the marketymoving again.”