The developer of one of downtown Tampa's most anticipated towers has unveiled new plans for the project — a new vision that subtracts condominiums, adds hotel rooms and significantly reduces the tower's height. Two Roads Development filed new plans with the city for a 37-story hotel-condo tower on the vacant site at the intersection of Ashley Drive and Brorein Street. The hotel is on floors one through 13, with ballrooms on the 12th and 13th floors. The condos begin on the 14th floor.

The tower will be home to 222 hotel rooms and 230 hotel-branded condominiums. Arquitectonica Studios, a Miami-based architecture firm with a global portfolio, is the new architect on the tower. Gensler was the architect on previous iterations of the tower.

The plans are a significant shift for Riverwalk Place, which was first introduced in 2015 as a 50-plus story, mixed-use tower with luxury condos stacked on top of office space. The original developer, Feldman Equities, brought Two Roads in as a residential developer in 2018; Feldman exited the deal in March. Two Roads is now the sole developer, and GPB Capital is an equity participant.

With a "café and open-air gourmet restaurant" on the ground floor of the project, the new plan holds true to Feldman's initial vision of a building that interacts with and activates the Tampa Riverwalk.

Shortly after Feldman's exit from the project, Two Roads said it was in discussions with a hotel flag for a portion of the tower and said it was returning condo deposits while it worked through a redesign of the tower. Two Roads did not identify a hotel flag in Tuesday's updated plans but said it "looks forward to announcing the brand in the coming months."

The introduction of hotel rooms has dramatically reduced the number of condominiums in the tower. At one point, Feldman and Two Roads scrapped office space and planned to devote the entirety of the 50-story tower to 288 condos. By Tampa standards, nearly 300 units in one project is a massive undertaking. Developers typically presale units before beginning construction, with industry standards ranging from 40 percent to 60 percent of units presold to secure construction financing.

The hospitality sector has taken a massive hit during the novel coronavirus pandemic, and some financiers say hotel construction loans will be among the hardest to secure, at least in the short term.

It is the third project in Tampa to pursue hotel-branded condominiums. The Edition is a hotel-condo under construction in Water Street Tampa, featuring 37 luxury units atop a boutique hotel. Related Group, based in Miami, has also said it intends to pursue a hotel flag — to manage its strictly residential project on Bayshore Boulevard.

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Craig’s Take:

This project has many iterations dating back to the 2000’s with its first iteration a 52-story Trump banded high rise. That project ended never coming to fruition and turned out be a disaster for many who put deposits down. This most recent major redesign of this project is a massive disappointment in my book. The original plan at 50 plus stories had it set to be the tallest residential high rise building on the west coast of Florida.  That plan included 288 luxury condo residences ranging from 1,128-4,500 sq. ft. with pricing starting in the mid-700’s. The new 37 story design will no longer be the tallest residential building on the West Coast of Florida. It will barely stand taller than the 34-Story Element which is currently the tallest residential building in Tampa. Even more of a disappointment, it will not be the tallest residential building in Tampa Bay. The recently constructed One in St Petersburg stands at 41 stories. In addition to the already existing One in St Petersburg there is another project in the early stages of design called 400 Central. This building is slated for 46-stories and if constructed would be the tallest residential building on the West Coast of Florida. In my opinion it is very disappointing that downtown St. Petersburg will be home to the two tallest residential high rises in Tampa Bay. This is a reminder that residential living in downtown Tampa still lags downtown St. Pete. In my opinion the viability of Riverwalk Place project is still in serious question. I do understand the thought process of partnering with a hotel brand to offer residencies with the benefits of a hotel’s line of full-service amenities many of which luxury condo buyers desire. This could play as a smart move. It is important to note they are not the only players in town with this concept. The Edition which is in partnership with the Marriott brand. The other project recently discussed was the Related Group’s two condo towers proposed on Bayshore Boulevard south of W Bay-to-Bay Boulevard. This project is in the early stages but has gained a lot of attention because of its partnership with the Ritz-Carlton brand. The developers refunded all deposits and will have to begin the entire sales process again once floor plans and pricing have been finalized. Additional hurdles include timing. The timing when they begin to take reservations again will not be nearly as favorable as the last time. Between the pandemic, the tightening in residential and commercial financing, and significantly more competition in the luxury condo market in downtown Tampa and Bayshore Blvd all make for a difficult road ahead. The key to the Riverwalk Place succeeding will be how quickly they will be able to go through the sales process. For a condo project to obtain financing to begin construction they must have a certain percentage of contracts. Typically, that number is in the range of 50%-60% of the total units to be constructed. The way the sales process works in high-rise development is the developer begins by taking reservations. The reservation deposit secures the unit and pricing for the buyer. The reservation deposit is fully refundable. The next step in the process is to go from reservation to contract where the deposit typically increases from a reservation deposit of $10,000-$25,000 to 10% of the contract price and at this point the deposit becomes non-refundable. The next step in the process after contract is an additional deposit of 20% of the contract price which is due at groundbreaking. It is at this point the project being constructed becomes a reality. I would not be surprised if this project goes through its fourth redesign only for it not come to fruition likes its three other predecessors.

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Fast-casual restaurant chain SoFresh is ready to capitalize on the real estate fallout from the novel coronavirus pandemic — beginning with a new location in Tampa's Westshore business district.

SoFresh is taking over the former Fitlife Foods storefront in Town Square Center, a Regency Centers Corp. owned shopping center at the intersection of Westshore and Kennedy Boulevards. Its neighbors in the center include Starbucks and Panera as well as a soon-to-be vacant space occupied by Pier 1 Imports.

The new SoFresh is also just a block away from Fresh Kitchen, a Tampa-based concept that is one of SoFresh's top competitors in the healthy, build-your-own meal space.

The pandemic has wreaked havoc on restaurants and retailers, leaving retail property owners bracing for impact as experts predict a coming wave of bankruptcies and vacancies. But fast-casual restaurants like SoFresh, which already had an emphasis on takeout and delivery meals, were better prepared to weather the pandemic and state-ordered dining room closures than their counterparts in casual and fine dining.

Before the pandemic, SoFresh's business was split about 50/50 between off-premise and in-store dining, said Clay Donato, partner and vice president of development. Now, about 90 percent of its sales are for off-premise dining, though it varies by location. Donato predicts in-store dining sales will eventually rise, but even after the pandemic, SoFresh predicts that off-premise dining could be as high as 60 percent to 70 percent of sales.

That shift has already changed SoFresh's real estate strategy. Donato said the company's average square footage was between 1,600 and 1,800; now, SoFresh is targeting stores between 1,100 and 1,400 square feet. Startup costs have declined as a result. While SoFresh stores previously cost between $400,000 and $500,000 to open, the projected startup costs are now between $325,000 and $400,000, Donato said.

The new Westshore location is 1,250 square feet. "We are getting a lot of calls from retailers looking to exit space, so there’s an opportunity for us to take over existing leases," Donato told the Tampa Bay Business Journal. "I think we’re going to see more of that over the coming months. I think it’ll be a while before the bottom falls out."

Donato said SoFresh is in active negotiations for locations in Lakeland and Carrollwood, though he declined to identify the spaces. The Lakeland location would be a takeover of an existing space in a Publix Super Markets Inc. anchored shopping center; the Carrollwood storefront is currently vacant.

SoFresh currently has locations in downtown Tampa, South Tampa, Lakewood Ranch, Westchase and near the University of South Florida as well as a growing footprint in the Pittsburgh region.

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There's a new
Margaritaville Hotel
coming to Tampa Bay

Related Group has struck a deal with The Ritz-Carlton for the branding and management of its ultra-luxe condo towers on Bayshore Boulevard.

Related, based in Miami, plans to replace the aging Bay Oaks apartments with The Ritz-Carlton Residences, Tampa. The Ritz-Carlton Residences will include 170 condos in two towers and 12 townhouses. The project is strictly residential; the property will be managed by the hospitality giant and bear its name. Ritz-Carlton is a name that has been conspicuously absent from Tampa Bay for years, even as resorts around Florida bear its name. The company has a hotel and branded condos in Sarasota and resort properties throughout South Florida as well as in Orlando, Naples and Amelia Island.

The Tampa Residences is Related's first deal with Ritz-Carlton, said Mike Hammon, Related senior vice president. Related had discussed previous projects with Ritz-Carlton, both domestically and internationally, but Tampa's is the first to come to fruition.

“It’s no surprise that Related has again committed to a flagship and unprecedented project in the Tampa market," the mayor said in a statement. "Their partnership in the city of Tampa could not be more welcome. This Ritz-Carlton partnership is just further proof that, despite our current unforeseen struggles, we continue to be one of the most vibrant cities in real estate.”

Ritz-Carlton has always been Related's top pick for branding the condos, Hammon said, since it began planning the redevelopment of the Bay Oaks property. Pricing will likely be north of $800 per square foot, which would put units between $1.8 million and $5 million, Hammon said. That pricing is in line with the Edition Tampa, where the condo prices begin at $1.8 million. Both projects have top-of-market pricing for Tampa.

To read full article click here.

Craig’s Take:

This project marks the third project in Tampa to combine a luxury hotel brand with private luxury residences. This is common practice in major cities like New York City, Chicago, and Miami. One of these projects is The Edition Hotel and Residences which is part of the Water Street project. That building is located directly across the street from Amalia Arena. The Edition is already under construction and is scheduled to be completed next year.

The second project, Riverwalk Place, was just announced. They have not yet announced the partnering hotel brand. Construction date has not been determined and the earliest possible completion date would be 2024. The Related project is unique in many ways. They are the first to bring the Ritz Carlton brand to Tampa. There have been many other developers who tried and failed over the past 20 years. I feel confident that if anyone can do it George Perez and The Related Group will be able to make it happen. Additionally, the project is exclusively private residences so while it has the amenities of the Ritz Carlton flagship the residences will not be sharing them with hotel guests. This is a huge distinction between the two other projects.

This month we are featuring the home from Tim Burton’s 1990 movie, Edward Scissorhands, which is on the market for $224,000. While this isn’t a “Luxury Listing” it definitely is one of Tampa Bay’s most unique circumstantial homes. Located at 1774 Tinsmith Circle, the house was the filming site for the family home in Burton’s movie 30 years ago. During that time, the homes in Carpenters Run subdivision of Pasco County were painted bright pastel colors.

In the movie, Edward Scissorhands (played by Johnny Depp) was created by an inventor who died before being able to replace his scissor hands with real hands. Taken in by a suburban mom, Scissorhands falls in love with her daughter, Kim Boggs (played by Winona Ryder).
The 1,432-square-foot home was built in 1989 and features three bedrooms and two bathrooms. According to the listing, the home’s master bathroom has been completely remodeled and all three bedrooms have updated flooring. Its kitchen countertops and cabinets are original to the home, which has had two owners total.

The listing agent, Stacie Savoy, said her favorite parts of the home include its master bathroom, with a large, stand-up shower and the backyard, where the barbecue scene in Edward Scissorhands was filmed.

Craig’s Take:
The originally creation of Edward Scissorshands was set in suburban Burbank, California. Lutz was the perfect 1990’s suburban backdrop. Although I am not so sure they would choose it today as the area has dramatically changed with new development all around. The home has some wood siding which is commonly found in California where most of the homes are built from wood completely. There is nothing fancy about this home, but the history is second to none. Having sold a home in this neighborhood a few years ago, many of the neighbors are aware and proud of the history of this home. The home went under contract in less than 10 days. This is not due to the history of the home, but rather the lack of supply and strong demand in this price range.
 
Note from Craig:

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