American Momentum Bank is financing the project with a $2.2 million construction loan
TAMPA, Fla. (May 30, 2017) — J Square Developers broke ground today on a new Starbucks location at 1300 S. Dale Mabry, in the same block as Wrights Gourmet House and directly across street from Publix in South Tampa. The 2,200-square-foot property will include 28 parking spaces for Starbucks customers as well as a drive-thru lane that can accommodate up to 12 cars.
American Momentum Bank is financing the project with a $2.2 million construction loan. The loan will allow J Square Developers, which owns the property, to tear down the existing 6,000-square-foot retail center and build the new freestanding Starbucks. This will be Starbucks’ third drive-thru location in South Tampa.
“This area of South Dale Mabry is ripe for redevelopment,” said Jay Miller, president of J Square Developers. “The existing retail properties are getting older and many do not meet contemporary development requirements in terms of parking. However, the real estate is in a prime location, surrounded by strong neighborhood demographics.”
The Plaza at Estrella, where the new Sprouts Farmers Market opened on May 24, is a prime example of this. Last year, developers demolished the existing 11,663-square-foot retail center located at the intersection of S. Dale Mabry and Estrella Street to build a new 14,760-square-foot retail center. The Starbucks will be located two blocks north of this retail center.
“We explored many possible tenants before closing the deal with Starbucks,” said Miller. “They were looking for a South Tampa location with a drive-thru and ample parking, and this happened to be the perfect location.”
This is the second project that American Momentum has financed for J Square Developers. The two previously worked together on the Trader Joe’s and Vitamin Shop on Fourth Street in St. Petersburg.
“Having worked with the J Square team previously, we were thrilled to finance another one of their stellar projects,” said Porter Smith, Tampa Bay market president for American Momentum Bank. “We believe in their brand and we look forward to a long-term relationship as redevelopment in the area continues.”
About American Momentum Bank
American Momentum Bank, with total assets of $1.1 billion as of March 31, 2017, provides comprehensive products and services for businesses and individuals. The bank has 15 full-service banking centers in Florida, including Orlando, Tampa, Clearwater, St. Petersburg, Sarasota, Lakewood Ranch, Naples and Winter Garden. It also has three full-service Texas banking centers in Bryan/College Station and a loan production office in Dallas. American Momentum’s strong capitalization, superior asset quality and experienced management teams position it as a premier bank in the markets it serves.