The Place at Channelside’s Reversion Meeting Pent-up Demand for Downtown Living
Tampa, FL (January 7, 2019) – With confidence in the Channel District of downtown Tampa booming, The Place at Channelside announced reversion plans to initiate the original building plan and to begin selling the remaining condominium homes. Since the announcement sixty days ago, there have been thirty-five contracts signed as residential buyers are eager to own real estate in this highly coveted urban district. Over 90% of the condo sales have been to primary homeowner-occupants.
The Place at Channelside development started construction in 2005 with plans to sell the luxury urban residential condominium homes. However, by the time construction was completed in late 2007, many of the original purchasers backed out due to economic conditions. Armco Capital acquired the bulk of the condominiums in 2008, and has operated the property as a rental portfolio with the long term vision of selling the condominiums at a later time. A decade has passed, and the timing is now right, as evidenced by the resurgence of the Channel District anchored by SPP’s Water Street Development.
The success and velocity of the condo sales exceeded expectations, but according to Dave Traynor, Vice President of Developer Services at Smith & Associates Real Estate whose team of agents are handling the sales program for The Place, said the demand for downtown living is surpassing the homes available. “There was a lack of inventory for the downtown Tampa market for all of 2018 and that pent-up demand to live downtown and the attractive variety of pricing options, jump-started sales for this development.”
Priced from $200,000 – $1,100,000 with home sizes ranging from studios to three-bedroom condominiums, The Place at Channelside has something for nearly every buyer and plenty of financing options. The current avg. price/sq. ft has hovered between $295-$325 which is below replacement cost according to local developers.
“With strong messaging and support from city officials and business leaders, people are interested in making downtown Tampa their home. They see the value of moving into The Place at Channelside as rents continue to climb and the cost of downtown living options escalate, ” said Bob Glaser, President and CEO, Smith & Associates Real Estate.
About Smith & Associates Real Estate
Founded in 1969, Smith & Associates Real Estate is Tampa Bay’s largest independent and locally-owned real estate brokerage with a commitment to exceptional service and superior market knowledge. Deeply embedded in the community and comprised of six strategically located offices in the Tampa Bay area, Smith & Associates Real Estate is the number one luxury brokerage firm of $1M + residences with an average price of $1,771,179 as of December 31, 2017. Chosen to be on the 2017 Real Trends 500 for both Sales Volume and Number of Transactions, Smith & Associates Real Estate is nationally recognized as a leader in the Real Estate industry. For more information on Smith & Associates Real Estate, visit www.smithandassociates.com.
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