Westshore Commerce Pointe

Urban Infill Development Opportunity for 250 Units in South Tampa

• The subject is a 16.25 acre parcel of which 5.71 acres are useable and the site has been approved by the City of Tampa for a 250 unit community under the SB-102 / Live Local Act as it has an in-place Industrial General (IG) zoning. The project would consist of four 6 and 7 story elevator buildings over a single-story podium parking structure with adjacent surface parking totaling 378 spaces plus 25 bicycle spaces
• The site enjoys significant frontage on Commerce Street at the southern end of South Westshore Boulevard and just north of the Port Tampa neighborhood. The site is walkable to West Shore Elementary, Port Tampa Playground and the Port Tampa Community Center park and is 1.54 miles south of the dynamic Westshore Marina District located at the NW corner of West Tyson Avenue and South Westshore Boulevard.
• Adjacent to the west of the subject, The Pointe on Westshore is a 444-unit core plus apartment community which delivered in 2021/2022 and sold in May 2024 for $302,000/unit +/- in the face of extremely difficult capital market conditions. Current market rents in the immediate comp set suggest rents in the $2.40 – 2.50/ psf range and the pipeline for new deliveries includes just three properties totaling 1,144 units all of which are under construction along Tyson Avenue next to the Westshore Marina District. Behind those there is nothing in the near-term pipeline for all of South Tampa which puts the submarket in a good position for above average rent growth in the medium and long-term.