TAMPA, Fla.--(BUSINESS WIRE)--Loci Capital, Maifly Development, and Tampa Mayor Jane Castor broke ground today on a new 321-apartment unit community in the heart of Tampa Heights.
The Class A development will encompass a full city block, framed by North Florida Avenue and North Morgan Street to the east and west, and East Oak Avenue and East 7th Avenue to the north and south. The Tampa Heights residences will offer one-, two- and three-bedroom units that range from 512 square feet to 1,393 square feet.
As part of its negotiations with the city, the community will include 32 income-qualifying units for residents earning no more than 80 percent of the area’s median income.
“Tampa’s housing inventory is extremely limited and our affordable housing options are even more so,” said Tampa Mayor Jane Castor. “For this reason, we strive to create important public-private partnerships to address this housing crisis, together. As part of the sales agreement for the two city-owned lots we sold to Loci Capital, we secured 32 units for income-eligible families, with a 30-year affordability period. These opportunities are critical to advance our goals and uplift our communities.”
“We are excited to bring Tampa residents new housing that continues to connect so many vital neighborhoods,” added Loci Co-Founder and Partner Patton Chillura. “We are investing in an area that is minutes from downtown, the Ybor City Historic District, University of Tampa, Seminole Heights and other keys parts of Tampa.”
Individual unit amenities will feature smart home technology, modern kitchens with stainless steel appliances, light granite countertops and wood cabinets, European-inspired bathrooms with contemporary fixtures and large tubs, ceiling fans in the living room and bedrooms, large walk-in closets, full-size washers and dryers, and downtown and water views. Community amenities will feature multiple outdoor lounging and park areas; a resort-style rooftop pool with cabanas, firepits and grilling stations; a full-service fitness center; a coffee bar; meeting rooms; bike storage; a dog park and secure package storage.
Construction is set to begin this month and expected to be completed in approximately two years.
About Loci Capital:
Loci Capital is a leading middle market private real estate investment firm based in Florida and focused on investments throughout the Southeastern United States. Loci’s senior leadership is experienced in the development, redevelopment, repositioning and conversion of assets across all real estate sectors. Since its inception in 2019, the firm has invested more than US $228 million of equity on behalf of its investors throughout its target markets, including in the multifamily, hospitality, office, vacation rental, student housing and medical office sectors. For additional information, visit locicapital.com.
About Maifly Development:
Maifly Development is a full-service real estate development firm that focuses on the development of first class, high quality market rate and student housing communities throughout the eastern and southern United States. Maifly is focused on understanding the unique needs of the markets it serves and developing properties that exceed its tenants’ expectations. The firm’s seasoned management team ensures Maifly delivers uncompromised quality and exceptional design on every project.