The city of Tampa has set aside nearly $30 million for the construction of a new condo tower and the redevelopment of an old one, with a portion of the money going to condo owners in Broward County.
The $30-million project, dubbed the “Citrus Center” in the city’s official title, will include 476 condos at a total of 1,977 square feet.
It’s the latest project by a developer known as The Coral House, which is headed by David S. Sullum, who co-founded the real estate investment firm Cushman & Frierson in 2008.
Cushmans parent company, The Coral Group, is a major player in the Florida condo market.
Its Palm Beach condo projects include the new Plaza at Sunrise condo project, the new Cushon at West Palm Beach and the new Piedmont at West Lake condo project.
The Coral Center is expected to be completed in 2026, with construction expected to begin in 2020.
The City of Tampa said the development is an important step toward providing affordable housing and a better quality of life for residents of the community.
It will provide more than 10,000 new housing units, including more than 2,400 affordable units, as well as other housing enhancements.
The city also said the project will be a boon to the county’s economy.
“We’re seeing a huge amount of condo construction in the county, and this is a great opportunity to build more housing in the surrounding area,” said Tampa Mayor Bob Buckhorn, who is in the process of finalizing a memorandum of understanding with the developer.
“Cherish the moment.”
The city said the condos will be built in the downtown area, along the waterfront, in a new shopping center and on the south end of Lake Tampa.
“Our goal is to create affordable housing for everyone, no matter your income or financial status,” the city said in a statement.
“It’s our commitment to provide a vibrant, safe and livable community.”
Residents of the city have already been waiting more than two years for the Coral Center.
Some have been waiting three years for construction on a new condominium tower, which was built in 2009 and opened in 2010.
The new tower has been criticized for being too large and too tall for the city.
The developer is currently working on a $2 billion, 10-story condominium project in Lake Worth, but the project has faced controversy for its height and lack of parking.