By Joshua Burd
Denholtz Associates has sold a parcel in Tampa, Florida, that is slated for multifamily development, following its acquisition of the site and the adjacent Tampa Bay Times headquarters building earlier this year.
The Matawan-based firm announced last week that it had sold the 5.1-acre parking lot at 109 West Fortune St. in downtown Tampa, Fla. The buyer, Crescent Communities, acquired the site with plans to build an upscale, five-story apartment building and an attached parking structure.
“Upon our acquisition of the Tampa Bay Times building, we evaluated our options for the 5.1 acres of land for future development, build to suit or sale,” Steven Denholtz, CEO of Denholtz Associates, said in a prepared statement. “Crescent Communities emerged as a serious contender for the property and we were able to put together a deal that worked for all parties involved while adding value to the surrounding community which needs new housing options given St. Petersburg and Tampa’s surging office market.”
In a news release, Denholtz said the apartments slated for development on the lot “will become a valuable addition” to the quickly growing Tampa Riverwalk neighborhood. The area has seen “exponential residential and commercial growth in recent years,” with businesses attracted to its location off Interstate 275 and less than 10 miles from Tampa International Airport.
The Eschenbach Land Co. brokered the sale, the news release said. The property is within walking distance of downtown Tampa’s entertainment, retail and dining options.
