Alliance Residential Company, an Arizona-based multifamily developer, has purchased a 12-acre parcel at 5105 W Tyson Ave. in Tampa for $15.75 million. The property is located just south of Gandy Boulevard, adjacent to the Westshore Marina District.
Alliance will develop a luxury multifamily community on the parcel, called Broadstone Westshore, which will include 285 traditional apartments, 40 two-story rental townhomes, a parking garage, a pool, a courtyard, a clubhouse and a dog park. The property has sightlines over Old Tampa Bay, Floridaâ€™s largest open water estuary.
Executive Managing Directors Mark Eilers and Ed Miller of Colliers represented the seller in the transaction.
â€œThis sale represents the real demand in the Tampa market for luxury apartments,â€ said Mark Eilers, Executive Managing Director at Colliers. â€œThis area of town is seeing a revitalization, with the Westshore Marina District and the retail, restaurants and high-end residential development underway here. This parcel offers an ideal opportunity for an upscale multifamily community like the one Alliance has planned.â€
The Westshore Marina District is a 52-acre mixed-use project entitled for 1,750 residential units, 156,250 square feet of retail, 83,750 square feet of office, 200 hotel keys and 185 to 240 marina slips on 1.5 miles of waterfront.
In addition, the propertyâ€™s location in South Tampa just west of Westshore Boulevard provides immediate access to downtown Tampa, Hyde Park Village, the Westshore business district, MacDill Air Force Base and Pinellas County.
Alliance Residential Company is one of the largest and most active rental residential real estate developers in the United States. Headquartered in Scottsdale, Ariz., Alliance is focused on the development, construction and acquisition of residential communities across 16 states and 39 metropolitan markets, including Tampaâ€™s Bleecker Hyde Park and Citrus Village apartments.
Alliance plans to break ground on Broadstone Westshore in the next few weeks, with an opening expected for late 2024. Alliance plans to rebuild the propertyâ€™s seawall and elevate the grade on the land for the apartments to adhere to guidelines from the Federal Emergency Management Authority.
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