Atlanta developers bet again on North Hyde Park with more new apartments
Updated: Sep 1, 2018
By Ashley Gurbal Kritzer – Senior Reporter, Tampa Bay Business Journal
May 29, 2018, 7:40am
An Atlanta developer with a track record of building and cashing out on apartment properties in Tampa's North Hyde Park is proposing another project in the nascent urban neighborhood.
Pollack Shores Real Estate Group LLC is asking the city to rezone an assemblage of 2.8 acres at 514 N. Rome Ave. — the block bound by Rome Avenue to the east, North Fremont Avenue to the west, West Gray Street to the south and West Carmen Street to the North — to make way for 246 apartments.
NoHo Square, as the community is named in public filings, has a proposed unit mix of 127 one-bedroom units; 99 two-bedroom units; and 20 three-bedroom units.
Pollack Shores was one of the first developers to bet on North Hyde Park, as land became scarce and prices skyrocketed in South Tampa. With the city's focus on the West River — and newly opened $35 million Julian B. Lane Riverfront Park — North Hyde Park is seeing an influx of new investment and development.
The project is in close proximity to where Pollack Shores has built — and subsequently sold off — two other apartment developments. NoHo Flats soldfor more than $184,000 per apartment when it wrapped up construction in 2014; Havana Square sold in early 2018 for more than $212,000 per apartment shortly after wrapping up construction.
Apartments, particularly those in the luxury segment, have been the hottest sector of Tampa Bay's commercial real estate market for years. Pollack Shores' strategy throughout Tampa's apartment boom has been to build more affordable rentals just outside the most in-demand area.