Developer secures $92 million construction loan for condos in Westshore Marina District
By Ashley Gurbal Kritzer Senior Reporter, Tampa Bay Business Journal
The developer of Westshore Marina District has closed a $92 million construction loan for the first of three condominium towers in Marina Pointe.
BTI Partners, based in Fort Lauderdale, secured the loan from Bank OZK on Dec. 23, according to mortgage documents filed in Hillsborough County on Dec. 30. The first tower on Marina Pointe is 17 stories and includes 120 condos, 78 marina slips and 32,151 square feet of retail.
The Westshore Marina District is a 52-acre mixed-use district on the Gandy waterfront, just south of the intersection of Gandy and Westshore boulevards. It includes rental and for-sale housing, retail and restaurant space. BTI and Connecticut-based Westford Capital Partners are joint venture partners in the development.
BTI CEO Noah Breakstone said in a statement that a “migration” of residents from the Northeast and Midwest since the onset of the pandemic is fueling demand for the condominiums in Marina Pointe. Eventually, Marina Pointe will be home to two additional towers totaling 227 units and additional marina slips.
The first condo tower will see residents move in in 2022, BTI said. Condos range from 1,750 to over 4,500 square feet and will include a 24-hour concierge, fitness center, amenity deck overlooking the marina, resident club with entertainment room and virtual golf simulator among other amenities.
Eric McGlynn, Walker & Dunlop managing director in Miami, arranged the construction financing. Bank OZK also holds a construction loan that’s among the largest ever issued in Hillsborough County, a $664.1 million loan issued to the developer of Water Street Tampa in 2019.
“Marina Pointe embodies the high standards Bank OZK consistently seeks in its project financings — marquee real estate, strong market fundamentals and top-tier sponsorship,” said Greg Newman, managing director, originations, at Bank OZK’s real estate specialties group, in a statement.
The developer of Westshore Marina District is betting that experience can beat e-commerce, building a village-style retail center in the heart of the new development.
BTI Partners, based in Fort Lauderdale, is the master developer of the district. BTI is also developing three condo towers within the district as well as
the retail space.
After selling off several tracts to residential builders and seeing high demand for its own condos, BTI shifted its focus to the retail portion of the district in June. Just back from the International Council of Shopping Centers’ statewide meeting in Orlando — an annual gathering of retail real estate professionals — BeckDaniel, executive vice president of development for BTI, shared an update on the project with the Tampa Bay Business Journal.
The district’s town center includes 22,050 square feet of retail; a waterfront parcel fronting Gandy Boulevard can accommodate a 10,000-square-foot restaurant. The ground floor of the first condo tower, Marina Pointe, has 10,000 square feet of retail, and another parcel, along Gandy Boulevard, will be
home to 15,000 square feet of retail and office space.
The multilevel, potentially dual concept waterfront restaurant could be among the first tenants announced, Daniel said.
Almost a decade into Florida’s latest real estate cycle, so much is happening in the Tampa Bay area that it’s hard to keep track of it all. Here are two significant projects you probably haven’t heard much about — a new hotel and an Ybor City apartment complex — with an update on a $600-million mixed-used community
Interest in the first condominium tower in the Westshore Marina District has surpassed the developer’s “very optimistic” expectations for the project. The sales campaign for Marina Pointe, a 16-story condo tower with 113 units and seven townhouses, kicked off in mid-March.
TAMPA —Eleven years after plans to develop a waterfront tract on the Tampa side of the Gandy Bridge were first announced, a new rendering gives a hint of what Westshore Marina District ultimately will look like.
The Westshore Marina District will feature high-rise condo towers, apartment buildings, townhomes, retail shops and waterfront restaurants.
TAMPA, Fla. — When Paul Guzzo first set eyes on Tampa in 1999, he was not impressed.
“I thought, this isn’t a city — it’s a ghost town,” said Mr. Guzzo, a native of Trenton who, like so many other Northerners, had moved south for the balmy weather. “It was like a small town looking to become a big city.”
Interest in the first condominium tower in the Westshore Marina District has surpassed the developer’s “very optimistic” expectations for the project.
The sales campaign for Marina Pointe, a 16-story condo tower with 113 units and seven townhouses, kicked off in mid-March. Since then, the developer has taken 40 reservations
— which will convert to contracts by late April or early May — with a goal of preselling 65 units before breaking ground on the tower.
Three renowned landscape architecture firms will create innovative green spaces to create a cohesive look and feel for Westshore Marina District’s 52-acre master planned community, now under construction at the intersection of Westshore and Gandy Boulevard.
Tampa, Fla. (August X, 2017) – In addition to an ideal urban waterfront setting, convenient to the Westshore business district and with easy access to downtown Tampa and St. Petersburg, Westshore Marina District is projected to revitalize the waterfront area with a unique combination of lifestyle amenities focused on social interactions and natural gathering areas that foster a sense of community. “No other privately built development in the Tampa Bay area includes this amount of high-level outdoor design for community green spaces with this much focus on walkability,” stated Executive Vice President of Development for BTI Beck Daniel. There will be nearly two miles of trails and parks, much of it along the water’s edge. The route will also connect to other area trails.
Three landscape architecture firms created the design of the major parks and green space areas that will help define the character of the community: Cooper Carry, based in Atlanta designed the landscaping, streetscapes, the main sidewalks and the Bridge Street round-about; Orlando-based Witkin Hults is the landscape architect for Sunset Park and the marina trail around the peninsula; and Dix Hite, also based in Orlando, is designing the linear park along the Related property and Bridge Street Park.
Gary Warner President of Cooper Carry crafted the masterplan streetscaping to sculpt BTI’s holistic approach and to keep the community’s integrity intact. “We know great streets and great parks create a great development. At the Westshore Marina District we have the added appeal of an animated waterfront that becomes an exciting destination,” Warner added. Cooper Carry has planned the streetscape to be more than “just to move cars” according to Warner. Residents will be able to walk to shops, the marina, restaurants and parks safely while enjoying “moments of rest and reflection’ throughout the community, but especially along the waterfront.
The waterfront park was designed by Witkin Hults and includes the Marina Trail connecting from the Related Project around the entire Marina Pointe. This includes Sunset Park at the tip of the peninsula. Materials used include a mix of wood, concrete and gabions. The 10-foot wide trail can comfortably accommodate bicycles and pedestrians as they explore the park and to trail to access the marina and dockside shops and restaurants. The trail features aluminum and wood trellises with seating, built-in fixed lounge seating to enjoy water views, plinth-style seating for a quick rest, linear park with pathways and berms that invite visitors to spread a blanket on the lawn, and the tip of Sunset Park, extensively landscaped, boasts shaded swings to enjoy the salt water air and dramatic sunsets while gently swaying.
“We hope to create an environment that is comfortable to all users while making use of the natural vistas of the marina and Old Tampa Bay and to revitalize the waterfront,” said President of Witkin Hults Design Group Andrew M. Witkin.
“The overall character of the community highlights connectivity to the expansive waterfront. From every location residents will be able to walk or ride to be able to see and touch the water. The landscaping will blend and blur the edges between residential and retail areas while providing overall sustainable, walkable and connected community that reflects its unique natural environment. We also include artful features not typically seen in developments like this,” added Principal at Dix.Hite+Partners Jamie Wright,” added Wright. The Bridge Street Park will feature interactive play areas and include open lawns, infinity edge pool, a playground, a fire pit with stone wall seating, grill areas, decorative weir fountain wall, a dog park and shade canopies.
Once completed the Westshore Marina District community will feature up to 156,250 square feet of retail and restaurant space with dockside access, and is also entitled for 83,750 square feet of office space, a hotel and a 150-slip deep water marina on Tampa Bay that can accommodate yachts up to 100 feet.
An ideal location along the 1.5-mile waterfront on the Tampa side of Gandy provides residents a quick commute to downtown Tampa and St. Petersburg as well as the airport and major highways.
About BTI
BTI Partners is one of Florida’s leading real estate investors, active land owners, developers and asset managers with a recent portfolio comprising of over 8,000 acres of land for the development of more than 17,500 residences, and more than 2 million square feet of commercial and retail space. Leveraging a 30-year track record, BTI’s success is based on an entrepreneurial acquisition and development platform with expertise in structuring and financing complex real estate transactions, land-use maximization, cost effective construction and high-end design.
www.westshoremarinadistrict.com
Marina Pointe will offer the only new direct-waterfront condominiums in Tampa, within minutes from two city centers, shopping, restaurants, retail and more.
Tampa, Fla. (August 16, 2017) – Fort Lauderdale-based BTI Partners has revealed its plans and design for Marina Pointe, a 16-story waterfront condominium tower anchoring the private peninsula in Westshore Marina District’s master plan, a 52-acre mixed use development revitalizing the waterfront at the intersection of Westshore and Gandy Boulevard.
Overlooking Tampa Bay’s largest newest 150-slip marina, the 16-story Marina Pointe luxury condominium building will include up to 10,000 square feet of retail/restaurant space, seven townhomes and 112 condominium residences with a choice of six contemporary floorplans ranging from 1,767 square feet to 3,168 square feet featuring two- and three- and four-bedroom configurations. Prices will start from the $600,000s. Eight penthouses will encompass 2,325 to 3,394 square feet in the lower penthouses and 2,324 to 3,413 square feet for the upper penthouses and those will be available from $1.5 million. Groundbreaking for the Marina Pointe tower and townhomes, positioned along the marina side of the building, will take place in 2018 with completion expected in 18 to 24 months.
Marina Pointe’s architectural design, by Miami-based Kobi Karp, reflects its ideal peninsula waterfront position by incorporating abundant floor-to-ceiling windows, deep terraces and verandas to maximize panoramic 360 degree views, sunrises and sunsets over the water. Each floor’s square footage increases as the building rises and gives it the appearance of lightly floating on the water.
“The unique offset boomerang shape of the building is inspired by its nautical surroundings: the bows of ships and the curves of sails and the streamlines of bridges create the DNA of this design,” explained President of Kobi Karp Architecture Interior Kobi Karp.
Elegant interior features include 10-foot ceilings, 12-foot ceilings in the penthouses; 10-foot high energy efficient sliding glass doors and windows, 24-inch tile in kitchen and bathrooms, European-style kitchen cabinetry, Subzero and Wolf appliances and more. The open great room creates an inviting environment for gatherings and entertaining while enjoying expansive views of the water, city lights, sunrises and sunsets. A peaceful retreat, the owner’s suite features a sitting area and large walk-in closets as well as a luxurious bathroom with over-sized shower and free-standing soaking tub.
Marina Pointe welcomes residents into an impressive two-level lobby with concierge front desk service; a dedicated Residents’ Pointe Club with bar and large-screen TVs; a private dining or meeting room and catering kitchen; a wellness center with state-of-the-art weight and cardio equipment; a yoga/private exercise studio; massage studio, and locker rooms with steam rooms and showers. Marina Point will also offer monthly social events, and many additional services through preferred vendors such as pet walking, transportation, travel services, catering, meal and grocery deliveries, personal training, cleaning services and more.
On the elevated amenity deck, residents will be able to enjoy a resort-style heated pool with large pool deck with cabanas, banquette seating, a two-sided fire place, bocce ball as well as a summer kitchen, all beautifully landscaped to create privacy while providing sweeping views of the surrounding waterfront. Residents can also enjoy a stroll to nearby Sunset Park with built-in swings to experience the dramatic sunsets or sunrises, and explore two miles of walking trails that connect to the Friendship Trail.
The $600 million development presents a new western gateway to Tampa and a community centered on a vibrant, highly amenitized waterfront lifestyle. When completed, the Westshore Marina District may include up to 1,750 residential units, retail shops, offices and restaurants, including a dock-side access to restaurants and shops on the waterfront, nearly two miles of scenic waterfront park and walking trails connecting to the Friendship Trail, public art and the Tampa Bay area’s largest, 150-slip, deep water marina for vessels up to 100 feet. For more information on Westshore Marina District’s master plan WestshoreMarinaDistrict.com and for sales information visit MarinaPointe.com.
BTI Westshore Marina District Building Partners
The Bainbridge Companies-based in Wellington, Fla. with offices in Tampa, Fla. , Bethesda, Md. 12-acres on the corner of Westshore and Tyson
$13.2 million
350 luxury apartment residences
Expected to start begin before the end of September
Miami-based Related Group
8.5 acres
$11.81 million
Corner of Gandy and Bridge Street
396 apartments
Start leasing August 2018
Bonita Springs-based WCI
2.35 acres
$2.5 million
35 Luxury townhomes
WCI Contracted additional waterfront land
9.5-acre site
$12 million
Set to close early 2018
About BTI
BTI Partners is one of Florida’s leading real estate investors, active land owners, developers and asset managers with a recent portfolio comprising of over 8,000 acres of land for the development of more than 17,500 residences, and more than 2 million square feet of commercial and retail space. Leveraging a 30-year track record, BTI’s success is based on an entrepreneurial acquisition and development platform with expertise in structuring and financing complex real estate transactions, land-use maximization, cost effective construction and high-end design.
