Colonnade condo tower on Bayshore clears key hurdle, developer reveals more details
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 14, 2016

A condominium tower on the site of the former Colonnade Restaurant took a key step forward Thursday evening - and with that approval, the developers have revealed more details on the project.

Tampa City Council voted unanimously to approve plans for a 24-story tower with 71 units at 3401 Bayshore Blvd., Ascentia Development Group and Batson-Cook Development Co. announced Friday.

ADG has named the tower Shore Club Tampa.

The average unit size will be 3,000 square feet, and presales will begin in February 2017, as ADG announced in June. Bob Glaser and David Traynor of Smith & Associates and United Landmark Associates are listing the units for sale.

A timeline for beginning construction isn't known. A spokesman for ADG declined comment on the pricing of the condominiums or how many would have to be presold before construction could begin.

Given the location on Bayshore Boulevard and amenities - among them a pet spa, 24-hour staffed concierge and a 360-degree infinity edge pool - the condos are likely to start around $1 million. For a high rise, luxury condo development to be profitable in this market, the units have to sell for at least $400 per square foot.

Around 60 percent of the units typically have to be presold before a condo project can begin construction, though that threshold can vary depending on the project's financing. At Shore Club, that would mean more than 40 units would have to be presold.

Real estate brokers say there is high demand for luxury condominiums on Bayshore Boulevard - there's been no new construction for a decade. Read more here.

Ashley Gurbal Kritzer is senior reporter for the Tampa Bay Business Journal.