Developer closes on land for apartments near Oxford Exchange
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Dec 23, 2016

After more than a year of working with concerned neighbors and the city of Tampa, a South Florida developer has closed on land where it plans to build a luxury apartment community.

Altman Cos. paid just more than $8 million for the 2.5-acre site near Oxford Exchange, according to Hillsborough County property records. The property is bound by Grand Central Avenue to the north and Cleveland Street to the south, Cedar Street to the east and Magnolia Street to the west.

Altman also paid $5.25 million for Grand Central Place, the 1925-built building across the street from the development site. That building, which is around 43,200 square feet, includes office space and restaurant Mise En Place.

The developer secured two separate mortgages from Seacoast National Bank, one for $4.6 million and another for $3.5 million, according to property records. Altis Grand Central will include 314 residential units and 10,000 square feet of retail space. It incorporates the Bryn-Alan portrait studio into the new streetscape - the portrait studio will be renovated into retail space and include an outdoor cafe.

The project must clear one last hurdle - a non-substantial change approval from the city to accommodate slight increases to the building's footprint as a result of architectural changes - before construction can begin.

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