Miami's Related Group unveils luxury hotel flag for its ultra-modern condos on Bayshore
The hospitality group will oversee the maintenance and upkeep of the project

By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jul 8, 2020

Related Group has struck a deal with The Ritz-Carlton for the branding and management of its ultra-luxe condo towers on Bayshore Boulevard.

Related, based in Miami, plans to replace the aging Bay Oaks apartments with The Ritz-Carlton Residences, Tampa. The Ritz-Carlton Residences will include 170 condos in two towers and 12 townhouses. The project is strictly residential; the property will be managed by the hospitality giant and bear its name.

Tampa City Council will hold a public hearing July 16 on the rezoning request to make way for the project. A big part of Related's pitch for the project focuses on improvements to the surrounding property, with plans to potentially build a walking trail with exercise stations and a dog park underneath the portion of the Lee Roy Selmon Expressway that runs adjacent to The Residences.

Ritz-Carlton is a name that has been conspicuously absent from Tampa Bay for years, even as resorts around Florida bear its name. The company has a hotel and branded condos in Sarasota and resort properties throughout South Florida as well as in Orlando, Naples and Amelia Island.

The Tampa Residences is Related's first deal with Ritz-Carlton, said Mike Hammon, Related senior vice president. Related had discussed previous projects with Ritz-Carlton, both domestically and internationally, but Tampa's is the first to come to fruition.

"We introduced them to Tampa," Hammon told the Tampa Bay Business Journal. "They did a little market research, came back and said, 'Yeah, we think Tampa is ready for us.'"

A spokeswoman for Tampa Mayor Jane Castor said the project further validates the city's real estate market.

“It’s no surprise that Related has again committed to a flagship and unprecedented project in the Tampa market," the mayor said in a statement. "Their partnership in the city of Tampa could not be more welcome. This Ritz-Carlton partnership is just further proof that, despite our current unforeseen struggles, we continue to be one of the most vibrant cities in real estate.”

Asked whether Castor supports the rezoning request, mayoral spokeswoman Ashley Bauman wrote, "she's in support of them [Related] coming to our market."

Related has already publicly declared its commitment to the Tampa Bay region, saying the area is its second biggest market outside of South Florida. Related entered the Tampa Bay market in 2014 when it developed the Pierhouse at Channelside.

Ritz-Carlton has always been Related's top pick for branding the condos, Hammon said, since it began planning the redevelopment of the Bay Oaks property.

"It's like we’re creating a neighborhood within a neighborhood, and who better to keep that cohesiveness and the timeless nature of what we want to create here?" he said. "They were always our preference."

Related is the second developer to unveil a branded condo project in Tampa. Strategic Property Partners, the developer of Water Street Tampa, is under construction on the Edition, which will include 37 branded condos overtop a boutique hotel. Two Roads Development said Tuesday that it is planning a hotel-condo on the Tampa Riverwalk, though it has yet to reveal a hotel flag for the project.

"You will have all the Ritz services and quality that goes along with the Ritz-Carton name," Hammon said. "When you’re a buyer, that’s what you’re buying into."

Hammon said Related won't begin marketing the condos until the city signs off on its rezoning request. After that, presales will begin later this year, with construction on the first tower slated to begin in late 2021. The targeted completion date is 2024, and the second tower would begin construction between 2024 and 2026.

Pricing will likely be north of $800 per square foot, which would put units between $1.8 million and $5 million, Hammon said. That is pricing is in line with the Edition Tampa, where the condo prices begin at $1.8 million. Both projects have top-of-market pricing for Tampa.

In December, Related CEO Jorge Perez described the Bayshore towers as "the most iconic looking" condos in Tampa Bay.

"Without a doubt, it will be the premier residential building," Perez told the TBBJ in late 2019. "If you can afford it, you will not live anywhere else."