Hotel developer buys vacant lot in downtown Tampa's Channel district
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 8, 2021

A hotel developer has purchased a prime vacant property in downtown Tampa's Channel district.

Dynamic Group, based in Chattanooga, Tennessee, paid $4.73 million for 940 Channelside Drive, a half-acre lot that is directly adjacent to The Place, a mid-rise condominium building, according to Hillsborough County property records.

The seller was Channelside Place LLC, the Canadian investors who bought the majority of condos in The Place at a bankruptcy auction in 2008. Those investors converted the apartments back to single-ownership condos in 2018. The same group provided a $2.88 million mortgage for the land sale, according to property records. The sale and mortgage closed in early December.

Jeannette Jason, a director in Cushman & Wakefield Inc.'s land advisory group, represented the seller in the transaction.

Dynamic Group has not yet filed any plans for the site; its president and CEO did not immediately respond to a request for comment. It also owns a lot at 1105 N. Tampa St., where it proposed an eight-story, 169-room SpringHill Suites hotel in mid-2019.

The Channel district property is situated along a busy strip of Channelside Drive, just across the street from The Florida Aquarium and Port Tampa Bay's cruise terminals. The port authority and city recently reached an agreement on a road improvement project for Channelside Drive.