Developer buys motel near the University of Tampa on Kennedy, plans multimillion-dollar conversion to apartments
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 8, 2021

A Tampa developer has acquired a 1960s-era motel on Kennedy Boulevard with a vision of converting the property into apartments.

Bobby Soroory, principal of Frontier Capital Group, closed on the 56-room University Inn late Thursday for $3.5 million. Frontier is planning a $2.5 million renovation, Soroory said, that will begin as soon as he's able to obtain permits. The hotel rooms will be converted to studio and one-bedroom apartments, he said, targeting both University of Tampa students and single professionals who want to be close to downtown Tampa.

First Florida Integrity Bank provided a loan for the acquisition and renovations, Soroory said. A swimming pool will be added as part of the renovation, and the finished product will have a "bohemian, boutique, family-run feel."

In the long term, Soroory said he sees the property as a redevelopment venture, but that's 10 to 20 years in the future.

"We’re not calling it a student housing play necessarily, because I think there's a ton of demand from single professionals who want to be close to downtown," he said.

There's no shortage of apartments under construction in the North Hyde Park neighborhood, but Soroory believes his property is uniquely positioned despite its age. In the wake of the novel coronavirus pandemic, he thinks more students won't want roommates, and the exterior corridors will also be in high demand.

Rents will start around $1,500 per unit, and the building includes on-site parking.

"My research has shown none of these locations compete with our location," Soroory said. "You’re a crosswalk away from campus. You can get a sexier product, but you still have parking issues or a 10-minute walk."