Condo tower Altura Bayshore hits keystone milestone, inches toward groundbreaking
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 26, 2021

The developer of the 22-story, 73-unit condo tower Altura Bayshore says the project is moving toward a groundbreaking.

The tower, proposed off of Bayshore Boulevard at 2907 S. Ysabella Ave., has begun converting reservations to contracts and filed condo documents with the state, Naples-based Ronto Group said Tuesday.

Anthony Solomon, owner of Ronto Group, said the firm is "extraordinarily confident in both Tampa and this location in particular."

Ronto Group did not disclose the number of units or total sales volume that it has under reservation. In July, Solomon told the Tampa Bay Business Journal that 12 of the 73 units were reserved and that he would feel comfortable converting to contracts when 25 units were reserved.

Converting reservations — which usually requires a refundable $25,000 deposit for condos at this price point — to contracts is a key milestone for a developer. Contracts require a significant, nonrefundable down payment and give lenders and investors confidence in the demand for the project.

The tower faced multiple delays in its sales and marketing campaign, from working around Gasparilla festivities to the novel coronavirus pandemic.

Altura's condos range from 2,176 to 3,575 square feet and are priced from $1 million to $2.9 million. Six of the units are penthouses.

"We are seeing demand across the spectrum," Solomon said in a statement. "This includes people moving from across the Northeast and the Midwest, as well as more local buyers who are moving from single-family homes because they desire these great towers, in great locations and the maintenance-free condominium lifestyle."

The luxury condominium market along Bayshore Boulevard and in South Tampa is a fiercely competitive one. Related Group is planning to redevelop the Bay Oaks apartment complex just south of Ronto's site into Ritz-Carlton branded residences, and Kolter Group is under construction on Hyde Park House at Howard Avenue and Bayshore Boulevard, just north of Altura Bayshore.