After $136 million sale, Channel Club developers move forward with new apartment in downtown Tampa's Channel district
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Nov 29, 2021

The development team behind downtown Tampa's Channel Club — which sold for a near-record $136 million in mid-November — are moving forward with a new apartment project in the Channel district.

Atlanta-based ECI Group and Tampa developer Ken Stoltenberg have closed on the JH Williams Oil Co. site, said Joe Miller, ECI development manager.

ECI Group and Stoltenberg's Mercury Advisors developed Channel Club, which is anchored by a Publix Super Markets Inc. store.

The JH Williams Oil Co. property is just over 2 acres and sits between Channelside Drive to the west, East Twiggs Street to the north and East Madison Street to the south. It will have 351 apartments in eight stories, a precast parking garage and 6,571 square feet of retail space. The developers first sought to rezone the oil company's property to make way for the project in March 2020.

The retail space, Miller said, will likely include a restaurant and/or coffee shop.

Miller says they've also secured a Wells Fargo construction loan and joint venture equity partner for the project. A deed for the land closing and mortgage documents for the construction loan have not yet been filed in Hillsborough County's online records.

Environmental remediation of the property is underway and expected to wrap up in January, Miller said. The first units will be delivered in the second quarter of 2023, and Parc Madison is expected to wrap up construction in the third quarter of 2023.