Apartment developer pays $18 million for 1.5 acres in downtown Tampa's Channel district
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 4, 2023

A developer that plans to revitalize one of the Channel district's most desolate corners has closed on the property for $18.15 million.

A corporate entity linked to Connecticut-based Post Road Group acquired the parcels at 1242 Channelside Drive, 629 N. 12th St. and 635 N. 12th St. in December, according to Hillsborough County property records. The three parcels total about 1.5 acres.

Post Road Group has partnered with VeLa Development Partners on the project, which will build two apartment towers — one 17 stories, the other 27 stories — totaling 532 apartments. The development also includes 8,000 square feet of commercial space.

The developer also secured a $15.4 million loan from Illinois-based CIBC Bank, according to property records.

Ten percent of the apartments, or 54 units, have been set aside for affordable housing. VeLa plans to work with the Channel district community redevelopment agency to improve pedestrian infrastructure along North 12th Street. CRAs are state-designated areas that retain all new or incremental tax money generated within their boundaries to fund future development.