Dallas developer plans Largo apartments
By Breanne Williams
Tampa Bay Business Journal
Published: Apr 4, 2024

Dallas-based Lantower Residential will soon break ground on a 271-unit multifamily project in Largo.

The Largo project, called Lantower Bayside, will feature one four-story building with approximately 261,000 net rentable square feet, according to a release. It will sit on 8.4 acres at the southeast corner of Whitney Road and U.S. Highway 19.

It will also build a residential project in Kissimmee called Lantower Sunrise, featuring two residential buildings. That project will be built on a vacant tract immediately west of Integra Sunrise Parc and 10 minutes from Interstate 4 and Disney World.

The total development costs for the two projects are estimated to be approximately $210 million. Construction on both sites is expected to begin soon. The Largo site is expected to be completed in the first quarter of 2026. The Kissimmee project is expected to be completed in the second quarter of 2026.

Lantower Residential is a subsidiary of Canada-based H&R REIT and has communities throughout Florida, Texas and the Carolinas. It focuses on “acquiring, developing, financing and managing multifamily communities,” according to a release.

REITs are public companies that own, manage or finance properties and pay out their taxable income to shareholders.

Lantower created a real estate development trust for the project H&R REIT contributed the “land and costs spent to date.” CIBC World Markets Inc. raised $52 million in additional equity needed for the two projects, according to a spokesman for Lantower.

H&R REIT has ownership interests in a North American portfolio comprising residential, office, industrial and retail properties. In total, the portfolio has more than 26.9 million square feet, according to a release. The company plans to sell off its office and retail properties and focus predominately on owning, developing, and operating residential and industrial spaces.