Channelside District Developments and Update

Published by julia | Filed under Buyer / Seller Tips, Market Trends, Miscellaneous, Real Estate, Shout Outs

Taken from the First Issue of Channel District Newsletter:

Message from the Mayor:

Welcome to the first issue of the Channel District newsletter. This newsletter will allow us to keep you informed on our progress in implementing the Channel District Strategic Action Plan. We will provide construction updates, important meeting dates and other items of interest to those living and working in the Channel District.

The Channel District Community Redevelopment Area (CRA) relies on a special taxing trust fund which utilizes tax increment financing (TIF) to pay for needed infrastructure improvements. TIF allows for the CRA to collect a portion (increment) of the property taxes collected as property value sincrease. This money is used by the Channel District CRA to pay the cost of rebuilding streets, sidewalks, lighting, landscaped areas, sewer and water lines and other public improvements needs. As such, the Strategic Action Plan anticipates the need for many physical improvements over the next five to 10 years and we want you to have an understanding of these upcoming projects as we work to improve the District.

We look forward to embarking on this next phase of redevelopment for the Channel District and continuing to work with you to make improvements to this bright, vibrant neighborhood located in our city’s urban core.

Discounts For Channel District Residents

Streetcar Fare Pass - 0 Rides for $25
Save gas and parking hassles by taking the streetcar between the Channel District and Ybor City. Residents, employees and business owners in the Special Assessment District (Channel District, Ybor City, and Downtown) are eligible to purchase a 20-Ride, special discounted Streetcar Pass for $25.00.

Purchase your 20-Ride Streetcar Assessment Member pass by contacting HART (Hillsborough Area Regional Transit Authority) at (813) 223-6831 or visit the Transit Store on the HART web site at www.hartline.org.

Streetcar operating hours are:
Monday - Thursday: 11 am - 10 pm
Friday: 11 am - 2 am
Saturday: 9 am - 2 am
Sunday: Noon - 8 pm

NEW DEVELOPMENTS

The Slade

Construction on The Slade’s twin, mid-rise buildings is nearing completion. Seventy percent of the units are under contract and the first closings are scheduled in early 2009. The 294 condominium units are affordably priced starting in the mid-$200,000 range.

A major purchasing advantage at The Slade is that there are no upgrade costs for appliances, Italian cabinets and granite. Very “buyer-friendly,” the developer is offering credits for closing costs, and incentives such as paying first-year taxes and maintenance fees.

Located at 11th and Washington Streets, The Slade is the only Channel District project featuring ground-level sidewalk access from the first floor units. It’s orientation along 11th Street contributes to a quiet, neighborhood feeling. When complete, residents will enjoy major upgrades to 11th Street including underground utilities, sewer, water systems, stormwater improvements, and interim street resurfacing and sidewalks. Take a tour of The Slade and learn more.

Hotel Indigo

Construction on the $30-million Hotel Indigo at the corner of 11th Street and Cumberland Avenue in the Channel District is scheduled to begin in early 2009. The 168-room, seven-story hotel is a project of Seaboard Hotel Associates, LLC, Ballast Point Group, and BayStar Hotel Group. Completion is expected first quarter 2010.

Targeting mid-market business travelers, Hotel Indigo guest rooms feature oversized bedding, fluffy pillows, hardwood flooring and spa-style showers contributing to peaceful surroundings while all modern conveniences, such as high-speed, wireless internet are standard in every room.

REAL ESTATE UPDATE

Towers of Channelside

The Towers of Channelside recently announced that they had negotiated a new loan structure with their lender allowing the developer to emerge from bankruptcy reorganization, complete the project and proceed with sales.

Approximately 105 of TheTowers’ 257 units have sold. Located on Channelside Drive across the street from the Channelside entertainment complex, the condominiums feature luxury lifestyle benefits such as a lushly landscaped pool deck, one-touch amenities and the 150-seat Red Brick Pizza restaurant serving fresh, Italian, gourmet fire roasted pizzas.

Recent Channel District Sales

In a tough lending and economic market, October sales indicate that buyer interest remains strong in the Channel District as a great place to be for relocation and/or investment:

10/01/08: 1238 East Kennedy Boulevard - $395,000 [$243.68 psf]
10/21/08: 207 North 12th Street - $339,000 [$202.99 psf]
10/31/08: 445 South 12th Street - $320,000 [$251.57 psf]

Channel District History Tidbit

Originally developed in the 1920’s to serve maritime interests, the Channel District housed heavy shipping, loading and marine services along the Ybor and Garrison Channels. Thousands of longshoremen worked loading and unloading cargo ships well into the 1970’s when commercial containerized shipping displaced general shipping in Tampa.

Board Meetings
The CRA Board meets the second Thursday of each month. Everyone is welcome.

CRA Board
December 11
Location: Tampa City Council
Chambers, City Hall
Time: 9:00 am

See Channelside District Real Estate and Channelside Condos for sale.