A luxury apartment community planned for Hyde Park is being delayed until the economy and local housing market improve, the developer said Friday. Construction was supposed to start this year on 192-unit Post Soho Square at the corner of South Howard and Swann avenues in Tampa.
"But the overall economic conditions warrant delaying the start," said Tom Senkbeil, executive vice president and chief investment officer for Post Properties Inc., a real estate investment trust based in Atlanta.
The starting date for the project, which will include 17,000 square feet of retail space, will be reassessed in January.
"We plan on developing this property," Senkbeil said, adding that the company doesn't intend to sell the 4-acre site. "It's just that in Tampa you have a very large unoccupied condominium overhang," Senkbeil said.
Many of those condominiums might be converted to apartments, possibly saturating the market, he said.
Post Properties (NYSE: PPS) paid $12 million for the site in 2005. The company manages and develops apartment complexes. It owns several thousand apartments in the area.
(from tampabaybizjournal.com)
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