New Tampa Luxury Residences Attract Suitable Retail

By Georgiana Mihaila, Associate Editor

Colonial Properties Trust recently announced that work is finally underway for a $53.8 million multi-family development in North Tampa that is soon to cover 67.5 acres of undeveloped land just south of the Hillsborough-Pasco county line. Coincidentally, work on the Colonial Grand at Hampton Preserve started at about the same time as work on a new retail center just east of it and known as Trout Creek Commons.

The first major multi-family development to be built in New Tampa for the past several years, the Colonial Grand at Hampton Reserve is to feature 31 buildings spanning nearly 68 acres, out of which a great deal of green space will be reserved for outdoor activities. The nearly $54 million investment follows a reportedly satisfactory performance of sister community Colonial Grand at Seven Oaks.

The first units in the new complex, which will total 486 luxury apartments, are expected to be ready by the third quarter of 2011, while the completion date is set for the end of 2012, according to the Tampa Bay Business Journal.

Trout Creek Commons will be located at Bruce B. Downs Boulevard and Trout Creek Drive. Developed by Maher Properties Group of Tampa, the 15,000-square-foot retail center will comprise two buildings totaling 11 storefronts, ranging from 1,330 to 1,420 square feet. The first building, which will face Trout Creek Drive, is to host six units, while a second, adjacent building will include five units and will face Bruce B. Downs Boulevard.

The $3 million project, which broke ground in March, is slated for completion sometime between late September and early November. Although Maher Properties Group has reported that none of the spaces have been leased so far, it says it is striving to attract highly recognizable tenants to the area.