Downtown Condos Put In 'Holding Pattern'

By ELLEN GEDALIUS The Tampa Tribune

Published: May 31, 2007

TAMPA - A condo project that was expected to give a major boost to the North Franklin Street area downtown is on hold.

Wood Partners, responding to the cooling condo market, has put on hold plans to redevelop the Maas Bros. block on Franklin. The Atlanta-based company had planned to build a 32-story, 503-unit condo tower, rising about 460 feet.

"We are in a literal holding pattern," said Charles Barrus, director of development for Wood Partners' Winter Park office.

"We really don't have a clear strategy. It's tough to go in and make a $120 million investment in a condo market."

The development was touted as a major project for the downtown core, near the SkyPoint condominium. It was to revive the site of the former department store, which stood at Franklin and Zack streets.

The store closed in 1991. The building deteriorated and was demolished. City officials described it as "demolition by neglect," putting plenty of hope into the new project.

Barrus, however, said the company is evaluating several options, including turning plans for condos into plans for rentals or letting the site sit vacant until the condo market re-emerges.

Any changes would need Tampa City Council approval.

Wood Partners also has had trouble launching The Boulevard, a condo project slated for Kennedy Boulevard, near the University of Tampa.

"We tested the market as a condo, didn't really see the strengths of the market, and retrenched," Barrus said.

The developer plans to offer rentals instead because the company could not secure financing as a condo project. The building will be eight stories and include 346 units.

Reporter Ellen Gedalius can be reached at (813) 259-7679 or egedalius@tampatrib.com.