Westshore Group Scores $117M Construction Loan for Tampa Luxury Condo Tower
By Julia Echikson October 16, 2024 3:50 pm
reprints
Westshore Group secured a $116.5 million construction loan to build a luxury condo tower in South Tampa, Fla.
The 30-month loan from S3 Capital covers Aqua at Westshore Yacht Club, a 17-story high-rise development that will house 77 units as well as nine stand-alone villas, according to the Miami-based lender. The condos will average 2,538 square feet.
The development is set to rise between Bowen Daniel Drive and Yeats Manor Drive, south of West Tyson Avenue, a block east of the Old Tampa Bay.
Construction got underway this summer. JLL’s Max La Cava and Jimmy Calvo arranged the debt.
Westshore Group, led by Eddie Avila, purchased the 6.1-acre site for $7.5 million in 2020, according to property records.
Aqua at Westshore Yacht Club is the first phase of a larger, master-planned development that will include two additional 17-story condo towers. In total, the project will feature 231 condo units and 11 villas.
The closing of the loan comes about a week after Hurricane Milton battered the Tampa area. The Category 3 hurricane destroyed the roof of the Tropicana Field, the stadium where the Tampa Bay Rays Major League Baseball team plays. In total, Milton is estimated to have caused between $30 billion and $60 billion in insurance losses, according to estimates by Morningstar.
Before the storm hit, Morningstar estimated that a Category 4 and 5 hurricane could cause as much as $100 billion worth of insurance loss, a sign of the Tampa region’s growing vulnerability.
Julia Echikson can be reached at jechikson@commercialobserver.com.
