TAMPA, FLA. — Canyon Partners Real Estate LLC has provided $15.4 million of preferred equity to a joint venture between ECI Group and Mercury Advisors to develop The Channel Club in Tampa. The 22-story, Class A apartment high-rise will include 323 rental units totaling approximately 295,000 leasable square feet and a seven-story parking garage with 596 spaces. The project also will include construction of a 36,900-square-foot Publix grocery store. The 2.26-acre site is located in the Channel District, directly adjacent to downtown Tampa, one of Tampa’s fastest growing multifamily submarkets. Project construction is scheduled to begin this October and be completed in December 2018.
The property is bordered by Twiggs Road, Meridian Avenue and Madison Street. It is adjacent to the Grand Central at Kennedy, a mixed-use condominium, office and retail property developed by Mercury Advisors, for which Canyon provided a $27.4 million non-recourse senior loan in June 2012.