Thursday, November 12, 2009

DeBartolo investment group enlists Cross to tear down Georgetown

Tampa Bay Business Journal

Demolition began Thursday on the dilapidated Georgetown Apartments on West Shore Boulevard in Tampa.

The apartments, built in the early 1970s, had been vacant for several years, and the new owners were concerned about the safety of the buildings.

Ed Kobel, president and chief operating officer of DeBartolo Development LLC, said in a statement there are no immediate plans to redevelop the 160-acre waterfront site.

DeBartolo Development partnered with Avanti Group Inc. and Christian Tyler Properties LLC to buy the land Oct. 2 from Bank of America, which had foreclosed on the previous developer. DeBartolo’s investment group paid $30.5 million, compared with the $125 million paid by the Motta Group in 2005.

“We will to work with the city of Tampa and Hillsborough County, and continue to monitor the market to determine the best direction to move forward with Georgetown,” Kobel said.

DeBartolo Development also is working with The Trust for Public Land, a national conservation organization, to turn part of the property into a public park.

Cross Construction Services expects to complete the demolition by the spring of next year.

All contents of this site © American City Business Journals Inc. All rights reserved.