Miami developer pays $10 million for land in downtown Tampa’s Encore

Excerpt from Tampa Business Journal Website: A Miami developer is moving forward with plans to build a $200 million mixed-use project in downtown Tampa’s Encore district.

LD&D said it has closed on 2 acres at 1101 E. Harrison St. for $10 million. The developer previously said it planned to build a 28-story, 365-unit luxury apartment building with more than 45,000 square feet of amenity space. There will also be a 178-key hotel, 32,500 square feet of street-level retail space and a 586-space parking podium.

Construction will begin in the fourth quarter. The seller was Tampa Housing Authority, the master developer of Encore in a public-private partnership with Banc of America Community Redevelopment Corp.

Maxim Capital Group provided a $7.25 million loan, LD&D said. The transaction and mortgage have not yet been filed in Hillsborough County public records. Luis Flores of Saul Ewing facilitated the purchase on behalf of LD&D, the developer said.

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