Before the recession of 2008, Westshore Beach Club Land Investors bought the land commonly referred to as “Georgetown” including all entitlements, and had invested approximately $155 million. The owner was a joint venture between Walton Street Capital and Rockpoint Group. The Georgetown site encompasses approximately 162 acres of land and is surrounded by water on three sides. The site’s pristine white sand beachfront and internal canal system provide direct access to Tampa Bay. Its unique location also offers unobstructed views of downtown Tampa and Tampa Bay. Bank of America, together with several other participant banks, foreclosed out the owners and then proceeded to market the property for ultimate sale.
Christian Tyler Properties (“CTP”) and partner DeBartolo Development, LLC (“DeBartolo”) went under contract to buy the Georgetown project. Simultaneously herewith, our partnership entered into a contract to sell approximately sixty acres to the Trust for Public Lands, a non-profit organization charged with assisting local municipalities in acquiring environmentally sensitive lands for preservation for future generations. CTP and DeBartolo then assembled the capital stack required to pay cash for the Georgetown site. Avanti Investment Advisors, Inc. (“Avanti”), the US’s largest investment firm exclusively dedicated to land investment, development and finance, utilized its Avanti Strategic Land Investors VI Fund, together with the Validus Group, a central Florida real estate investment group, partnered with CTP and DeBartolo. The land was purchased at an approximate 80% discount from the “all-in” number, a significant discount from the fair market value of this asset.
The demand for waterfront property and high-end communities in a well-established neighborhood position this site to take advantage of the market recovery. With its stunning location and view, with desirable water access to Tampa Bay and Gulf of Mexico, with a Westshore address in an upscale, established neighborhood, this is an extraordinary development opportunity on a site offering white sand beaches, a beautiful lagoon, canals and a marina. The site is already vested for 1,235 residential units.The site contains 162.3 acres including undeveloped lands, submerged lands, jurisdictional wetlands and an improved portion of the site for the Georgetown Apartments. The site will be developed as a mixed-use residential waterfront development.