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In Need Of A Crystal Ball

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By JANIS D. FROELICH, The Tampa Tribune

Published: October 3, 2007

Updated: 10/02/2007 12:45 am

CHANNEL DISTRICT - The Slade at Channelside, under construction at 202 N. 11th St., hosted an unusually introspective groundbreaking recently.

Not that the normal trappings of such events weren't evident: Mayor Pam Iorio was on hand, mimosas were flowing at 10 a.m. and a model one-bedroom condominium with sleek furnishings was open for inspection.

But then the speakers, one by one, mulled over the sluggish market.

In thanking his contractor, Miami developer Juan Porro said, 'In this tough market in these tough times, our product is at an easy price.'

'We will persevere,' said Jerry Rappaport Jr. of New Boston Fund, one of the project's financers. 'This product will be successful.'

He described Tampa as 'not a sleepy town' and then asked, 'Why would anyone start a condominium project at this time?' before giving kudos to The Slade's sales force, which has sold 65 percent of the 280 units.
Brian Covey of Wells Fargo, another project financer, told the crowd on The Slade's third-floor sales center to put aside the negative news about sliding home sales.

'We are confident in the market,' he said.

But the construction of the eight-story, retail-residential complex with units from $250,000 to $500,000 could be the last for a while in a neighborhood that has enjoyed a housing boom in the past five years. Four projects are slowly filling up: Grand Central at Kennedy, The Place, Ventana and The Towers of Channelside.

As he prepared to speak at The Slade groundbreaking, city Councilman Tom Scott said he doesn't go to many such ceremonies these days.

'How many more?' he asked. 'That's the question.'

Iorio said she's optimistic based on the Channel District's fast-changing history.

'It went from shabby to chic,' she said. 'And what did it take? Pioneers.'

She pointed to Grand Central's completion as a perfect backdrop.

But developers such as Greg Minder, president of intowngroup, expressed reservations about a rush to keep building in the Channel District.

Minder, who is overseeing the recently completed SkyPoint and the under construction Element residential projects downtown, said intowngroup's plans for a residential tower and park on 11th Street are on hold.

'We'll look at the supply and demand,' he said. 'The whole urban idea is coming together.'

Michael Chen, the city's Community Redevelopment Agency representative for downtown and the Channel District, said Sembler Investments is building a hotel as part of its 5.8-acre, 725-unit Seaboard Square project between Meridian Avenue and 12th Street.

'Some buildings have gone down on the property,' he said of the three sheds bulldozed last week. 'And they are working on the 11th Street realignment. So everything is moving forward.'

Reporter Janis D. Froelich can be reached at (813) 835-2104 or jfroelich@tampatrib.com.

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