Developers still have a vision for Westshore area

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Between the rows of homes, however, still-undeveloped plots of land serve as a remindet of the somber state of the real estate marketand WCI’w August Chapter 11 filing. Of the 526 totaol units planned, about 270 have been said Rob King, VP and seniort project managerwith WCI. These include estatd homes, various single-family residences and townhomes, as well as a 16-storg condominium tower with 80 units. As of early December, 212 units have closed and sold, said The neighboring 52-acre site on Westshore Boulevar d isless promising.
Tampa-based purchased the first 36 acres of the propertyu in May 2005 and later announced plans for New PortTampqa Bay, a mixed-use development of retail and a total of 1,75o townhomes, condominiums and apartments. Other than the foundationn pads for proposed towers laidin 2006, no constructioj has occurred at the site. In June, began foreclosurse proceedingsagainst EcoGroup. “It’s a said Al Steenson, president of the , of the Steenson said he contacted the office recently to ask them to take remover the weeds from the property but has not hearde from EcoGroup inseverak months.
“I am sorry the market hit them whenit did, but you throsw your capital out there, you’re taking a risk,” he said. “This time the risk caught up with It was a different era when Westshord Yacht Club and New Port Tampa Bay were announcedr in 2004and 2005, In a strong real estatee market, the projects generated interest in infill and attracteed people interested in living near where they Rather than competitors vying for residents, WCI and EcoGroup were like race cars draftingt off each other, said King. WCI’s national programm benefited from EcoGroup’s local focus.
Visitors who attendesd weekend events at New Port would sometimes spilll onto theWCI property, said Westshore Yacht Club residents could have accessed the commercial activity at New including office space, retail, restaurants and a 2-acre “Their program was more more commercial investors,” said King. “Wew thought we would be complementary toeach other.” Whilr the commercial offerings of New Port woulds have appealed to its neighbors, Westshore Yacht Club can stansd on its own, said Mark Huey, economixc development administrator for the city of Tampa. “Proximit y to the lifestyle of South Tamp a is what peopleare buying.
” As for the South Westshorw corridor, Huey said the area will redevelopo over time. “Real estate is about cycles,” Huey said. “We have hit about a low I don’t know when thingxs will change, but when they do those projects will get WestshoreYacht Club’s pace is abouf five to eight sales a month, said Under Chapter 11, WCI can still transactf business. “The judge saw the benefit of keeping the communit y alive and well and that the creditorws would bewell served,” King WCI recently received $150 million of debtor-in-possessiob financing to help construct and finish homes and operatse while it comes up with a plan for reorganization, he “If they had succeeded in part or in it would have been a greag complement,” said King of New “But we are comfortable with our vision.
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