ECI Group and K.D. Keller Development have closed on a two-acre site in Tampa’s vibrant Channel District in Tampa, FL, with plans to start construction in January 2022 on Parc Madison, a 351-unit, eight-story Class A apartment community with 6,571 square feet of ground floor retail. The project equity was funded through a joint venture of ECI, Tampa-based K.D. Keller Development, and Scottsdale, AZ-based Kandle Investments, with construction financing provided by Wells Fargo Bank, N.A. Construction is expected to be completed in the third quarter of 2023.
Parc Madison will be located at the east end of the downtown Tampa block bounded by E. Twiggs Street, E. Madison Street, and Channelside Drive, adjacent to the new City of Tampa Madison Street Park. Constructed using efficient tunnel form concrete technology, the building will have a parking deck, skyline views from upper floors, an expansive rooftop pool and gym. The 6,571 square feet of ground floor retail is targeted towards a restaurant and/or coffee shop user.
“The ECI team is excited to be underway with the Parc Madison, destined to be a signature property in downtown Tampa, featuring sleek, modern architecture and sunlit, spacious apartments,” said James Baugnon, President and CIO at ECI. “We are proud to continue to contribute to the rapid growth of the Channel District, bringing in more residents to enjoy the new retailers, grocery stores, restaurants and gathering places.” In December, ECI announced the sale of the Channel Club, a 22-story high rise apartment community developed by ECI Group and K.D. Keller Development on the same block as Parc Madison, for $136 million.
Chip Sykes and Drew Jennewein of Jones Lang LaSalle Capital Markets assisted in the formation of the project joint venture.