American Realty Development of Maitland hopes to break ground next month on a seven-story apartment project on North Florida Avenue, just north of Fortune Street. Named Madison Heights, it will be across from the Marion Transit Center at the north end of downtown.

Plans call for 80 one- and two-bedroom apartments above a first-floor parking area, American Realty manager Patrick Law said.

Would-be residents must be 55 and older and meet income requirements based on Hillsborough County's median household income.

Rent will run from $275 to $674 a month. His company is financing the $15 million construction cost with a mix of government tax credits and a loan from PNC Bank. He hopes to finish construction by the summer of 2014.

Given the retirement of millions of Baby Boomers, Law expects to have little trouble filling the units.

"We're in Florida, are you kidding me?” he said.

Downtown Tampa is seeing a surge of apartment development recently, with at least five developers planning luxury apartment towers offering rents starting at $1,000 a month and going above $2,000.

Fewer are targeting the low-income or seniors, but those sectors have shown signs of life lately. The master-planned Encore community built a seven-story, affordable senior apartment building called The Ella along Scott Street in northeast downtown.

And, a development firm called Sage Partners renovated the old Methodist Place Apartments on Harrison Street and turned it into an affordable senior apartment project called Vista 400.

msasso@tampatrib.com
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