Commercial Development News - Appraisal Development International

Groundbreaking signals hotel project moving Aloft
By Mark Holan
Tampa Bay Business Journal
Published: Jun 11, 2013

The 130-room Aloft, a boutique hotel in the Starwood chain, is scheduled to open about a year from now.

The former Mercantile Bank building in downtown Tampa is being transformed into the new Aloft.

Local developers Liberty Group held a groundbreaking Tuesday for the project at the corner of Ashley Drive and Kennedy Boulevard. A terrace pool deck and roof top lounge will feature stunning views of the Hillsborough River, University of Tampaminarets and downtown office towers.

Liberty Group President and COO Punit Shah and Tampa Mayor Bob Buckhorngave brief remarks before the ceremonial tossing of a shovel full of dirt.
In keeping a family custom for good luck and the well being of future guests, Shah also had a gold coin cemented into the property.

Regions Bank is financing the $18 million project, which is expected to create about 200 jobs.

Mark Holan's beats include commercial real estate and residential real estate.