TAMPA - Downtown Tampa will be getting one fewer condominium building, but it's gaining a new high-rise apartment complex.

The developer of Element, a 395-unit building under construction, has decided to turn the whole building into a luxury apartment complex, said John Akin, senior vice president for development of Atlanta-based Novare Group.

Akin would not say how many condo units have sold but said there were not enough contracts to finish the building as a condominium.

"It will be a condo-quality apartment complex," Akin said.

Units in the 34-story Element were selling for $200,000 to $500,000. Akin said the company has not set the rental rates for the units.

Buyers with sales contracts will get their money back, he said.

Element is a joint venture between Novare and Tampa's intowngroup. The partnership also built SkyPoint, on Ashley Drive. Element is around the corner to the north of SkyPoint.

Akin said the there are 60 condos left to sell in SkyPoint, and he hopes some of Element buyers will take advantage of deals there.

At one time there were more than two dozen condos planned for the downtown area. About half have opened and many of those have struggled.

The Element apartments will have to compete against investor-owned units in other new condo buildings that are also being offered as rentals.

Reporter Shannon Behnken can be reached at (813) 259-7804.