O2 Channelside plans scrapped

[jonknee]

There's an article today in the Moneysense section of the Trib about the O2 project in Channelside--the developers have backed out because of increasing costs. People that put down deposits can get their money back or wait to be apart of whatever will become of the site, likely a less ambitious condo project.

TAMPA - A much-hyped proposal to build twin 41-story condominiums in Channelside is dead, a lead partner says. The backer of an adjacent Space Needle-like tower contends that his project remains possible.

The group involved in the so-called 02 property said it does not know how that site may ultimately be developed. They say rising construction costs have made the O2's original plans for the twin, high-rise residential towers unviable.

Too bad, it looked like a neat project. Especially with the spaceneedle tower on the same site.

[bsutter2]

*pours out a fourty*

[rbiddle813]

The same article indicated the Needle would be delayed, though not canceled.

It also led to believe that other projects may be under reconsideration from other developers for follow through. Has anyone heard of other canceled projects? I read about a couple down in Sarasota, and have read about some nervousness about the success of some projects with rising interest rates and potentially a high number or flippers involved in many of the properties.

Just wondering if other projects will be following this one on cancellation or delay.

R

[Dale]

It doesn't seem like Tampa's downtown highrise boom has quite the gumption of other Florida cities.

[rbiddle813]

I have to believe that the current "Boom" in downtown will become more of a short-term failure with developers and investors hoping for a quick return. Too many investors and flippers in the market.

But if these projects continue, then I believe in just a very few years, maybe 5 or so, and after the flippers get out of the market, the boom will come. Once the buildings are built, they are there. It may just take some investors and flippers getting burned before the boom comes.

I believe Tampa will have a great downtown district, but it will just need to simmer a bit longer...

Today's article in the Tribune mentioned the Parkside building, though complete, not able to lease their retail space because there is so little traffic in the completed building. The records they found indicated only about 20% of the residents filed for homestead, indicating only that number are full-time residents or primary residents. The other 80% probably is held by investors or 2nd homers leaving a pretty empty building.

[gjoseph]

I HAVE GOOD NEWS!!

The Byrd Corporation has bought O2 Condos but they're changing the name it's going to be called BLU Channelside. Bye Bye O2 Condos!! Hello Big Blu!

-Gerald

www.bluchannelside.com

[mcruder]

Blu Channelside is what was formally know as Downtown Channelside. Sorry, different lot altogether.

I HAVE GOOD NEWS!!

The Byrd Corporation has bought O2 Condos but they're changing the name it's going to be called BLU Channelside. Bye Bye O2 Condos!! Hello Big Blu!

-Gerald

www.bluchannelside.com