NYC Developer acquires land along the Hillsborough River

A New York City-based developer Shorewood Real Estate Group has purchased 41.34 + AC of waterfront land on the Hillsborough River and 12.34+ of upland. Shorewood has partnered with the Vanbarton Group to form VBG communities, which is advertised as a “uniquely positioned strategic initiative that targets workforce housing opportunities across U.S. Sunbelt markets.”

The land was purchased from an entity linked to River Hills Church of God, with the land being on the market since 2020. The site address is 6502 E Sligh Ave in Tampa. The project – named River Hills, is the initial transaction for VBG Communities.

According to project plans provided by the Vanbarton Group, River Hills will be a $90 million project. There will be 330 units spread across 11 buildings with each building being 3 stories. 590 parking spaces are planned for the project. Amenities will include a riverwalk, watersport dock, pool, clubhouse, gym, dog run, fire pits, and BBQ grills.

According to project plans provided by the Vanbarton Group, River Hills will be a $90 million project. There will be 330 units spread across 11 buildings with each building being 3 stories. 590 parking spaces are planned for the project. Amenities will include a riverwalk, watersport dock, pool, clubhouse, gym, dog run, fire pits, and BBQ grills.

The Vanbarton Group states in their project overview that ground will break in March 2023. The site is an ideal location for many as it is centrally located between I-4, I-75, and I-275. All units will be offered at market rate. Target renters for VBG Communities are those who make between $50-$70K with the ability to spend around 1/3 of their income on rent ($1,500-$2,000 per month). Unit sizes will be between 700+ SF and 1200+ SF with floor plans for studio, 1, 2, & 3 bedrooms. VBG Communities will partner with Summit Contacting Group for all new development construction, utilizing their “protype program” to maximize efficiency. You can read more about VBG groups and their community plans here. No exact renderings are available currently, but the project will be typical of properties that are from Summit Contracting Group.