Developer of luxury waterfront tower secures $75 million in financing

From The Business Observer

TAMPA — The developers of Altura Bayshore have secured $75 million in financing as construction on the 23-story luxury residential tower is well underway.

According to Hillsborough County records, the owners of Altura, The Ronto Group, signed a mortgage for the property Jan. 14. The financing is with MSD Partners, a New York investment firm.

The construction financing comes as the Naples-based Ronto continues work on phase two of the Altura building on Bayshore Boulevard, with an adjacent parking lot nearly complete and crews pouring the foundation.

Construction of the tower is expected to be finished in late 2023.

Altura Bayshore is a 67-unit complex with six penthouses. Each unit has a private elevator foyer and ranges in size from 2,176 square feet to 3,575 square feet. Prices start at $1.425 million and top out at $3.5 million.

The first three levels of the tower will consist of an access controlled, resident-only parking garage. The fourth floor will have a dog park, pickleball courts, bocce courts, outdoor pavilion and bar.

The Ronto Group says the tower will be the only one along Bayshore Boulevard with an outdoor “rooftop experience” that includes a pool with lap lanes, rows of cabanas, outdoor bar and clubroom. Residents will have views of Hillsborough Bay and Bayshore Boulevard to the east, Old Tampa Bay to the west and downtown Tampa to the north.

Ronto reports that sales have already topped $60 million at Altura, which is just one of several projects Ronto has in the works.

The company reports that sales remain brisk at those properties as well. Omega Bonita Bay, a 26-story tower with 67 condos, has $203 million in sales and only 13 residences remaining and the 72-unit 1111 Central has 14 sales valued at more than $30 million in January.

Anthony Solomon, Ronto’s owner, says the company is “seeing tremendous demand across our developments in Florida, especially at the very high end of the market where buyers are looking for very high quality and active lifestyle amenities.”

“All the more importantly, this demand is coming from buyers within Florida, plus very strong inflows of residents from out of state, driven by Florida’s economic climate, new company relocations and weather.”