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Friday, October 26, 2007


Thursday, October 25, 2007 - 2:41 PM EDT
New Port Tampa Bay land put on market
Tampa Bay Business Journal - by
Michael Hinman

Colliers Arnold Commercial Real Estate Services has confirmed it will handle the potential sale or alternative capital structure for the 52-acre site pegged for New Port Tampa Bay.

Ed Oelschlaeger, president of New Port developer EcoGroup Inc., told the Tampa Bay Business Journal last week that as part of the company's regrouping to move the 1,250-unit project forward sometime in 2008, he was exploring the options of bringing in a partner or selling the property outright.

"We're trying to recapitalize New Port, and part of that effort is to sell the project," Oelschlaeger said. "It's possible that EcoGroup would not be involved going forward under some circumstances, but we should be here under most circumstances."

While New Port was planning just less than 1,300 residences, Colliers Arnold said the property already is zoned for 1,750 residences and 240,000 square feet of commercial use near the intersection of Gandy and Westshore boulevards in Tampa.

"The vision for the site is extremely exciting, and we're confident it will be developed to its fullest potential as a waterfront community," said John F. Gerlach, a broker with Colliers Arnold, in a release. "We are committed to helping EcoGroup find exactly the right party who will take this property to its highest and best use in the years ahead."

Deposits for units have already been refunded, and Oelschlaeger said new ideas are being put together that could possibly keep most of the project intact, except with lower price points and smaller construction phases.

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