Ybor City Warehouse: 22-Loft Private Equity Redevelopment
Ybor City, Tampa, FL: Helvetica invested in a private equity redevelopment of a historic 29,000 SF warehouse. The business plan called for converting the former factory into 22 loft-style condos while retaining its historic character. This was an equity investment, not a bridge loan to a borrower.
The Redevelopment Opportunity
A vacant historic warehouse near Ybor City's entertainment district offered a path to residential reuse. The original investment summary described a shortage of homes for sale or rent at the time and proposed adapting the 29,000 SF building rather than replacing its factory character.
The Helvetica Investment
Helvetica participated as a private equity investor. The original capital plan allocated $975,000 to acquisition and $325,000 to plans, permits, design, and demolition, totaling $1.3 million before construction. These are project-level budget figures, not a disclosure of Helvetica's individual investment amount.
The redevelopment plan included 5 one-bedroom, one-bath condos of approximately 750 SF and 17 two-bedroom, two-bath condos of approximately 1,400 SF. The larger units were designed with an upstairs primary suite and patio. All 22 homes were planned to share a rooftop amenity deck.
The plan contemplated $2.3 million in construction financing and an estimated $4.6 million in gross condo sales. Individual sales were the intended exit over a projected 16-to-24-month period. Retaining the condos as multifamily rentals was an alternative in a market downturn. These were original projections, not confirmed financing, completed sales, or realized investment results.
Investment Rationale
- Adaptive reuse of a 29,000 SF building with existing historic character
- A 22-home plan combining 5 smaller condos and 17 larger loft-style residences
- A $975,000 acquisition budget with a separate $325,000 preconstruction allocation
- Two contemplated exit paths: individual condo sales or rental operation of the 22 homes
Deal Highlights
- Helvetica private equity investment in Ybor City, Tampa, Florida
- Historic warehouse conversion into 22 loft-style condos
- Original preconstruction capital plan: $1.3 million
- Planned construction financing: $2.3 million
- Original estimated gross sales: $4.6 million, not realized proceeds
- Helvetica's investment amount and completed project results are not disclosed
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