Market Reality Blurs Vision Of Downtown.

Byline: Shannon Behnken

Aug. 29--TAMPA -- Two years ago, when SkyPoint condominium was just a pile of dirt and a sophisticated plastic concept model, Ann Blank stood in line for hours to buy a one-bedroom unit for $241,000.

Blank loved the condo design but made the decision based on what city planners and developers said downtown would become. By the time SkyPoint was finished, the city was supposed to be filling up with entertainment and services that haven't materialized: Riverwalk, a new art museum, restaurants and nightlife. Blank thought it would make a fine rental apartment for a few years, then she'd sell for a profit.

"It was going to be great," said Blank, who is a real estate agent.

SkyPoint's developers forged ahead and already plan two more developments, one of which is under construction. But the market tanked, and now Blank, who is asking $1,500 a month in rent for her approximately 800-square-foot condo, can't find any takers. She blames the lack of services downtown, such as dry cleaners and a grocery store.

Part of the reason for Blank's trouble may be that many buyers had the same idea. There are 286 condominiums in 15 buildings in downtown Tampa listed for sale on the Multiple Listing Service, a database used by real estate professionals. An additional 127 downtown condos are advertised for rent on craigslist, a popular online bulletin board of items for sale or lease. Some of the units listed for sale are by developers or real estate agents, but many are owned by individuals trying to resell.

Of three projects that are substantially complete, plus Trump Tower Tampa, which hasn't broken ground, 180 of 1,046 units, or 17 percent, are listed for sale or rent.