Tampa is set to get its first auto condominiums next year.
Paddock1 has started construction of a “luxury garage condo community” in Tampa at Adamo Drive and 34th Street, the company said.
So, what is a car condo, anyway? Paddock1 is a garage that provides premium storage space for cars and other motor vehicles, said project founder and Tampa native Sean Murphy. Tampa Bay Times. Users will own the real estate rather than paying rent. It’s similar to a condominium in that there is a shared community space and an association, Murphy said.
Paddock1, a reference both to the storage places for racing cars and to international Formula 1 races, will have 61 units ranging from 1,000 to 1,400 square feet. The larger condo is designed to comfortably accommodate nine cars and the elevators could double that number. Unit prices range from $ 255,000 to $ 345,000 and owners would pay fees between $ 85 and $ 125 each per month.
While Murphy said the garage condo was marketed to car collectors, he also spoke to people interested in using the storage space for boats, RVs, a music studio, or as an environment. checked for an art collection.
Several garage condos have appeared in Florida in recent years. The wheelhouse and fortress opened in Jacksonville, and the latter extends to St. Augustine. Naples Motors Condo is also building a second location.
Murphy said he and his partner Jordan Farrale wanted to bring the idea to the Tampa Bay area.
Sales of luxury goods, from high-end cars to boats and jet skis, have performed well over the past year despite the pandemic. Lamborghini, for example, had the best six months of sales on record in the first half of 2021, the company reported in July. Boat and RV sales exploded last year in Tampa Bay, and businesses have struggled to keep up with demand.
“There has been a huge demand for all of these vehicles, and people are realizing that you can have an HOA that doesn’t let you store it outside or you want to keep it nice,” Murphy said. “Looking for storage opportunities, there just aren’t many. “
While some people would distribute their collections to different storage areas, Murphy said Paddock1 would be a one-stop destination near downtown Tampa.
Almost half of the units were sold before construction, Murphy said. The units are equipped with an en-suite bathroom, hurricane protection for winds up to 150 mph, insulated steel doors and are equipped for internet.
Condo owners can meet in the 3,000 square foot pavilion with lounge and bar, temperature-controlled wine and cigar racks, conference room, specialty car showroom, and event space .
Paddock1 should open next summer.