(1888PressRelease)
November 03, 2007 - Cobalt Development Group, along with their JV partner, New Boston Fund Inc., and the City of Tampa hosted a breakfast to celebrate the groundbreaking for The Slade at Channelside. The commencement event was held at The Slade’s sales office at 119 North 11th Street in the Channelside District. City of Tampa Mayor Pam Iorio served as the guest speaker for this special occasion to celebrate the beginning of construction on Tampa’s newest condo development.
“We were very excited to have Mayor Iorio join us for the groundbreaking of The Slade. This is a monumental achievement. It is a milestone that speaks for itself and communicates the realities of our project,” said Juan Porro, President of Cobalt Development Group. “The reality is that our project's attributes are very well balanced with great pricing, a terrific design, an attractive location, and a strong positioning in one of the least saturated metropolitan markets in the country.”
The Cobalt Development/New Boston Fund team recently secured a $66 million loan from Wells Fargo and Citizens Bank to finance the construction of the project, and surpassed the 60 percent sales mark this summer. Cobalt Development partnered with New Boston to provide the equity and secure the debt financing.
“We are pleased to work with Cobalt who has created a compelling project to complement the City’s investment in Channelside and has been such a strong JV partner,” said Jerry Rappaport Jr., CEO of New Boston Fund. “We believe in the strength of the Tampa real estate market and look forward to working on many other projects here.”
For media inquires, contact Katrina Alba at (305) 856-1981 or katrina ( @ ) americasmediagroup dot com.
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