Element is another condo tower Novare is building in Tampa, FL that was converted into apartments. It is set to move in its first residents in January, so pretty much the same time frame as Catalyst. From what I've read the Element condos went for $220k+, nearly 40k higher than Catalyst sold for so rents should in theory be lower only taking this into account even with the unique parking situation at Catalyst . From what I can tell they are not using another apartment/rental specialist to rent these units out. Intown group was already attached to the project when it was condos. So if their construction lender allowed them to do this in Tampa, why won't Wachovia allow it here in Charlotte? Perhaps they are worried about Novare spreading themselves too thing. Here's the site for Element:
http://www.elementtampa.com