An apartment developer has acquired a prominent downtown Tampa location for a sum of $12.75 million.

Richland Capital Holdings, an affiliate of Richland Investments based in Tampa, completed the purchase of approximately 0.68 acres at 127 N. Tampa St. on Friday, as documented in Hillsborough County property records. The property was sold by an entity associated with Walton Street Capital.

Development plans for the property are currently under consideration, as per an email from Troy Newberg, Richland’s Director of Development. The site is surrounded by several prominent skyline buildings and is situated across the street from 100 North Tampa, where Regions Bank holds signage rights, while also being diagonally opposite the Wells Fargo Center.

“Our goal is to bring life to an underutilized block of downtown by activating the ground floor with retail and creating a special place for residents and visitors alike. Through high quality, thoughtful and intentional design, we look forward to delivering a world-class asset that will change the skyline of Tampa and withstand the test of time.”

Richland Capital is actively engaged in over 1,000 multifamily developments across Central Florida, in addition to overseeing more than 500,000 square feet of industrial projects. Notable assets in Tampa encompass The Gray apartments located in South Tampa and the Jetport Commerce Center situated near Tampa International Airport.