In this edition of the Catalyst Partner Series, we’re joined by Steve Stagg, Beach Bank’s Tampa Bay market president, and special guest Andrew Wright, the founder, CEO and managing partner of Franklin Street as well as the founder of Ally Capital Group, a Tampa-based real estate investment firm.
Wright says his work with Franklin Street, a commercial real estate brokerage and management company, gave him a wealth of experience and visibility in the industry that he parlayed into Ally Capital Group, which owns office, hotel, and mixed-use properties in the Tampa Bay region. His success has also given him a high tolerance for risk — he says three of his favorite property traits are “cheap, well located, and broken.”
A prime example is an old cigar factory in Ybor City, which Ally bought and converted into 30,000 square feet of office space.
“I wouldn’t say it’s been our strategy to buy older properties,” Wright says. It’s just kind of worked out that way. We try to differentiate ourselves through things that maybe are a little bit more difficult, that require more expertise, more resources, more infrastructure, and then try to go in with a winning business plan.”
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