TEMPLE TERRACE — This city recently took a step closer to construction in the downtown redevelopment area with the approval of a site plan from The Richman Group to build 200 luxury apartments at Bullard Parkway and Main Street, the road dividing the north sector of the property.

Waverly Terrace, as the complex will be called, will occupy two four-story buildings on about 4.86 acres, centered by a club house and swimming pool.

It's the first of the pending development projects in the area to present a site plan to City Council, which approved it in a meeting July 16. The city and The Richman Group are expected to sign a contract within 30 to 60 days, according to Greg C. Pauley, the city's business relations manager.

Ely Banks, a representative of The Richman Group, told the City Council in a meeting last year that "curb appeal'' is very important to the company."We want to fit in. We want it to be beautiful,'' he said. "It's important this is a top of the line luxury apartment complex.''

The plan is for two Mediterranean-style buildings, about 116,000 square feet each. The complex will have a resort-style pool and sun deck, private cabanas and spa, a dog park, outdoor grilling stations, fire pits and wi-fi hot spots. Kristen Fuechslin, executive vice president of marketing for the company, said she does not have the rent figures yet. When the project was pitched last year, the average rent was expected to be $1,300 to $1,400 per month.

"We want everyone to love them and we want them to withstand the test of time,'' Banks said.

At closing, the company will pay the city $3 million for the property. That money will likely be used to pay down a $10 million loan from Republic Bank. The city has paid almost half of the loan through sales of other property in the downtown redevelopment sector, which stretches along the east side of 56th Street from Bullard Parkway to the Hillsborough River.

The city has a second loan for $14 million with CenterState Bank, which is payable over 20 years.

Those two loans represent the $24 million the city borrowed in the early 2000s to buy and improve land in the downtown redevelopment sector.

Contact Philip Morgan at pmorgan@tampabay.com or (813) 226-3435.