North Downtown Tampa is experiencing a renaissance with land being traded for high value — and a major New York City developer has entered the scene.
Silverstein Properties, best known for redeveloping the World Trade Center, acquired its first Tampa Bay property in May 2022. As the lead developer, Silverstein plans to transform the vacant lot at 505 E. Tyler St. in Downtown Tampa into a 35-story mixed-use tower with apartments and retail.
“Tampa is one of the country’s fastest growing residential markets — with its affordability, strong employment, great education and beautiful destinations,” Marty Burger, CEO of Silverstein Properties, shares with Tampa Magazines. “With this development, we are thrilled to become active in the city of Tampa.”
Cantor Silverstein Opportunity Zone Trust Inc., a qualified opportunity zone fund sponsored by Silverstein Properties and Cantor Fitzgerald, purchased the three-quarter-acre site from CBRE for about $20 million on the southwest corner of Tyler and Morgan streets, adjacent to the Floridan Hotel.
“It’s amazing to see the level of growth Tampa has had over the last decade,” CBRE executive vice president Francesco Carriera notes. “Now we’re garnering some significant interest from major national developers. We are excited to see the developers of the World Trade Center now building in our backyard. Silverstein was a wonderful company to work with on this transaction and we hope this is the first of many.”
The Tampa tower will contain a total of about 770,000 gross square feet, including around 430 apartments and about 9,000 square feet of retail space, as well as a parking garage with an estimated 600 spaces. The developer is spending a whopping $500,000 per unit, so luxury is to be expected. Amenities will include an outdoor pool, tenant lounges with workspaces and a fitness center.
Silverstein plans to break ground in late 2023 or early 2024 and anticipates completion in 2026, kicking off development and growth in an area with little to no activity, currently blighted and lacking residences and retail.
This is Silverstein’s first project in Tampa Bay. Founded in 1957, the privately held, full-service real estate development, investment and management firm has managed, owned and developed more than 40 million square feet of residential and commercial space in Manhattan, Philadelphia and Los Angeles, as well as Four Seasons Resort Orlando at Walt Disney World Resort. Silverstein is known to focus on large-scale, complex development projects that enhance neighborhoods.
The Tampa project’s architect and interior designer is Miami-based Arquitectonica, known for its trendsetting, modernist Miami style. Locally, Arquitectonica designed the Pendry Tampa, The Ritz-Carlton Tampa, TLR Tower and The West River District. Miami-based Coastal Construction is the general contractor. Coastal is currently responsible for the Ritz-Carlton Residences Tampa, Arts and Entertainment Residences, Heron and the JW Marriott Tampa Water Street.
Tampa Tomorrow is an expert growth and development spotter established on Instagram (@TampaTomorrow) in 2020. It breaks down permits, plans and real estate and development news.
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