Silverstein to Develop Resi Tower in Tampa

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Silverstein Properties, a real estate power player in New York, is teaming up with Cantor Fitzgerald, a financial services company, to develop a rental tower in Downtown Tampa. 

The development will span 770,000 square feet and feature 430 rental apartments, approximately 15,000 square feet of retail and a 600-car parking garage. The project will rise about 40 stories. 

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“With this latest acquisition and planned development, we are continuing to extend our acquisitions and development reach around the country,” Marty Burger, CEO of Silverstein Properties, said in a statement. 

Construction is slated to begin next year. The joint venture is looking to borrow about $150 million to fund the construction, though no deal has been finalized, a spokesperson said. 

Silverstein and Cantor Fitzgerald bought a 34,000-square-foot site at 505 East Tyler Street, adjacent to East Cass Street and a block from North Florida Avenue, for an undisclosed amount. The parcel sits within an opportunity zone, a federal program that grants tax breaks in return for investing in the designated area. 

In fact, the acquisition is part of Silverstein and Cantor Fitzgerald’s $530 million fund, launched earlier this year, to invest and develop in opportunity zones.  

The Tampa development is Silverstein’s second Florida move in recent months. Late last year, it lent $340 million — one of South Florida’s largest construction loans — for a 50-story mixed-use skyscraper in Miami. 

In New York, Silverstein is best known for having redeveloped the World Trade Center complex after the 9/11 attacks.

Julia Echikson can be reached at jechikson@commercialobserver.com