Silverstein to Develop Resi Tower in Tampa
By Julia Echikson May 13, 2022 2:44 pm
reprints
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.
“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.
