Strategic Property Partners has topped off construction of 1011 E. Cumberland Ave., its 388-unit luxury rental tower in downtown Tampa, Fla.
The residential property is part of Water Street Tampa, a massive, 9-million-square-foot redevelopment project taking shape in the heart of the city.
The developer of the mega project, Strategic Property Partners, is a joint venture between the Bill Gates-backed Cascade Investment LLC and Tampa Bay Lightning Owner Jeff Vinik.
The 23-story 1011 E. Cumberland Ave. was designed by COOKFOX Architects, with interiors by Edit Lab at Streetsense, a Washington, D.C.-based firm. The property’s unit mix will include studio, one-, two- and three-bedroom apartments with floor-to-ceiling windows. Common areas will have a focus on landscaping and local plants while amenities will include a 24-hour concierge, package room, recycling rooms on each floor, library and private conference room, a fitness center and yoga room, indoor/outdoor terrace and a swim spa.
COOKFOX Architects Partner Darin Reynolds said in prepared remarks that the design for the project focused on connecting residents with nature. The building is slated to be completed in fall 2021.
The residential property kicked off construction last year, after the development team secured a $644 million construction loan for the entire Water Street Tampa project. According to BusinessObserverFl.com, the loan was the largest Bank OZK has ever done.
Downtown redevelopment project
Water Street Tampa is rising on the site of former parking lots and will eventually have 9 million square feet of new commercial, residential, hospitality, entertainment, cultural retail and educational spaces within its 56-acre site. Developers are aiming to connect the wellness-focused project to downtown Tampa. The project represents more than $3 billion in private investment from Strategic Property Partners.
The 1011 East Cumberland tower and three other properties make up the residential portion of the Water Street Tampa development, which will have a total of 3,500 units once completed, some of which will be condos. Construction of 815 Water St., a two-tower, 420-unit community within the development, kicked off in November 2018 and is slated for completion in 2021.