Cresset, KETTLER to Develop Tampa Project
The community is part of a 33-acre mixed-use development.
Cresset Real Estate Partners has formed a joint venture with KETTLER and a private individual to develop Gasworx W2, a 390-unit mid-rise community in Tampa, Fla. The project will take shape within a qualified opportunity zone.
The development is part of Cresset’s second Qualified Opportunity Zone fund—Cresset Diversified QOZ Fund II. In 2022, the fund closed with more than $650 million in equity commitments. Overall, the investment vehicle garnered more than $1.2 billion since the inception of its first fund in 2018.
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Canadian Imperial Bank of Commerce and Trustmark provided a $70.8 million construction loan set to mature in May 2028, according to Yardi Matrix data.
Construction is already underway with Juneau Construction Co. serving as the general contractor and Torti Gallas + Partners in charge of design. Completion is expected in the third quarter of 2026.
Rising seven stories, Gasworx W2 will include studio, one- and two-bedroom floorplans totaling more than 273,000 square feet of rentable space. Plans also call for 9,700 square feet of ground-floor retail space, as well as a seven-story parking garage including 482 spaces.
Amenities will include 9-foot ceilings, cabinetry with underlighting and quartz countertops. Community amenities will feature a gym, a swimming pool with cabanas, a fireplace lounge, coworking spaces, as well as a rooftop bar and terrace.
Located at 1502 Nick Nuccio Parkway, the site is less than 1 mile from downtown Tampa’s central business district where employers such as Lockheed Martin and Wells Fargo can be found. A 13-minute walk away, Centro Ybor—a 241,826-square-foot shopping center—provides entertainment, retail and dining options.
Inside the Gasworx mixed-use development
The project is part of the 33-acre Gasworx mixed-use development that will encompass roughly 5.9 million square feet of commercial and residential space across 18 properties. Its full completion is estimated to take more than a decade.
Designed to connect Ybor City to Water Street and Channelside, Gasworx properties on the Ybor side will be low-rise and committed to the area’s historic roots. However, as the project reaches the Channel District, buildings are expected to shape into high-rises, ensuring consistency with the neighborhood. La Unión, a 317-unit project also developed by KETTLER alongside Juneau, broke ground in early 2023. The project kickstarted the rise of apartment buildings within Gasworx, with completion expected this year.
