Hillpointe Lands $67M for Tampa Project
The project is the first of its kind under Florida's Live Local Act.
Hillpointe has secured $67 million in construction financing for a workforce housing community in Tampa. PNC Bank provided the capital for the 408-unit development, dubbed Pointe Grand Interbay at Tampa.
Slated for completion by June 2027, the project comprises 15 three-story residential buildings encompassing 798,216 square feet. Units will be designated for households earning between 80 percent and 120 percent of area median income.
Community amenities will include a clubhouse with coworking space, a pool and a fitness center. The project is also the first amended site to be built under Florida’s Live Local Act.
Hillpointe Construction, the company’s in-house general contractor, is leading construction efforts. Additionally, KSH Engineering, Hamilton Engineering and Dark Moss are providing a variety of consulting and design services.
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Located at 7400 Interbay Blvd., Pointe Grand Interbay’s site is near MacDill Air Force Base. Downtown Tampa is approximately 8 miles away, while Tampa International Airport is less than 10 miles away.
The development follows the $750 million closing of Hillpointe’s largest workforce housing fund in March 2025. The fund targets workforce housing developments across the Sun Belt.
Construction slows in Tampa
Multifamily construction activity in Tampa slowed during the first quarter of 2026, according to a Cushman & Wakefield report. Compared to the five-year average, new development starts declined 25.2 percent, while stabilized occupancy fell to 91 percent, the lowest level of the past decade, the report shows.
Despite the slowdown, multifamily developments in the region continue to move forward selectively. In April, Wood Partners acquired a site St. Petersburg for Alta Roosevelt, a 381-unit community. Approvals were secured through the Live Local Act and construction is expected to begin this month.
