KETTLER Tops Off Tampa Community

KETTLER has topped off Gasworx W2, a 390-unit development in Tampa, Fla. The building will be part of a 50-acre master-planned redevelopment project in the city’s Latin Quarter. The first residences are scheduled for completion in January 2026.

Construction at Gasworx W2 began in the second quarter of 2024, with Juneau Construction as contractor. A couple months before breaking ground, Canadian Imperial Bank of Commerce and Trustmark provided a $70.8 million construction loan for the project, set to mature in May 2028, Yardi Matrix data shows.

Upon completion, Gasworx W2 will be a seven-story, 366,000-square-foot property with studio, one- and two-bedroom floorplans, that will incorporate retail space, as well as a 482-spot parking deck. Designed by Torti Gallas + Partners Inc., amenities at the future residential building will include a pool, outdoor kitchens, a rooftop terrace, a fitness center, private offices and conference rooms.

Located at 1502 Nick Nuccio Parkway, the community will bridge the Ybor City neighborhood with downtown. The future community is less than 1 mile from the 241,826-square-foot shopping center Ybor Centro and within 2 miles of Tampa Union Station. Major thoroughfares in the area include interstates 275 and 4, as well as Selmon Expressway.

Residential expansion in Tampa

Last month, KETTLER received a $182 million construction loan from Bank OZK, to fund the development of three parcels at Gasworx, namely the E1, E2 and E3 blocks. Once finalized, the master-planned community will consist of 18 properties totaling 5,000 residences, 500,000 square feet of office space and 150,000 square feet of retail.

As of February, Tampa experienced a year-over-year rent growth of 0.4 percent. Additionally, completions accounted for 5.5 percent of the total stock over the past 12 months, a recent Yardi Matrix report shows. Multifamily deliveries are expected to decelerate this year nationwide, due to a drop in construction starts in 2024.