Carter’s Proposed High-Rise Receives Construction Loan

PCCP announced it has provided construction financing to Carter for the development of a 23-story residential tower in downtown Tampa.
Rendering of Carter's proposed development project in Tampa, Fla.

Rendering of Carter’s proposed development project in Tampa, Fla.

Tampa, Fla.—A 23-story residential tower is in the works in downtown Tampa and Carter, the project’s Atlanta-based developer, assumed a $70 million allowance for the project. PCCP, LLC provided the senior loan.

Plans call for 362 apartments and an amenity package that includes a pool deck and terrace, a ground-level fitness center and a clubroom on the top floor—all above a six-story parking garage and 6,500 square feet of ground-level retail space.

Centrally located within downtown Tampa and the River Arts District, the 1.02-acre construction site comprises a full city block bordered by North Franklin, North Florida, East Tyler, and East Cass Streets. The area has undergone significant revitalization over the past decade including billions of dollars of new development such as museums, performing arts venues and green space.

The property is three blocks east of the newly completed Tampa Riverwalk, a 2.5-mile pedestrian trail along the Hillsborough River, which provides a short walk to various arts and culture attractions including the Straz Center for Performing Arts, the Tampa Theatre and the Tampa Museum of Art.

Construction is anticipated to be completed in late 2017.

Image courtesy of PCCP, LLC