Silverstein Properties just announced the acquisition of a 34,000-square-foot site in Tampa. Located at 505 East Tyler Street in Downtown Tampa, the three-quarter-acre site is intended to be developed into a residential tower with approximately 770,000 square feet, including 430 residential rental apartments, approximately 15,000 square feet of retail and a 600-space parking garage.
The property was acquired by Silverstein and Cantor Fitzgerald, L.P. through their Cantor Silverstein Opportunity Zone Trust, Inc. (CSOZ Trust), a Qualified Opportunity Fund. The seller is an affiliate of 1754 Properties, LLC, an institutional owner, operator and lender of hotels and other real estate based in Weston, Florida and its partner at Triangle Capital Group.
“With this latest acquisition and planned development, we are continuing to extend our acquisitions and development reach around the country and geographically diversify our portfolio,” said Marty Burger, CEO of Silverstein Properties.
Mixed use projects continue to build up northern Downtown Tampa
The project site is in downtown Tampa, which is home to nearly 4,000 businesses and provides access to acclaimed restaurants, entertainment hubs, the sprawling Riverwalk, Amalie Arena (Go Bolts!), the University of Tampa, and Tampa General Hospital.
The development team says this acquisition “reinforces the emergence of the NoDo (North Downtown) submarket as the center of upscale residential living, culture and nightlife and a new walkable neighborhood in downtown Tampa.”
“Tampa is one of the country’s fastest growing residential markets,” said David Marks, Head of Acquisitions for Silverstein. “With this acquisition, we are delighted to bring our expertise into more cities across the U.S. The opportunity allows us to leverage Silverstein’s national high-rise development capabilities and existing residential portfolio knowhow.”
Reinvesting in the city’s growing community
“We look forward to the accelerated development of the NoDo neighborhood and believe it will be anchored by the high-quality hotel, restaurant and bar offerings at the Floridan Palace Hotel which will be renovated at a cost of more than $20 million,” said Joe Smith, CEO of 1754 Properties.
“We expect these transactions are among the first but certainly not the last in the robust and rapidly growing NoDo submarket,” said Michael Dornbusch, of Triangle Capital.
Cantor Fitzgerald and Silverstein were among the first groups to launch a Qualified Opportunity Fund focused on multiple development projects in a single fund utilizing the real estate investment trust structure. CSOZ Trust closed in January of 2022 and together with its affiliated co-investment vehicles raised approximately $600 million of equity.