Two Roads Development has secured $520 million in construction financing for a new waterfront luxury hotel and condominium tower in downtown Tampa. The financing package is comprised of $290 million in C-PACE funding from Nuveen Green Capital, marking the first time this type of loan has been recorded in Tampa, according to a press release. The remainder of the financing comes from Sculptor Capital Management.
The project is expected to be the largest condo construction financing deal in Tampa’s history. Led by Taylor Collins and Reid Boren, Two Roads is developing Pendry Tampa and Pendry Residences Tampa, which will feature a 220-room Pendry hotel and 207 condominiums. According to the company, more than 60 percent of the condos have already been presold, totaling over $300 million.
A spokesperson stated that condo prices range from $1.8 million to $5.8 million, not including penthouses.
Construction on the 38-story tower is currently underway and has reached the fourth floor. The building fronts the Hillsborough River and will offer amenities such as waterfront restaurants, over 10,000 square feet of conference and ballroom space, a 14,000-square-foot spa, and a fitness center.
The C-PACE (Commercial Property Assessed Clean Energy) program supports projects that use energy-efficient materials and sustainable design practices. According to Nuveen’s press release, “The building’s HVAC system and the design of the structure will save 55,701 lifetime metric tons of carbon.” This amount is equivalent to the annual energy consumption of about 7,500 homes in the United States. The Pendry project is also being constructed more than 11 feet above sea level.
The site was previously proposed as Trump Tower Tampa under different developers.
Elsewhere in Florida, Two Roads recently completed Forté on Flagler in West Palm Beach with partner Alpha Blue Ventures—a 25-story condo project where nearly all units were presold for $289.1 million at completion.
Two Roads’ ongoing Edition Residences project in Miami’s Edgewater faces legal challenges related to its acquisition of Biscayne 21 units for redevelopment. In July, an appeals court ruled for eight owners resisting buyout efforts after Two Roads paid about $150 million for most units at Biscayne 21. Disputes continue over changes made by a developer-controlled association lowering termination requirements from unanimous consent to an 80 percent threshold; Two Roads plans further appeal to Florida’s Supreme Court.
