390-Unit Apartment Building To Be Developed In Tampa’s Ybor City Neighborhood
May 14, 2024 – Chicago – Cresset Real Estate Partners today announced the formation of a joint venture with KETTLER & Daryl Shaw to develop a 390-unit mid-rise apartment building in Tampa, Florida. The project is the latest development in Cresset’s second Qualified Opportunity Zone fund, Cresset Diversified QOZ Fund II (“Fund II”).
The development, located in the Ybor City neighborhood of Tampa, is less than one mile from the center of Downtown Tampa and boasts easy access to I-4, Selmon Crosstown Expressway, and I-275. Construction has already commenced with an anticipated completion of 3Q 2026.
The project will include the aforementioned 390 units of luxury studios, one, and two-bedroom apartments in a seven-story building, totaling over 273,000 square feet of rentable area, with an additional 9,700 square feet of ground-floor commercial space. It will also have a seven-level parking garage with 482 parking spaces in total.
Units will feature stainless steel appliances, custom cabinetry with underlighting, quartz countertops, modern plank flooring, and nine-foot ceilings. The project will also house an art fitness center and wellness studio, a heated resort-pool with private cabanas, a fireplace lounge, activity-based co-working spaces, and a rooftop bar and terrace.
The project is part of the larger 33-acre Gasworx mixed-use development, that when fully developed, will consist of approximately 5.9 million square feet of commercial and residential real estate across 18 projects and is expected to be developed over the next 10+ years.
“We view this partnership as another sign of the strength and viability of our QOZ strategy, and we are grateful for our fantastic partners and investors for their continued support,” said Jason Ross, Managing Director at Cresset Real Estate Partners. “Tampa has experienced tremendous growth and momentum over the past several years which has made the market extremely attractive from an investment perspective. We are thrilled to be partners with KETTLER and Darryl Shaw and participate in the overall Gasworx master development, with hopes it will continue to foster economic growth and opportunities in the area.”
In addition to its proximity to Downtown Tampa and three of the city’s most prominent thoroughfares, residents will have convenient access to restaurant, shopping, and entertainment amenities in the area, as Downtown Tampa’s development has continued to stretch Northeast from the city center.
“We appreciate Cresset’s support and their belief in Gasworx,” said KETTLER Chief Investment Officer Luke Davis. “This partnership only strengthens our project and underscores a shared commitment to honor and protect Ybor City’s unique character and history. Together we are poised to achieve remarkable success connecting Ybor to the surrounding neighborhoods and creating an environment where people can call home.”
The joint venture marks yet another success in Cresset Real Estate Partners’ QOZ program, with more than $1.2 billion of equity investments committed since the firm’s launch of its first QOZ fund in March 2018. These projects cover more than six million square feet and have created more than 40,000 permanent and temporary jobs across the country.
This project is a part of Cresset’s QOZ Fund II, which closed in 2022 with more than $650 million in equity commitments, coinciding with the opening of Cresset-Diversified Qualified Opportunity Zone Fund III (“Fund III”).
Developed in partnership with KETTLER, a Washington D.C.-based developer, and Darryl Shaw, one of the largest private landowners in Tampa, the sponsors have worked in concert with Juneau Construction Company as the General Contractor, an experienced firm with local expertise that has also operated as the General Contractor for the first phase of apartments within Gasworx, La Unión. The debt for the project was provided by the Canadian Imperial Bank of Commerce and Trustmark.
