Two Roads Development has secured $520 million in construction financing for a new waterfront luxury hotel and condominium tower in downtown Tampa. The financing includes $290 million in C-PACE (Commercial Property Assessed Clean Energy) funding from Nuveen Green Capital, marking the first time such a loan has been recorded in the city, according to a press release. Sculptor Capital Management provided the remaining funds.
The project, called Pendry Tampa and Pendry Residences Tampa, will feature a 220-room Pendry hotel and 207 condominiums. Two Roads, based in Miami and West Palm Beach and led by Taylor Collins and Reid Boren, stated that more than 60 percent of the condo units have already been presold, totaling over $300 million in presales.
Condominium prices range from $1.8 million to $5.8 million, not including penthouses. Construction on the 38-story tower is currently at the fourth floor. The building will overlook the Hillsborough River and 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 use of C-PACE financing encourages energy-efficient design and sustainable materials. 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 reduction is said to be equivalent to the annual energy use of about 7,500 homes in the United States. The development is being constructed more than 11 feet above sea level.
Previously, this site was intended for Trump Tower Tampa under different developers.
In South Florida, Two Roads recently completed Forté on Flagler with Alpha Blue Ventures—a 25-story condo project in West Palm Beach where nearly all units were presold for $289.1 million when finished.
Two Roads is also involved in ongoing litigation regarding its planned Edition Residences project in Miami’s Edgewater neighborhood. In July, Florida’s Third District Court of Appeal sided with eight owners who have opposed selling their units at Biscayne 21—the site purchased by Two Roads for about $150 million in 2022 for redevelopment into Edition Residences. The dispute centers on changes made by a developer-controlled association that lowered requirements for terminating the condo from unanimous consent to approval by 80 percent of owners. Two Roads has indicated plans to appeal to the Florida Supreme Court.
