Dr. Kiran Patel secures construction loan for downtown Tampa tower
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 27, 2024

Dr. Kiran Patel's development plans for the Encore district in downtown Tampa are a step closer to reality.

Patel, a real estate developer and philanthropist who first amassed a fortune selling WellCare for $200 million in 2002, has secured a $72.5 million loan from TD Bank, Hillsborough County property records show. An entity linked to Patel closed on the loan on Tuesday.

The loan will fund the construction of a mixed-use development on Encore's Lot 12, which runs parallel to Nebraska Avenue. City records describe a 20-story tower with 294 apartments, retail space and office space on the site.

A representative from Patel's firm did not return a request for comment on Wednesday.

Patel bought two lots in Encore, Lots 5 and 12, for $8.2 million in 2023. Tampa Housing Authority and Banc of America Community Redevelopment Corp. have developed Encore in a public-private partnership, and it includes both affordable and market-rate housing. Multiple lots in Encore are under active construction, including Miami-based LD&D's $200 million mixed-use project.

Patel has completed several marquee developments on Clearwater Beach, but he is best known in the Tampa Bay area for his private residence. Patel spent a decade building a palatial pink limestone compound three blocks from the intersection of North Dale Mabry Highway and Linebaugh Avenue.