The north end of downtown Tampa sees a multifamily boom
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 30, 2023

Multifamily developers see opportunity in the northern end of downtown Tampa.

Several significant apartment sales in the neighborhood have enticed other developers to the area. A pioneering project in the neighborhood, the 23-story Nine15, sold for more than $500,000 per unit in 2022 — a 53% increase over what the tower sold for in early 2020.

Here's a look at the projects under construction in this part of the urban core — and a look at the successful developments that came first.

X Tampa

701 N. Florida Ave.

Developer: Chicago-based The X Company

General contractor: Kast Construction

Status: Under construction

With 450 units and 540 beds, the 29-story X Tampa has a different business model than its more traditional multifamily counterparts. The tower has a rent-by-bed model in which tenants share a common living area and have their own private bedrooms and en-suite bathrooms. A bedroom in a fully furnished X property starts at $1,200, according to the website.

The property will also include a 6,685-square-foot retail space; 18,750 square feet of coworking space; and a 12,000-square-foot pool deck. The historic church on the property will be adapted into a 5,750-square-foot venue.

540 E. Cass St.

Developer: New York-based Silverstein Properties

Status: In planning

Silverstein paid $19.75 million for the .78-acre site, which became available when the neighboring Floridan Palace Hotel was sold to a developer. Its plans for the property include 450 apartments, 11,500 square feet of amenity space and 9,430 square feet of commercial space on the ground floor.

Arts and Entertainment Residences

300 W. Tyler St.

Developer: Miami-based American Land Ventures and Gazit Horizons Inc., the North American affiliate of Tel Aviv-based Gazit Globe Ltd.

General contractor: Coastal Construction

Status: Under construction

The 31-story AER tower was in the works for a decade before it broke ground in 2022. It will include 334 units, 13,688 square feet of street-level retail space and 514 parking spaces in a structure above the shops.

AVE Tampa Riverwalk

160 W. Tyler St.

Developer: Mill Creek Residential

Owner: Partnership of Korman Communities and RXR Realty

Status: Complete; opened in 2022

Sold: $124 million or $353,173 per unit, April 2022

AVE Tampa Riverwalk sold before construction was complete. Korman and RXR operate up to a third of the 353 units as short-term, fully furnished rentals.

The Henry

100 E. Tyler St.

Development team, ownership: New York-based DEVEN Development Ventures Group and InTown Group of Tampa

Status: Completed in 2021

The Henry is a 23-story high-rise built specifically to house University of Tampa students. It includes 188 fully furnished apartments and 537 beds.

Anchor Riverwalk

109 W. Fortune St.

Developer: North Carolina-based Crescent Communities

Owner: Boston-based TA Realty

Status: Completed in 2018

Last sold: $157 million or $398,477, 2021 per unit

This 394-unit apartment building paved the way for other projects in this part of downtown Tampa. It broke ground in 2016 and first sold for $312,182 per apartment in 2018.

Nine15

915 N. Franklin St.

Developer: Atlanta-based Carter

Owner: New York-based Goldman Sachs

Status: Completed in 2017

Last sold: $184 million, or $508,287 per apartment in 2022

Nine15 was the definition of a pioneering project when it broke ground in early 2016. It was one of the first high-rise apartment buildings to break ground this real estate cycle, in an area that was far removed from the Channel district, where most of Tampa's urban development boom was concentrated at the time. It is now one of only three market-rate apartment properties in Tampa history to sell for more than $500,000 per unit.