Cresset Partners backs Gasworx apartments in joint venture with Darryl Shaw and Kettler
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: May 14, 2024

A Chicago investment firm is backing Gasworx’s newest apartment-and-retail development.

Cresset Partners has formed a joint venture partnership with Gasworx developers Darryl Shaw and Kettler to develop a 390-unit apartment building with 9,700 square feet of street-level commercial space. Cresset is investing in the project via its second Qualified Opportunity Zone fund.

The investment is Gasworx’s second financial endorsement this month: In early May, an entity linked to Shaw and Kettler closed a $70.76 million construction loan for the apartments. The financing comes at a time when apartment developers across the U.S. face challenges funding their projects in the wake of high interest rates and rising construction costs.

Gasworx is a mixed-use district between the Channel district and Ybor City — north of Adamo Drive, west of North 15th Street, south of East Fifth Avenue and east of East Scott Street. At completion, Gasworx will span 5.9 million square feet across 34 acres.

“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,” Jason Ross, managing director at Cresset Partners, said in a statement. “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.”

The 390-unit complex is Gasworx’s second apartment development. Juneau Construction Co. is the general contractor on both projects. The first apartment building, La Union, is nearing completion; the second is scheduled for completion in 2026.

“We appreciate Cresset’s support and their belief in Gasworx,” Luke Davis, Kettler’s chief investment officer, said in a statement. “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.”