390-Unit Apartment Building To Be Developed In
Tampa's Ybor City Neighborhood
CHICAGO, May 14, 2024
/PRNewswire/ -- 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 UniĆ³n. The debt for the
project was provided by the Canadian Imperial Bank of Commerce and
Trustmark.
About Cresset Partners
Cresset Partners is a private investment firm focused on
providing its investors with direct access to opportunities in real
estate, private credit, private equity, and venture capital. We
focus on building outstanding, lasting partnerships by investing
long-term capital, resources, and expertise to create sustainable
value. We believe that long-term investing creates better alignment
and reduces risk and inefficiencies, leading to better outcomes for
all stakeholders. Cresset Partners was founded in 2018 and has more
than $3.5 billion in committed capital. Learn more at
https://cressetpartners.com.
About KETTLER
KETTLER is a vertically integrated, mixed use and multifamily
focused investment firm, an award-winning real estate and land
developer, and a property management company. The firm has over 47
years of providing superior capabilities across the development
lifecycle; zoning/entitlement, predevelopment, leasing, and
operations. Founded in 1977, the company has developed over 25,000
multifamily units, 8 million square feet of commercial space, more
than 78,000 homes in 25 master-planned communities, and many of the
D.C. region's premier mixed-use communities. Kettler is a top U.S.
multifamily investor recognized for placemaking, complex mixed-use
projects, workforce housing, the quality of our assets, a
connection to our communities and delivering on behalf of our
partners. Headquartered in McLean,
Va., the company manages approximately 20,000 apartments in
the Northeast, Mid-Atlantic, and Southeast regions. For more
information, please visit www.KETTLER.com.
Media Contact:
Mike
Persak
Water & Wall
cresset@waterandwall.com
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SOURCE Cresset Partners