SPP Announces First Water Street Tampa Residential Building
Rendering of 815 Water Street
Strategic Property Partners (SPP), the joint venture between Tampa Bay Lightning owner Jeff Vinik and Cascade Investment, the investment fund launched by Microsoft founder Bill Gates, is leading the development of Tampa’s first new for-purchase residential tower in nearly a decade.
The building is part of the $3B Water Street Tampa development and is being designed by international architecture firm KPF in partnership with interior design firm Cecconi Simone.
The recently announced building will be located at the intersection of Water Street and Channelside Drive, between Amalie Arena and the Tampa Bay History Center, and will feature a green roof designed by Raymond Jungles, as well as a rooftop pool.
Building green is a key component of the Water Street Tampa vision. "Generally every one of (the buildings) has a ton of green integrated into the face and the rooftops," stated James Nozar, CEO of SPP. There are plans to include some full-grown trees planted in deep soil atop some of the buildings.
Rendering of 815 Water Street
James Nozar and Jeff Vinik will be speaking at the CRE and Urban Tech Summit, produced by Dreamit Ventures and Bisnow, on December 5 in downtown Tampa.
In an effort to fulfill SPP’s promise of building a true mixed-use development with a wide variety of housing and amenities options, the building will also feature a grocery store on the ground floor. People who live in the Water Street district will be in walking distance to fresh, healthy foods and a number of other retail experiences. No details have been announced on which grocer will be filling the space.
Investors are generally bullish on the Tampa area. Related Group has invested $350 million in the area and recently broke ground no Manor Riverwalk, a 400 unit luxury apartment project.
In a recent interview with the Tampa Bay Times, Related founder Jorge Perez had this to say about Tampa, “We like Tampa and we like its waterfront location. It has diversified growth so it's not as susceptible to major fluctuations as some cities. Another thing we like is that compared to South Florida, we think there is a lack of luxury housing and we want to fill that gap, particularly in the urban area. We are able to buy land cheaper in Tampa and construction is a little cheaper.”