Dive Brief:
- Developer Strategic Property Partners, a partnership between Microsoft principal founder Bill Gates' Cascade Investment and Tampa Bay Lightning owner Jeff Vinik, broke ground on the dual-tower 815 Water Street residential high-rise project in Tampa, Florida, on Thursday — the latest addition to the $3 billion Water Street development. Coastal Construction Group, which is headquartered in Miami, is the general contractor.
- The project is the Water Street development's first residential component and will include 420 residences across one 21-story rental tower and a second condominium tower that will rise to 26 stories, both connected by a retail and parking podium. The two buildings will share 35,000-square-feet of retail and each will have its own amenities, such as an outdoor pool, fitness center, community kitchen, bar and rooftop club lounge.
- “815 Water Street fills an important need in the neighborhood, providing a diverse array of rental homes and neighborhood retail amenities designed to foster residents’ sense of wellbeing and connection to nature," said Strategic's CEO James Nozar. "With building entrances on the Tampa Riverwalk and the tree-lined Water Street, residents will be adjacent to multiple pedestrian-friendly corridors activated by neighborhood shopping, dining and entertainment options, all within steps of their front door.”
Dive Insight:
The project will also feature a 25,000-square-foot "wellness-focused" grocery store that will serve not only the Water Street development but also an underserved area of the city, booming with commercial and residential development but currently lacking a full offering of grocery and other shopping choices.
Once the 50-acre Water Street development is completely built out, it will total 9 million square feet of commercial, hotel, residential, entertainment, education, retail and cultural space for the more than 20,000 people expected to live, work and visit there every day. Developers will build 3,500 units of for-rent and for-sale housing with 1,300 apartments planned for the first phase.
The Water Street development is also on track to be the first district certified by the International WELL Building Institute under its Community Standard. WELL certification in general seeks to maximize the health and wellbeing of visitors, workers and occupants of a space through features like air quality control; reduction or elimination of VOCs; a fitness-promoting layout; use of natural light; the availability of healthy food; how comfortable the spaces are as it concerns sound, temperature and physical spaces; plants and other biophilic elements; affordable housing; beauty; opportunities for charitable activities; workplace family support and stress and addiction treatment.
