It will span across over 50-acres and include more 9 million square feet of developed space at full build-out.Downtown Tampa, Florida is going to look a whole lot different in the coming years, thanks to this transformative development on tap from Strategic Property Partners, LLC. Water Street Tampa is slated to break ground this fall, and we’re talking about a real game changer. This is not just your average new development we’re talking about either, as it will span across over 50-acres and include more 9 million square feet of developed space at full build-out.
Of course, full build-out is going to take a little while, as the project is slated to be completed over a 10-year period. The multi-phased development has generated a mind-blowing $3 billion investment, and SPP CEO James Nozar is fully aware of the tremendous opportunity at hand.
"Water Street Tampa is a story of opportunity and well-being, with culture, community, and character on each block. At every level, we aspire to create a well-crafted place that attracts people to come to discover, create, and live their own life stories," he said. "By bringing together many of the world's leading talent in architecture, planning, placemaking and community design, we aim to connect people both to each other and to a vibrant and stimulating environment in Downtown Tampa."
Phase one is scheduled to begin this fall, and it’s expected to be wrapped up in 2020. Upon completion, that phase will include over four million square feet of new mixed-use office, residential, hospitality, retail, and cultural space across 10 blocks of development. Additional phases will be completed by 2027, and the numbers on that are staggering.
Upon completion, Water Street Tampa will include more than two million square feet of new office space, the first new office towers in downtown Tampa in nearly 25 years, one million square feet of new retail, cultural, educational, and entertainment space, 3,500 new rental and for-sale residences, two new hotels with over 650 new rooms, which will include the city's first 5-star hotel.
All told, it’s estimated that 23,000 people will live, work and visit Water Street Tampa each and every day. That’s a huge boon for the entire area, and retailers and restaurants that plan to join this breathtaking development have to be chomping at the bit. Sounds like this project will completely remake the downtown Tampa area, and it will also draw them in from miles around.