TAMPA, FL Riverwalk Tower, LLC, a joint venture of Feldman Equities, LLC and Tower Realty Partners, has acquired a 1.47 acre land site and the adjacent CapTrust office building in Downtown Tampa from Brownstone Tampa Partners LLC, a company controlled by Forge Capital Partners LLC, for $12.05 million.
The site sits on the edge of the new Tampa Riverwalk. The land boundaries are South Ashley Drive on its east boundary, Borein Street to the property’s south, the Hillsborough River to the west and Whiting Street to the north. The site has over 350 lineal feet of waterfront. The property is widely considered to be the most desirable location in downtown Tampa because of its extensive water views, immediate adjacency to the Tampa Riverwalk and its close proximity to the “core” high-rise district of downtown Tampa.
The site will be home to Riverwalk Tower, a 52-story office and luxury residential building. The development group expects to break ground during the latter half of 2016, with completion in 2018. The office portion of Riverwalk Tower will be the first new office building to be constructed in downtown Tampa since 1992.
Tenants will have immediate access to the Riverwalk directly from the building’s lobby. This allows tenants to utilize the Riverwalk to go bicycling, jogging, or simply walk their dogs, without ever touching a city street.
Riverwalk Tower will be the most technologically advanced building in the Tampa Bay area. The office and residential floors will feature 270 degree water views, including the Hillsborough River, Tampa Bay and the Tampa Port.
Due to the site’s location at the southern end of downtown, Riverwalk Tower’s tenants will enjoy unobstructed, 270 degree water views. On a clear day, residents will be able to see downtown St. Petersburg and the Skyway Bridge.
The mixed-use tower is being designed by internationally renowned architect Gensler and will feature the following:
· The ground floor level, will feature a series of retail uses including two waterfront restaurants, a bar and café with waterfront seating facing the new Tampa Riverwalk.
- 7-story parking garage with hi-speed elevators will move people quickly from garage to office tower or the residential tower.
- The top deck of the parking garage will feature a huge rooftop garden offering tenants an expansive green space within an urban setting.
· 14-Story office tower with 215,000 square feet of rentable office space above the parking garage
· 31-Story, 203 unit luxury apartment tower above the office section
· 10 foot high floor-to-ceiling glass.
Riverwalk Tower will be the tallest building in Tampa and the tallest building on the West Coast of Florida. It is expected to become an iconic building that will dominate the Tampa skyline.
About Feldman Equities, LLC & Tower Realty Partners
Feldman Equities and Tower Realty operates together in a joint venture format. Together they own and manage over four million square feet of Florida office space including Wells Fargo Center in downtown Tampa. The joint venture also owns First Central Tower, Morgan Stanley Tower, and City Center in downtown St. Petersburg.
Feldman Equities is the modern business entity that encompasses a century of success in commercial real estate development. In the last 25 years, Larry Feldman has developed or acquired over 12 million square feet of office and retail properties with an aggregate value in excess of $2.5 billion. Feldman Equities is recognized for its hands-on approach to turning around underperforming assets. Feldman gained a national reputation as a property turnaround specialist when he was the Chairman and CEO of the publicly traded Tower Realty Trust, Inc. (NYSE: TOW). Tower Realty Trust was named after the REIT’s flagship building, Tower 45, a 40 story office building located in midtown Manhattan. Tower 45 was built from the ground up by Feldman Equities in 1990.
Tower Realty Partners is an Orlando-based commercial real estate owner focusing on value-added opportunities throughout the state of Florida. Tower’s principals are Cliff Stein and Reid Berman. Since its inception, Tower has acquired over $1 billion of office properties. Tower Realty Partners is a major owner and manager of office buildings in the Orlando/Tampa market.