Company to develop 430-unit apartment tower at 505 East Tyler Street in Downtown Tampa
NEW YORK, May 12, 2022 — Silverstein Properties, a leading global full-service real estate development, investment, and management firm announces the acquisition of a 34,000-square-foot site in Tampa, Florida. The Property was acquired by Silverstein and Cantor Fitzgerald, L.P. through their Cantor Silverstein Opportunity Zone Trust, Inc. (CSOZ Trust), a Qualified Opportunity Fund. The seller is affiliates of 1754 Properties, LLC, an institutional owner, operator and lender of hotels and other real estate based in Weston, Florida and its partner at Triangle Capital Group.
Located at 505 East Tyler Street in Downtown Tampa, the three-quarter-acre site is intended to be developed into a residential tower with approximately 770,000 square feet, including 430 residential rental apartments, approximately 15,000 square feet of retail and a 600-space parking garage. Silverstein will serve as the lead developer for the project. “With this latest acquisition and planned development, we are continuing to extend our acquisitions and development reach around the country and geographically diversify our portfolio,” said Marty Burger, CEO of Silverstein Properties.
The project site is in Northern Downtown Tampa, home to over 3,700 businesses and access to nearby restaurants, area nightlife, the Riverwalk pedestrian trail, Amalie Arena, the University of Tampa, and Tampa General Hospital. This transaction reinforces the emergence of the NoDo (North Downtown) submarket as the epicenter of upscale residential living, culture and nightlife and a new walkable neighborhood in downtown Tampa.
“This project is a great addition to our portfolio of high-quality, development properties in growing markets,” said Chris Milner, Head of Cantor Fitzgerald Investment Management, “We’re attracted to Tampa’s continued job and population growth, creating a demand for housing near the thriving central business district.”
“Tampa is one of the country’s fastest growing residential markets,” said David Marks, Head of Acquisitions for Silverstein. “With this acquisition, we are delighted to bring our expertise into more cities across the U.S. The opportunity allows us to leverage Silverstein’s national high-rise development capabilities and existing residential portfolio knowhow.”
“We look forward to the accelerated development of the NoDo neighborhood and believe it will be anchored by the high-quality hotel, restaurant and bar offerings at the Floridan Palace Hotel which will be renovated at a cost of more than $20 million,” said Joe Smith, CEO of 1754 Properties.
“We expect these transactions are among the first but certainly not the last in the robust and rapidly growing NoDo submarket,” said Michael Dornbusch, of Triangle Capital.
CSOZ Trust has four additional development projects underway and other projects with executed non-binding term sheets together totaling approximately $1.8 billion in total estimated project cost.
Cantor Fitzgerald and Silverstein were among the first groups to launch a Qualified Opportunity Fund focused on multiple development projects in a single fund utilizing the real estate investment trust structure. CSOZ Trust closed in January of 2022 and together with its affiliated co-investment vehicles raised approximately $600 million of equity.
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About Silverstein Properties
Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York founded by Larry Silverstein. Silverstein Properties has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space. Recent projects include 7 World Trade Center, the first LEED-certified office tower in New York City (2006), 4 World Trade Center (2013), Four Seasons Resort Orlando (2014), Four Seasons Hotel and Private Residences, New York, Downtown (2016), One West End (2017) and 3 World Trade Center (2018). For more information on Silverstein Properties, please visit: www.silversteinproperties.com or http://www.wtc.com.
About Cantor Fitzgerald, L.P.
Cantor Fitzgerald, with over 12,000 employees, is a leading global financial services group at the forefront of financial and technological innovation and has been a proven and resilient leader for over 77 years. Cantor Fitzgerald & Co. is a preeminent investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, SPAC underwriting and PIPE placements, prime brokerage, and commercial real estate, and for its global distribution platform. Cantor Fitzgerald & Co. is one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York. Cantor Fitzgerald is a leading SPAC sponsor, having completed multiple initial public offerings and announced multiple business combinations through its CF Acquisition platform. For more information, please visit www.cantor.com.
About 1754 Properties LLC
With offices in Mexico City and Weston, Florida, 1754 Properties LLC is an institutional owner, operator and lender of hotel and multifamily properties in Mexico and the United States. The company focuses primarily of larger full-service hotel properties where it can implement its value-add operational, branding and renovation strategies. The principals have owned hotels for more than 20 years and have had a wide range of investors, including international private equity funds, corporate pension plans of Fortune 500 companies, public pension plans, endowments, and family offices of some of the wealthiest high-net-worth investors in the world. 1754Properties.com
About Triangle Capital Group
Founded in 2009, New York-based Triangle Capital Group is a private real estate investment firm that focuses on special situations in both equity and debt. Since inception, Triangle has completed more than $2 billion of acquisitions and actively manages over 3.8 million square feet in multiple asset classes and over 5,000 multifamily and hotel units across 17 states.Trianglecap.com.