Two Roads Development has secured $520 million in construction financing for a new luxury hotel and condominium tower along the waterfront in downtown Tampa. The financing package is split between $290 million in C-PACE (Commercial Property Assessed Clean Energy) funding from Nuveen Green Capital, based in Darien, Connecticut, and additional funds from New York-based Sculptor Capital Management.
This deal represents the first time a C-PACE loan has been recorded in Tampa and is believed to be the largest condo construction financing package ever arranged for the city. Two Roads, which operates out of Miami and West Palm Beach under leaders Taylor Collins and Reid Boren, will use the funds to develop Pendry Tampa and Pendry Residences Tampa. The project includes a 220-room Pendry hotel and 207 residential condos. According to a spokesperson, more than 60 percent of the condos are already presold with over $300 million in sales. Condo prices start at $1.8 million and go up to $5.8 million, not including penthouses.
Construction on the 38-story building is underway, with work currently progressing on the fourth floor along the Hillsborough River waterfront. Planned amenities include waterfront dining options, over 10,000 square feet of conference and ballroom space, a spa measuring 14,000 square feet, and a fitness center.
The C-PACE program aims to promote energy-efficient building materials and sustainable design practices. The Pendry development is being constructed more than 11 feet above sea level as part of its resilience strategy. According to Nuveen’s press release, features such as an efficient HVAC system are expected to reduce lifetime carbon emissions by 55,701 metric tons—the equivalent of annual energy consumption for about 7,500 U.S. homes.
The site was previously intended for Trump Tower Tampa under different developers.
In South Florida, Two Roads recently completed Forté on Flagler—a high-rise condominium project in West Palm Beach—with nearly all units sold prior to completion for total sales approaching $289 million.
Two Roads’ ongoing projects also include Edition Residences in Miami’s Edgewater neighborhood; however, that development has been affected by litigation involving holdout owners at Biscayne 21 who challenged changes made by a developer-controlled condo association regarding buyout terms. In July this year, Florida’s Third District Court of Appeal ruled in favor of these owners after they contested amendments that lowered required approval thresholds for terminating their condo association from unanimous consent down to just 80 percent ownership approval. Two Roads purchased most units at Biscayne 21 for approximately $150 million but now plans further legal action before Florida’s Supreme Court.
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