Two Roads Development has secured $520 million in construction financing for a new waterfront luxury hotel and condominium tower in downtown Tampa. The financing includes $290 million in Commercial Property Assessed Clean Energy (C-PACE) funding from Nuveen Green Capital, marking the first time such a loan has been recorded in Tampa. The remainder of the funds were provided by Sculptor Capital Management.
The development, called Pendry Tampa and Pendry Residences Tampa, will consist of a 220-room hotel and 207 condo units. According to Two Roads, led by Taylor Collins and Reid Boren, more than 60 percent of the condo units have already been presold, totaling over $300 million in sales. Condo prices range from $1.8 million to $5.8 million, not including penthouses.
Construction on the 38-story building has reached the fourth floor. The tower is located along the Hillsborough River and will offer amenities such as waterfront restaurants, over 10,000 square feet of conference and ballroom space, a 14,000-square-foot spa, and a fitness center.
C-PACE loans are designed to promote energy-efficient construction practices. The Pendry project is being built more than 11 feet above sea level and is expected to save approximately 55,701 lifetime metric tons of carbon through its HVAC system and design features. According to Nuveen Green Capital’s press release, this reduction is comparable to the annual energy use of about 7,500 homes in the United States.
The site was previously intended for Trump Tower Tampa under different developers.
Elsewhere in Florida, Two Roads recently completed Forté on Flagler with Alpha Blue Ventures—a West Palm Beach condominium where nearly all units were presold for nearly $289 million at completion.
However, Two Roads’ activities have included legal challenges related to its Edition Residences project in Miami’s Edgewater neighborhood. In July, Florida’s Third District Court of Appeal ruled in favor of eight owners resisting buyout efforts at Biscayne 21—the property Two Roads acquired mostly in 2022 for around $150 million as part of plans for Edition Residences. The holdouts sued after changes were made lowering requirements for terminating their condominium association from unanimous approval to an 80 percent threshold; Two Roads intends to appeal to the Florida Supreme Court.
