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Cresset announces JV to develop mid-rise apartment building in Tampa, Fla.
Transactions - MAY 14, 2024

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Cresset announces JV to develop mid-rise apartment building in Tampa, Fla.

by Denise Moose

Cresset Real Estate Partners announced the formation of a joint venture with KETTLER & Daryl Shaw to develop a 390-unit midrise apartment building in Tampa, Fla. The project is the latest development in Cresset's second Qualified Opportunity Zone fund, Cresset Diversified QOZ Fund II (Fund II).

The development, located in the Ybor City neighborhood of Tampa, is less than one mile from the center of Downtown Tampa and boasts easy access to Interstate 4, Selmon Crosstown Expressway and I-275. Construction has already commenced, with an anticipated completion of third quarter 2026.

The project will include 390 units of luxury studio, one-bedroom and two-bedroom apartments in a seven-story building, totaling more than 273,000 square feet of rentable area, with an additional 9,700 square feet of ground-floor commercial space. It will also have a seven-level parking garage with 482 parking spaces in total.

Units will feature stainless steel appliances, custom cabi

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