$3B Tampa Mixed-Use Moves Forward

April 30, 2024

Mixed Use Development Featured NewsMoreOffice Southeast Tampa

The next phase of the 56-acre development will feature an office tower, a hotel and condominiums.

Water Street Tampa office tower — A new office tower will rise in Water Street Tampa. *Image courtesy of Strategic Property Partners*

Strategic Property Partners has unveiled the expansion plans for Water Street Tampa.

The 56-acre walkable live-work-play neighborhood under development in downtown Tampa, Fla., will feature a build-to-suit office tower, together with a condominium high-rise and a mixed-use entertainment center with a hotel.

The office and residential towers will be along an extension of Water Street that’s currently under construction north of the 900 and 1000 blocks of East Cumberland Avenue.

The entertainment destination, just north of Amalie Arena between South Morgan and South Jefferson streets, will feature a hotel, an event parking garage and a variety of entertainment-oriented uses.

Kohn Pedersen Fox is designing the office tower, which will feature ground-floor retail and green areas. Plans also call for green space along Water Street, to allow open-air markets, outdoor concerts and other activities.

The road and utility infrastructure work for this next phase of Water Street Tampa is underway and expected to be completed by spring 2025. Construction of the two high-rises will start shortly after.

Long horizons

Water Street Tampa got underway in fall 2017. The project was slated to include 9 million square feet of space across 10 city blocks: 2.6 million square feet of office space, 3,500 new rental and for-sale residences and two hotels totaling more than 650 guestrooms, along with retail and cultural space. The first phase was to be completed by 2020, and subsequent phases by 2027.

The project’s first trophy office tower—also the first of this kind to be built in downtown Tampa in nearly 30 years—opened in July 2021. The 20-story Thousand & One has 375,000 square feet of Class A office space and is certified WELL Gold, LEED Silver and WiredScore Platinum.

Northern Trust Corp. leased more than 10,000 square feet at the office building in August 2022, and Gensler signed a lease for 10,803 square feet on the second floor in July 2023. Thousand & One is currently 90 percent leased.