ORLANDO—Riverwalk Tower, a joint venture of Feldman Equities and Tower Realty Partners, just acquired a 1.47-acre land site and the CapTrust office building next to it. The assets are located in Downtown Tampa from Brownstone Tampa Partners, a company controlled by Forge Capital Partners, for $12.05 million.
Sitting at the edge of the new Tampa Riverwalk, South Ashley Drive bounds the property on the east and Borein Street to the property’s south, the Hillsborough River to the west and Whiting Street to the north. The site has over 350 lineal feet of waterfront and is widely considered the most desirable Downtown Tampa location because of its water views and its location right next to the Tampa Riverwalk and close to the “core” high-rise district of Downtown Tampa.
Riverwalk Tower, a 52-story office and luxury residential building, will rise from the site. The development group expects to break ground during the second half of 2016 and complete the project in 2018. The office portion of Riverwalk Tower will be the first new office building to be constructed in downtown Tampa since 1992.
Riverwalk Tower will be the most technologically advanced building and the tallest building in both Tampa and the West Coast of Florida. The office and residential floors will feature 270-degree water views, including the Hillsborough River, Tampa Bay, and the Tampa Port.
Developers will complete 550,000 square feet in the market this year, encompassing competitive space and more than 270,000 square feet of medical offices. In 2014, 158,000 square feet was finished.
“Although demand probably dictates new product, the rates the market is giving now just aren’t at the level or price range that warrant new construction,” Clay Wommack, director for Franklin Street’s Office and Industrial Division, tells GlobeSt.com. “The price of land and construction continue to rise as well, in turn making new construction more challenging.”