Strategic Property Partners (SPP) has submitted updated plans to the City of Tampa for a new luxury residential tower as part of the next phase of the Water Street Tampa development.
The proposed 400-foot tower would be built at the intersection of Water Street and Cumberland Avenue. Plans call for 452 residential units above approximately 37,000 square feet of ground-floor retail space.
Combined with the recently announced entertainment destination and the mixed-use retail and parking development currently under construction, the next phase of Water Street Tampa will introduce more than 2 million square feet of new development. According to SPP, the expansion represents nearly $1 billion in investment and will add nearly 200,000 square feet of new retail and dining experiences.
"This next chapter reflects years of thoughtful planning and insights we've gained from bringing the first phase to life. We've refined our approach based on how people live, gather and experience the neighborhood every day, and those insights have shaped everything from the public spaces and retail experience to the residences themselves," SPP CEO Josh Taube said in a press release."This tower will introduce a new luxury residential offering while extending Water Street Tampa north and building upon what has made it one of Downtown Tampa's most dynamic neighborhoods."
According to the plans, the tower will feature a contemporary design with expansive glass, rounded edges and architectural lines intended to maximize natural light and views of downtown Tampa. The building will include a mix of studio, one-, two- and three-bedroom residences.
Amenities are expected to include an entertainment lounge, coworking spaces, a media room, game room, fitness center, resort-style pool and hot tub, sauna, cold plunge and pet spa.
SPP said the project is designed to create a more walkable and connected neighborhood while expanding Water Street Tampa's existing mix of dining, shopping and entertainment options.
The development will occupy approximately 1.9 acres and include 645 parking spaces.
Groundbreaking is expected to begin in spring 2027, with completion anticipated in late 2029.