Coastal Construction has been selected as the general contractor for a 35-story mixed-use development at 505 East Tyler Sreet in Downtown Tampa. Designed by Arquitectonica and developed by Cantor Silverstein Opportunity Zone Trust, Inc., a Qualified Opportunity Fund and joint venture partnership between New York-based developer Silverstein Properties and financial firm Cantor Fitzgerald L.P., the approximate 363-foot-tall tower will yield 770,000 square feet of space including 450 apartments, amenities such as an outdoor pool, tenant lounges with workspaces, and a state-of-the-art fitness center, over 9,000 square feet of ground floor retail space, and 500 parking spots. Groundbreaking is expected in later 2023/early 2024, with completion in 2026.
“Our team at Coastal Construction is excited to work with Silverstein to bring their vision to life,” said Sean DeMartino, President of Central Florida for Coastal Construction. “Downtown Tampa is going through an extraordinary transformation — and these new residences will give more people a chance to live within walking distance of shops, restaurants, and top attractions like the Straz Center, Curtis Hixon Waterfront Park, and the Riverwalk.”
Since entering the Tampa Bay market six years ago, Coastal has built some of the community’s most iconic and noteworthy buildings, from the J.W. Marriott and Heron in Water Street Tampa to the in-progress Ritz Carlton Residences on Bayshore and Art House in downtown St. Petersburg. Coastal also recently finished the Walt Disney World Swan Reserve in Orlando for which the company received the prestigious 2022 Excellence in Construction© Eagle Award from Associated Builders and Contractors.
Additionally, Coastal is currently working as the general contractor on Evo in downtown St. Petersburg and the Arts and Entertainment Residences (AER), located near the Curtis Hixon Waterfront Park. Coastal Construction is one of the largest general contractors in the Southeast with offices in Miami, Orlando, Tampa, and West Palm Beach.
Demolition permits will not be required for the 0.78-acre development site, which was being used as grade-level parking, and was acquired by Silverstein Properties and Cantor Fitzgerald last year from an affiliate of 1754 Properties, LLC for just under $19.8 million. The property is alternatively addressed as 914 North Morgan Street and 540 East Cass Street.