Construction on X Tampa, a 29-story apartment tower in downtown Tampa, is expected to restart after resolving financial disputes that left the project dormant for over a year. Developer X Co., based in Chicago, has secured new financing to settle outstanding claims and move the development forward.
Credit: X Co.
According to an article shared by the Tampa Bay Business Journal, Kast Construction, the project’s general contractor, confirmed that the loan will cover all existing debts and legal claims related to the site. “It removes all the lawsuits and liens,” said Sean Oullette, chief operating officer of Kast Construction. The next step involves securing a senior debt loan to fully fund the remaining construction.
X Tampa was originally designed as a coliving apartment tower, featuring structured parking and units where tenants rent by bedroom rather than by full unit. The project was proposed in 2019, with X Co. acquiring the site in 2021. However, construction paused in October 2023 amid financial difficulties, coinciding with similar delays on X Co.’s developments in Houston and Phoenix.
Credit: X Co.
In mid-January, Kast filed a lawsuit against X Co. for breach of contract and sought to foreclose on a construction lien placed on the project. While the new financing addresses existing legal disputes, no official timeline has been set for the resumption of construction.
X Co. recently secured a $172 million loan to restart its stalled Houston project and is expected to take similar steps to advance X Tampa. As the developer finalizes additional funding, further updates on the project’s timeline are anticipated.
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This project should be successful as it is directly adjacent to the University of Tampa, a private liberal arts college with affluent students. Currently student housing is limited and this will help fill the gap as well as providing housing for non-college young professionals. Lots of tower cranes up in downtown Tampa these days!