Two Roads Development has secured $520 million in construction financing for Pendry Tampa and Pendry Residences Tampa, a 38-story luxury hotel and condominium tower under construction along the Tampa Riverwalk at the corner of Ashley Drive and Whiting Street. The financing package comes from New York City-based Sculptor Capital Management and Connecticut-based Nuveen Green Capital, with the latter contributing $290 million through the largest Commercial Property Assessed Clean Energy (C-PACE) loan in history.
The C-PACE financing was closed mid-construction, allowing the sponsor to take advantage of flexible repayment structures and tranche-based funding to reduce overall project costs. The capital is directed toward sustainability and resiliency measures, including energy-efficient building systems, water conservation, and improvements to the building envelope.
Designed by Arquitectonica with interiors by Studio Munge, the project will feature a 220-key Pendry Hotel operated by Montage International and 207 branded condominiums. Hotel amenities will include four dining concepts, 10,000 square feet of meeting and ballroom space, a 14,000-square-foot spa, a fitness center, and a kids club.
The Pendry Residences will comprise one- to three-bedroom layouts starting at $1.7 million, with access to a private lobby, dedicated elevators, a rooftop pool, and a full residential staff. More than 60 percent of the units have already been sold, generating over $300 million in sales since launch in 2021.
The development incorporates significant resiliency measures, including an elevation of more than 11 feet above sea level, floodgates protecting ground-level areas, backup generators, hurricane-rated windows, and a parking deck rising more than 20 feet above sea level.
Coastal Construction is serving as general contractor. Work on the foundation has been completed, and concrete has been poured through the fourth floor.
Pendry Tampa has been under construction for three years and is now slated for completion in 2027. The property will join Montage International’s portfolio of luxury hotels and residences, which spans Hollywood, Chicago, New York, Baltimore, and Park City.
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I don’t like those lines that are in the main building
Over twenty years of proposals from Trump Tower to Riverwalk Place and this giant slab of a box with a parking garage facing the river is the best somebody can come up with on prime real estate? What’s next, a Wawa in Ybor City?
Financing now? Why does St Pete grow these developments like weeds, but Tampa’s always seem to need a bailout, like the X building.