Luxury

FAA Approves Three Tower Cranes For Pendry Tampa Site At 103 South Ashley Drive In Downtown Tampa

The Federal Aviation Administration has approved permits for the assemblage and use of three tower cranes at 103 Ashley Drive South in Downtown Tampa. The tower cranes will assist in the vertical construction of Pendry Tampa, a 38-story luxury hotel and residential building planned for a 1.69-acre site beside the Hillsborough River bound by Ashley Drive South on the east, West Whiting Street on the north, East Brorein Street on the south and the Tampa Riverwalk on the west. Designed by world renown architecture firm Arquitectonica with interior design by Studio Munge and developed by South Florida-based real estate development firm Two Roads Development in partnership with Montage International, the California-based hospitality company behind Pendry Hotels & Resorts, the 409-foot-tall structure will yield a 5-star hotel with 220 guest rooms, 207 private Pendry Residences, three signature food and beverage offerings, riverwalk-fronting retail and restaurant outlets alongside more than 11,000 square feet of private event space. Kimley-Horn is the landscape architect and Montage Hotels & Resorts will handle residential management.

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Hines Acquires Life Time Living-Branded 495-Unit Gables Station Residential Complex In Coral Gables

Hines Global Income Trust (HGIT), an investment arm of global real estate firm Hines, acquired Gables Station, a 14-story multi-family complex designed by Gensler and located at 225 South Dixie Highway in Coral Gables, for $430 million. The development, which completed construction last year, features 495 Life Time Living® residences. This acquisition is the second largest single-asset multifamily sale in South Florida, reaffirming HGIT’s and Hines’ bullish stance on the future of the market. Since the pandemic, Hines has committed approximately $1.8 billion across three prime developments and acquisitions in South Florida. Willowick Residential, Hines’ boutique multifamily property management firm, will assume the role as property manager for the asset.

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