TAMPA, Fla. — Water Street has been an area of massive redevelopment and growth in Downtown Tampa over the last several years. Now, the developer has plans to add three new eye-catching buildings into the mix, focusing on making Water Street a hub for entertainment, sports and business.
The projects will expand the area considered to be Water Street out to another block north and west.
Across the street from Amalie Arena, where two parking lots currently sit, Strategic Property Partners LLC plans to build an "entertainment destination which builds on the energy and excitement" of the arena, according to a release from the company.
It will be a mixed-use property featuring a multi-level parking garage, a variety of "entertainment-oriented uses" and a "select-service" hotel – meaning it offers limited amenities compared to full-service hotels.
The second project is a high-rise condominium building that the developer said will be "the tallest building at Water Street Tampa." This will bring a bigger residential presence to the area. The building will have a "club concept with a social and fitness focus," the developer said.
Another tower is also in the works for the third project coming to Water Street. The building will be what's known as a "trophy office" building – meaning it's in a highly sought-after location, architecturally advanced and sustainable. These characteristics draw in high-profile businesses willing to pay a more expensive lease. The developer said it's already 90% leased.
The property will have retail and green space on the ground floor, as the developer said the focus is to make everything walkable and pedestrian-friendly.
Strategic Property Partners LLC said that road and utility work has already gotten started, and the three properties are expected to be finished by the spring on 2025.
The developer behind the three projects is the firm behind the entire Water Street project. It started work in 2017 and completed its first phase in 2023 with major additions like Sparkman Wharf.
The second phase is currently underway, with work likely to be completed in 2027.