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Business Observer Friday, Nov. 5, 2021 2 months ago

Luxury tower opens to residents

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Tenants have begun moving into Cora at Water Street, new high rise in booming Tampa development
by: Louis Llovio Commercial Real Estate Editor

TAMPA — Moving trucks have begun pulling up to one of Tampa’s newest luxury high rises.

Cora at Water Street has opened to residents after about three months of pre-leasing.

Strategic Property Partners, the developers, did not say how many people moved in or how many apartments remained vacant. The company did say that, similar to Heron, the first residential tower in Water Street Tampa, Cora “surpassed pre-leasing goals.” Heron opened in the spring.

Cora, at 1011 East Cumberland Ave., has 388-units ranging from studios to three bedrooms. It boasts a laundry list of amenities inside the units and out — floor-to-ceiling windows, custom European cabinetry, landscaped rooftop, outdoor kitchen area and a library and conference room.

Rent ranges from $1,925 for a 451-square-foot studio apartment to $5,610 for a 1,534-square-foot three-bedroom apartment according to the building’s website. In July, at the time pre-leasing began, the Business Observer checked and those same units were renting for $1,670 and $5,185.

Water Street is the 56-acre mixed-use development near downtown Tampa. When completed, the development is expected to bring nine million square feet of new construction that will include commercial, residential, hospitality, entertainment and retail space.

ReliaQuest, one of the largest cybersecurity companies in the area, said in September that it will move into a 120,000-square-foot headquarters in the development early next year. Retailers Orangetheory Fitness, Shortwave Coffee and Chill Bros. Scoop Shop plan to open shops in Water Street as well.

Water Street’s developer, Strategic Property Partners, is a joint venture between investor and Tampa Bay Lightning owner Jeff Vinik and Bill Gates’ Cascade Investment LLC.

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