Tampa's Encore project awarded $38 million grant
The U.S. Department of Housing and Urban Development has notified the city of Tampa that the city will receive $38 million in federal funding from the American Recovery and Reinvestment Act to build the Encore project between downtown Tampa and Ybor City on the site of the former Central Park Village apartments.
Encore is a 30-acre urban redevelopment project that has been in the development process for more than four years.
“We are thrilled,” authority President Jerome Ryans says in a statement. “Not only will it provide needed affordable housing and supporting retail and business, but Encore is uniquely situated within one block walking distance of the planned regional light rail terminal connecting downtown Tampa to the Moffitt Cancer Center and the University of South Florida.”
The grant for Encore was submitted in July of 2009 as a public-private partnership between THA, the City of Tampa and Banc of America Community Development Corp.
The $38 million in federal stimulus dollars will come from HUD's Neighborhood Stabilization Program 2, of which $28 million will go directly to the Encore infrastructure, converting a once-blighted area into a mixed use/mixed income neighborhood with housing, businesses and cultural centers. Another $10 million will be spent on foreclosure mitigation in the surrounding area.
Along housing for more than 1,700 people, Encore will have offices, a hotel, grocery store, retail space, a middle school, church, African-American history museum and community park.
The project is expected to create more than 4,000 jobs during the construction period and about 1,000 permanent jobs.