- July 31, 2020
The residential portion of Pendry Hotels & Resorts’ planned downtown tower has topped $75 million in sales in its first 45 days.
The sales numbers were announced as the developers plan to officially break ground later this summer on the 37-luxury hotel and condominium complex on Tampa’s Riverwalk.
The hotel project, expected to open in 2025, includes 220 hotel rooms, a luxury spa and a rooftop pool on a deck overlooking the Hillsborough River, along with fare like an upscale restaurant, a lobby bar and a cafe.
On the floors above the hotel will be 207 condos that, according the developers, will be near “substantial completion” when the hotel opens. The condominiums will have a dedicated residential staff as well as a private entrance, lobby and elevator and access to hotel amenities. The units themselves will be one- to three-bedrooms with floor-to-ceiling windows and terraces. Prices start in the $900,000s, with penthouses in the $3 million to $4 million range.
The developers say the buyers in the first 45 days are from across the country and that several of the penthouses have sold.
The project, Pendry Tampa, is a partnership between Pendry and Miami-based Two Roads Development.
Pendry is part of Montage International, a chain of ultra-luxury hotels, resorts and residences. Pendry operates properties in Hollywood, California; Chicago; New York; Baltimore; and Park City, Utah. Several more are in the works.
While all Montage properties have a residential component, not all of Pendry’s properties do.
Michael Fuerstman, the co-founder and creative director of Pendry, told the Business Observer in February that the decision is based on what’s the highest and best use for the property.
“If it makes sense, if it feels like there’s a strong residential market and there’s a place to fit a residential offering alongside a hotel, our default is we would love to do that,” he says.
“In some cases, the residential market is not strong enough to support it and it’s a higher and better use to be a hotel. For example, Baltimore. It didn’t make sense to have a residential component for that property. Frankly, we didn’t have the size as well. Here in Tampa, the residential market has been booming.”