A 42-story luxury development coming to Tampa has opened it sales office though its staff will be selling less space than was originally envisioned.
One Tampa, which is being developed by Kolter Urban, will be built in downtown Tampa about a block from Curtis Hixon Waterfront Park and city’s Riverwalk. The tower will include 225 units and 5,000 square feet of retail and restaurant space.
The size of the building is far from what was announced in the fall.
Back then, in September, Kolter said in an email it was making changes from it what it originally proposed. At the time, the company made the adjustment to the plan to address an ongoing issue with the city having to do with the zoning and potential historic value of the property.
The company said that “after reaching a compromise with the city of Tampa, the eastern and northern facades of the property have been redesigned to pay homage to and incorporate the architectural character of the Tarr Furniture building located at 520 N. Tampa St. and completed in 1921.”
The September statement said the building would be a 56-story tower and would offer 311 residences.
“We simply analyzed the potential risk rewards of going forward with the taller building versus a more conservative, but still large-scale project that has certainty to full approvals, construction timelines and ultimately, meeting the commitments we will make to our buyers,” Brian Van Slyke, regional president at Kolter Urban, says in a statement.
When all is said and done, One Tampa as it's now designed will include one-, two- and three-bedroom units from 1,100 square feet to 4,000 square feet. The top three floors will include two story units and four penthouses. All the units, the company says, will come with floor-to-ceiling sliding glass doors and windows, as well as private balconies, with views of the city and Tampa Bay.
As for outside the units, the property will include a two-floor amenities deck with most of the standards as well a catering kitchen, three suites for visitors and a collaborative workspace.
Construction is scheduled to begin this year and is expected to last until 2026.
Prices for the units will start at about $800,000.
One Tampa’s sales will be handled by Smith & Associates and its sales gallery will be at 100 E. Madison St.
In addition to getting sales underway at One Tampa, just last month Kolter opened sales at its 20-story Ritz-Carlton, Sarasota Bay.
The company has built several luxury residential properties in the area, including the 192-unit Saltaire in St. Petersburg. And its hotel division has been actively buying up hotels in the area. In April the group bought the 18-story Embassy Suites by Hilton Sarasota and a month later picked up the Hyatt Regency at 1000 Boulevard of the Arts, also in Sarasota.
This story has been updated to include a statement from Kolter Urban.
Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.