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390-apartment community coming to Tampa's Gasworx


  • By Louis Llovio
  • | 12:30 p.m. May 14, 2024
  • | 2 Free Articles Remaining!
A Chicago investment firm is building a 390-unit apartment at Gasworx, the new development between downtown Tampa and Ybor City.
A Chicago investment firm is building a 390-unit apartment at Gasworx, the new development between downtown Tampa and Ybor City.
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A new 390-apartment complex is coming to Gasworx, the Ybor City development under construction in Tampa.

According to a news release announcing the project, the seven-story building, which is already being built and due to open in late 2026, totals over 273,000 square feet and has an additional 9,700 square feet of ground-floor commercial space. There will also be a seven-level parking garage with 482 parking spaces.

The community is being built by a joint partnership between Cresset Real Estate Partners and Washington, D.C., developer Kettler and local developer Daryl Shaw.

Shaw is the mastermind behind Gasworx and a prolific developer in the Tampa neighborhood.

The statement says the apartment community will have studio, one- and two-bedroom units with 9-foot ceilings. Along with the standard amenities, the building will have a heated resort-pool with private cabanas, a fireplace lounge and a rooftop bar and terrace.

Gasworx is a massive redevelopment mostly in and around Tampa’s historic Ybor City neighborhood and just outside downtown. When complete, it will include 5,000 new residences as well as 500,000 square feet of office space and more than 140,000 square feet of retail.

Construction began on the first project in the development, an apartment building, early last year.

The new multifamily project is the being developed by Chicago-based Cresset’s second Qualified Opportunity Zone fund, Cresset Diversified QOZ Fund II.

According to the release, the real estate investment firm’s fund programs have invested more than $1.2 billion since launching in 2018. Fund II closed in 2022 with more than $650 million in equity commitments, Cresset says in the release.

 

author

Louis Llovio

Louis Llovio is the deputy managing 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.

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