Famed Tampa waterfront restaurant to be replaced by apartment tower

A nearly 50-year-old Tampa waterfront restaurant is going be replaced with a new apartment tower.

Costis-Lifey Development and American Land Ventures have announced plans to build a 21-story multifamily community on the site of the Rusty Pelican restaurant in the city’s Rocky Point neighborhood.

The new $187 million development, tentatively called the Residences at Rocky Point, will feature 252 units with unobstructed bay views, two-level floor plans and floor-to-ceiling windows.

The building will also include an 8,000-square-foot rooftop restaurant, an adjacent parking garage, a two-story resident lobby, a waterfront infinity pool and beachside cabanas.

The units, according to the developers, will average 1,175 square feet.

Costis-Lifsey Development is a partnership of the Lifsey Family Trusts. The family members own the Rocky Point property the restaurant sits on and that will be developed.

Construction is expected to begin in early 2027 and finish in mid 2028.

As for the future of the Rusty Pelican, which first opened in 1978, a message left for management was not returned. But in a statement to a local television station, the restaurant’s owners said the plan is to look for another space when its lease expires in January 2027.

The Rusty Pelican sits right on Tampa Bay where the Courtney Campbell Causeway meets with the entrance to Tampa.

For generations it has been a go-to destination for locals looking to mark a milestone or gathering for parties. Many are the locals who celebrated both engagements and anniversaries at the restaurant.

On its website, the Rusty Pelican says that on arrival “guests are whisked away to a tropical oasis, greeted with palm trees, weeping willows and twinkling market lights.”

Along with its fine dining and panoramic views of the water — and the sun setting at the right time of day —it also has event space for weddings, corporate meetings and holiday parties.

But, like many waterfront properties in the area, it suffered extensive damage during Hurricane Milton

The damage forced it to close in early October and then plans were announced it would reopen in April. But on April 24, in a Facebook post the owners pushed that back, saying it was “still working through the final stages of construction and permits.”

It reopened for special events in June and the restaurant reopened in early July.

Being so close to the water, the developers say plans for the tower will have resiliency features, including deep foundations and a shoreline-stabilized perimeter designed for 100-year-flood and other extreme disaster scenarios.