South Tampa workforce housing project obtains $67 million loan

A Winter Park attainable housing development company has secured $67 million in financing to build a workforce multifamily community in South Tampa.

Terms of the loan were not disclosed, but Hillpointe, the developer, says with the money in hand it has begun construction on the 408-unit development at 7400 Interbay Blvd. in the city.

The project, the firm says in a statement, is “the first amended site to be built under Florida’s Live Local Act,” the legislation designed to spur development of affordable housing projects in the state.

Pointe Grand Interbay at Tampa, as the community will be known, is being built south of Gandy Boulevard near MacDill Air Force Base, an area Hillpointe says is “in need of more affordable and middle-income housing options.”

When complete in June 2027, Pointe Grande will have 15 residential buildings, each three stories tall, with two bedroom/two bathroom units. It will be open to working households earning 80% to 120% of the area median income.

Hillpointe, which also has offices in Charlotte, North Carolina, Atlanta and Denver, says in the statement that it manages over $1.7 billion in equity capital and has been involved in the development, construction and management of more than 18,000 apartment homes with a capitalization in excess of $3.2 billion.

It currently owns and operates 45 properties totaling 12,075 units. Of those properties, 14 are in Florida, including a 300-unit community in Plant City and a 348-unit community in Spring Hill.

According to Hillsborough County property records, Hillpointe bought the Interbay Boulevard property last year for $18 million.