CP Capital, a highly disciplined U.S. real estate manager specializing in multi-family investments, today announced a joint venture with Crescent Communities, a nationally recognized and market-leading real estate investor, developer and operator of mixed-use communities, to develop ‘NOVEL Independence Park’ – a 277-unit multi-family project in Tampa, Florida.
NOVEL Independence Park will feature Class A interior finishes such as stainless steel appliances, stone countertops and vinyl flooring. Community facilities will include a fitness center, resort-style pool, rooftop lounge, dog park, self-contained garages and a nature trail.
The community, comprising three five-story buildings, will be part of Independence Park, a 44-acre mixed-use site that was recently rezoned to accommodate the project as well as future phases that include offices, retail and homes. in a row. Located in Tampa’s Westshore business district, NOVEL Independence Park will be at the epicenter of one of Florida’s largest concentrations of Class A office space, comprising more than 18 million square feet and nearly 100,000 employees.
The project is expected to start in May 2022. The first units are expected in the third quarter of 2023, and construction is expected to be completed in early 2024.
Truist provided construction financing for the transaction.
“Tampa’s rental housing market has seen phenomenal growth over the past year as the city’s economy continues to grow and create vital jobs,” said Jeremy Katz, co-head of CP Capital. “We look forward to continuing our partnership with Crescent Communities to deliver a premier residential experience in the thriving Westshore business district.”
The project will benefit from the close proximity to International Plaza and Bay Street, a renowned shopping destination home to over 200 specialty boutiques, restaurants and luxury retailers; established employers such as JP Morgan Chase, Bristol Myers Squibb, AIG and the US Social Security Administration; transportation hubs including Tampa International Airport, I-275 Memorial Freeway and Dale Mabry Freeway, and Raymond James Stadium.
NOVEL Independence Park’s design partners include architectural firm Dwell Design Studio, landscape architect LandDesign, civil engineer Haiff Associates and interior designer Vignette Interior Design. CBG Construction will act as general contractor. Renderings are available here.
“NOVEL Independence Park offers a unique urban experience, with exceptional convenience to employment, retail and recreational facilities in downtown Tampa. Despite this central location, our goal is to provide our residents with a differentiated, relaxed and rejuvenating environment that promotes comfortable living,” said Tim Graff, Florida general manager for multi-family business Crescent Communities. “The broader transformation of Independence Park that is currently underway will make this location, and NOVEL Independence Park, a welcome addition to Tampa. We are excited to be part of the resurgence and look forward to filling a need of unsatisfied housing.”
Crescent has purchased the site from Independence Park’s lead developer, Highwoods Properties (NYSE: HIW), which owns more than 3 million square feet of Class A commercial office space in Tampa, including Independence Park I – the 116,000 square foot existing office building in Independence Park. “We had a vision to transform Independence Park into Westshore’s next best place to live, work and play as part of a walkable, mixed-use master plan,” said Dan Woodward, senior vice president and Tampa Market Manager, Highwoods Properties. “Crescent Communities brings an undisputed ability to create compelling places and we have no doubt that NOVEL Independence Park will become the sought-after place to live for Tampa’s best and brightest.”
CP Capital, formerly known as HQ Capital Real Estate, recently partnered with Crescent Communities to develop RENDER Covington, a 315-unit multi-family community in Covington, Georgia.
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