Description de l'actif
Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive advisor, is pleased to present the opportunity to acquire 701 E. Cass St. (the “Property” or “Site”), a 0.765-acre parcel strategically located in the heart of Downtown Tampa. 701 E. Cass St. is situated within a Qualified Opportunity Zone and is zoned CBD-1, allowing for a variety of uses including multi-housing, hospitality, and commercial with very few constraints on density and design. Located in the northeast corner of Downtown Tampa between the Tampa Riverwalk and Encore neighborhood, the site represents one of the last remaining developable pieces within the MSA’s Central Business District, a bustling neighborhood home to 11.4 million square feet of office space housing firms like KPMG, AIG, Regions, Morgan Stanley, and Ernst & Young, along with 71,000 employees, Tampa’s iconic Riverwalk pedestrian trail, the Tampa Museum of Art, amenity lined streets, ample green space, and a rapidly growing resident population.
The Property represents one of four city blocks, or portions thereof, that the seller either owns or controls, a unique land assemblage that is the inception of the Seller’s vision for The North End District of Downtown Tampa with plans for residential, retail, and office uses that will transform this area of Tampa’s urban core, capitalizing on the tremendous momentum underway in the neighborhoods surrounding The North End.
The Property offers an exciting opportunity to develop a transformative project that will serve as the initial catalyst for the Seller’s vision for their land holdings, as well as serve to fuel the continued growth of the North End district. Further, a developer has the ability to take advantage of the significant tax benefits afforded by the Opportunity Zone program.
Caractéristiques de l'actif
Points clés d'investissement
- Blank slate development opportunity with flexible CBD-1 zoning allowing for multi-housing, hospitality, and commercial uses with virtually no limitations on density.
- Located in a Qualified Opportunity Zone, creating significant tax advantages for a development project.
- The first parcel to be developed within the four-block quadrant that is majority-owned by the Seller, representing the catalyst for future development for their land holdings and fueling additional growth within Downtown Tampa’s North End district.
- Surrounded by billions of dollars of current development projects, including Water Street, Encore!, and The Heights, as well as GasWorx, the planned 50-acre development by Kettler and local entrepreneur Darryl Shaw that will potentially include a Brightline train station.
- Situated within one of the country’s fastest-growing markets, Tampa’s downtown has become a vibrant live-work-play environment with new residential deliveries pushing north of $4.00 psf. Future supply is minimal relative to the significant demand to live in this vibrant locale, creating a prime opportunity to deliver a project to serve this need.