Inside Asher, the Water Street tower with the smallest residences and biggest amenities
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: May 12, 2022

When plans for the tower that would become Asher in Water Street Tampa went public in 2019, developer Strategic Property Partners billed it as the district's option for "price-conscious renters" — one that would have the smallest units but with a big amenity package that more than made up for it.

Three years and one global pandemic later, Asher opened in one of the hottest real estate markets in history, with 386-square-foot studio apartments starting at more than $2,000 per month. Asher is home to 490 units; 97 of those will operate as fully furnished, short-term rentals under the Roost flag. About 30% of Asher's 393 apartment units are leased; the Roost units open later this summer. Twenty percent of Asher's units were preleased before the building even opened for hard hat tours.

As cash-flush out-of-state residents flocked to Florida in the wake of the pandemic, Tampa Bay's real estate market has transformed seemingly overnight, and Asher is a prime example of that dynamic.

"I call it the most approachable," Lee Schaffler, chief portfolio officer of SPP, said of Asher on Thursday. "It's for someone who says, 'I'm going to take a little less space because the amenity package offsets it.'"

While it's too early to declare a definitive demographic mix for Asher, Schaffler said Heron, the district's first tower, saw about one-third of its residents come from within Tampa, a third from elsewhere in Florida and a third are from out-of-state, primarily New York and California.

On an aggregate monthly basis, Asher is less expensive than its peers within Water Street, though Schaffler said SPP is about to roll out daily pricing changes for Heron, which has been open for a year and is seeing its first lease renewals come due. A 557-square-foot one-bedroom in Heron starts at $2,419 per month. A 451-square-foot studio in Cora, which opened last fall, starts at $2,180 per month.

SPP is controlled by Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC, the investment fund controlled by Microsoft co-founder Bill Gates. Water Street spans 56 acres between the Channel and central business districts on downtown Tampa's southern waterfront. Beyond apartment towers, it is also home to office space; the Edition Tampa, which includes branded condominiums and hotel rooms; restaurants; retailers; the JW Marriott and Marriott Water Street; and Sparkman Wharf, which was previously known as Channelside Bay Plaza.

Asher opened to residents in April. The amenity package includes Water Street's largest pool deck, with 70 lounge chairs, cabanas, outdoor kitchens, an outdoor social garden and an entertainment lawn. There's also a coworking space with its own conference room, booths and a collaboration table.

Roost's presence in the building also brings a hospitality element to the apartments within Asher. The 24-hour concierge serves both residents and Roost guests.

All of Asher's retail space is leased or close to leased, Schaffler said. Wagamama restaurant and a Synovus bank branch have been announced; SPP is in late-stage negotiations for a 6,000-square-foot space in the building and in early conversations for an 8,500-square-foot space that opens onto the building's eponymous signature boulevard.

Method, the parent company of the Roost flag, also handles the programming for Asher's amenity spaces, from things like on-site yoga classes to running clubs to taco night.

"It'll really feel like a high-end hotel," Schaffler said.