31-story AER apartment tower in downtown Tampa, nearly a decade in the works, will finally break ground
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: May 25, 2022

An apartment tower first proposed in downtown Tampa in 2013 will finally celebrate its groundbreaking Thursday.

Coastal Construction, the general contractor on the project, said Wednesday it will hold a ceremony to commemorate the beginning of construction for Arts and Entertainment Residences. The developer is a partnership of Miami-based American Land Ventures and the North American affiliate of Tel Aviv-based Gazit Globe Ltd.

Jeff Mooallem, president and CEO of Gazit Horizons Inc., first confirmed the partnership to the Tampa Bay Business Journal in early April. BMO Harris Bank NA provided a $113 million construction loan for the tower, which is near the David A. Straz Jr. Center for Performing Arts on a parcel that was configured specifically for the project.

AER will include 334 units, 13,688 square feet of street-level retail space and 514 parking spaces in a structure above the shops.

Former Mayor Bob Buckhorn, a longtime champion of the project, is expected to attend the groundbreaking along with Mayor Jane Castor and executives from Coastal Construction, ALV and the Gazit affiliate.

Confidence in Tampa Bay's multifamily market remains high as properties sell for record-breaking numbers. Nine15, which is a few blocks from the AER site, recently sold for $184 million. Novel Midtown this week sold for more than $600,000 per apartment, setting a new record for the Tampa Bay market.