Riverfront district, downtown Tampa's newest neighborhood, to break ground in 2023
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 19, 2022

Miami’s Related Group plans to transform a vacant swath of waterfront land in downtown Tampa into the city’s Riverfront district — a project the developer says will begin construction in late 2023.

Related Group on Friday asked the city for a substantial change determination for its development plans for 6 acres on the west bank of the Hillsborough River, mainly at the intersection of South Parker Street and West Kennedy Boulevard. If city staffers agree that the proposal isn’t a significant departure from previously approved entitlements, Related can move forward with construction.

The developer, which is behind the Ritz-Carlton Residences on Bayshore Boulevard, paid $55.5 million for the property in July. Related has said the Tampa Bay region is its second biggest market outside its home base in Miami, and its projects here include luxury condos, market-rate apartments and affordable housing.

Related’s proposal for the site includes 1,079 residential units with 32,760 square feet of retail space as well as 10 boat slips. That’s a departure from what was approved in 2017, when developers envisioned 375 residences alongside 690,000 square feet of office space, 60,000 square feet of retail space and 350 hotel rooms.

“The Riverfront district is one of Related’s marquee projects in Tampa Bay,” Steve Patterson, head of Related’s market-rate rental division, said in a statement. “Our vision is to create a landmark residential destination including a high street lined with shops, restaurants and entertainment venues. The residential component is comprised of four separate buildings that will offer a wide range of unit sizes, features and price points, from student housing to luxury condominiums.

“We look forward to delivering a diverse live-work-play neighborhood to be enjoyed by patrons and residents alike. The master development will include a continuation of the Riverwalk Promenade and [include] a waterfront restaurant. We will break ground in [the third quarter] of 2023."

There will be “significantly less” traffic under the new proposal, Related says in city filings. No building heights will be increased; one of the towers will be shorter than the initial proposal.

The northern tower will have the equivalent of 39 floors, and the southern tower will have the equivalent of 48 floors, Related said. The maximum building height on this parcel will be 575 feet about mean sea level — 50 feet less than the maximum building height that’s currently approved.