Miami developer pays $10 million for land in downtown Tampa's Encore
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Apr 21, 2023

A Miami developer is moving forward with plans to build a $200 million mixed-use project in downtown Tampa’s Encore district.

LD&D said it has closed on 2 acres at 1101 E. Harrison St. for $10 million. The developer previously said it planned to build a 28-story, 365-unit luxury apartment building with more than 45,000 square feet of amenity space. There will also be a 178-key hotel, 32,500 square feet of street-level retail space and a 586-space parking podium.

Construction will begin in the fourth quarter. The seller was Tampa Housing Authority, the master developer of Encore in a public-private partnership with Banc of America Community Redevelopment Corp.

Maxim Capital Group provided a $7.25 million loan, LD&D said. The transaction and mortgage have not yet been filed in Hillsborough County public records. Luis Flores of Saul Ewing facilitated the purchase on behalf of LD&D, the developer said.

Willow Ferrelli and Brooke Williams of Acre Commercial Real Estate are marketing the retail space for lease.

“This acquisition enables us to deliver desirable multifamily living while capitalizing on Tampa’s incredible trajectory of growth,” Diego Bonet, managing partner of LD&D, said in a statement. “Our project strategically sits at the center of neighborhoods we believe will continue to merge, and we look forward to creating a community-centric concept and providing residents with luxurious amenities and, in turn, the highest quality of life.”

The neighborhoods Bonet references include Encore itself, which includes market-rate and attainable housing; Gas Worx, which recently broke ground; the Channel district; and downtown Tampa.

Dr. Kiran Patel, one of Tampa Bay’s most prolific philanthropists and a real estate developer, recently acquired property in Encore, where he plans to build micro condos and retail space. Leroy Moore, chief operating officer of the Tampa Housing Authority, told the Tampa Bay Business Journal in late 2022 that all of the remaining lots in the district were under contract to be sold and that the authority anticipates Encore’s full buildout by 2025.