Two Roads Development has obtained $520 million in construction financing for a new luxury hotel and condominium tower planned for downtown Tampa. The financing package includes $290 million in Commercial Property Assessed Clean Energy (C-PACE) funds from Nuveen Green Capital, which is based in Darien, Connecticut. This marks the first time a C-PACE loan has been recorded in Tampa. Sculptor Capital Management, headquartered in New York, provided the remaining funds.
The project is expected to be the largest condo construction financing deal in Tampa to date. Two Roads Development, which operates out of Miami and West Palm Beach and is led by Taylor Collins and Reid Boren, will use the funds for Pendry Tampa and Pendry Residences Tampa. The development will feature a 220-room Pendry hotel alongside 207 condominium units. According to the company, over 60 percent of the condos have already been presold with more than $300 million in contracts.
A spokesperson stated that condo prices range from $1.8 million to $5.8 million, not including penthouses.
Construction on the 38-story tower has reached its fourth floor along the Hillsborough River waterfront. Planned amenities include waterfront dining options, over 10,000 square feet of conference and ballroom space, a 14,000-square-foot spa, and a fitness center.
The C-PACE program supports energy efficiency by encouraging sustainable materials and design practices. The building will be constructed more than 11 feet above sea level and features an HVAC system designed to save approximately 55,701 lifetime metric tons of carbon emissions—the equivalent of annual energy use for about 7,500 U.S. homes.
Previously, this site was intended to become Trump Tower Tampa under different developers.
In South Florida, Two Roads recently finished Forté on Flagler with partner Alpha Blue Ventures—a 25-story condominium project in West Palm Beach where nearly all units sold prior to completion for a combined total of $289.1 million.
However, Two Roads’ regional activities include ongoing litigation regarding its planned Edition Residences project in Miami’s Edgewater neighborhood. In July, Florida’s Third District Court of Appeal ruled against Two Roads concerning eight owners resisting the buyout of their units at Biscayne 21—the location set for Edition Residences development—after Two Roads acquired most units there for around $150 million in 2022. A lawsuit followed when holdout owners challenged changes made by the developer-controlled association lowering requirements needed for terminating condo ownership from unanimous consent to an 80 percent threshold; Two Roads says it plans further appeal to the Florida Supreme Court.
“Nuveen Green Capital provided $290 million in C-PACE financing, the first such loan recorded in the city of Tampa,” according to a press release.
“The package likely marks the largest condo construction financing in Tampa.”
“The condo portion is more than 60 percent presold with more than $300 million in presales,” according to the release.
“Condo prices range from $1.8 million to $5.8 million, excluding penthouses,” according to a spokesperson.
“C-PACE stands for Commercial Property Assessed Clean Energy, which encourages the use of energy efficient and sustainable materials and design.”
“The building’s HVAC system and the design of the structure will save 55,701 lifetime metric tons of carbon,” according to a press release from Nuveen.
“That’s equivalent to the annual energy use of 7,500 homes in the U.S.”
