Another high-rise tower is getting ready to welcome new residents to downtown Tampa.
Cora, the second residential constructing to open within the Water Street Tampa growth, introduced that it started pre-leasing residences on Wednesday and will likely be move-in prepared by September.
The 23-story tower at 1011 E Cumberland Ave. has 338 models ranging in worth from $1,650 per thirty days for a one-bedroom, 451-square-foot studio; to $5,185 for a 1,534-square-foot unit with three bedrooms and three bogs.
At across the $3.50-per-square-foot vary, these costs are far above the typical price of $1.41 per rectangular foot throughout Tampa Bay, which in 2021 has seen the best progress price in asking rents of any metro space within the nation. But they’re in step with different downtown properties, together with Heron, Water Street’s first residential advanced, which began transferring in residents this spring.
“It’s excessive in the event you’re it in comparison with all the stock,” mentioned Brian Alford, Florida’s director of market analytics for CoStar Group, a nationwide actual property knowledge agency. “But in the event you’re it in comparison with the deliveries we’ve seen, which has been a ton, in downtown Tampa the previous couple of years, it’s fairly in step with most of these.”
Newer facilities like parks, workplace buildings and extra growth on the horizon has stored downtown Tampa’s rental costs excessive even regardless of the pandemic.
“Especially round Channelside and Water Street, downtown has actually been the nexus of quite a lot of exercise that’s been occurring, and it’s actually pushed quite a lot of the rents,” Alford mentioned. “A number of the manufacturers need to have fairly excessive rents to justify the development prices of the final 4 or 5 years.”
A press release from developer Strategic Property Partners in regards to the Cora touted the constructing’s “curvaceous” structure, “showcasing signature curves and delicate edges that mimic shapes created by water and are paying homage to ships, providing a nod to Tampa’s historical past as a port and delivery middle.”
Cora’s facilities will embrace a library, health middle, indoor and out of doors terraces, communal and out of doors kitchens and a “swim spa.” It could have a 24-hour concierge and recycling room on each ground, and 13,000 rectangular ft of retail area on the bottom.
Residents and guests could be taught a new phrase from Cora: Woonerf, a Dutch time period that means “residential yard” that describes an out of doors area designed for social dwelling. Located outdoors the entrance foyer, Cora’s woonerf is “designed to create a shared area the place pedestrians, cyclists and drivers co-exist in a curbless atmosphere,” reads the Strategic Property Partners assertion.
“The constructing brings a novel artwork deco and modernist affect paying homage to the architectural historical past of Florida and its nautical roots,” Lee Schaffler, Strategic Property Partners’s chief portfolio officer, mentioned in an announcement.
The $3.5 Water Street Development is led by Tampa Bay Lightning proprietor Jeff Vinik and Cascade Investment, owned by Bill Gates. Vinik is a accomplice in an funding group that has loaned $15 million to the Times Publishing Co., proprietor of the Tampa Bay Times.