TAMPA — Water Street Tampa's first office tower won a key approval Thursday for its 22-story height.
The Hillsborough County Aviation Authority approved a height waiver because the tower, planned for 1001 Water Street, is about 1.7 miles north of Peter O. Knight Airport on Davis Islands and will rise to a height of 314 feet (or 326 feet above average sea level).
Without the waiver, the office project's height would have been capped at 200 feet so that the structure did not interfere with airport operations. Two of 1001 Water Street's immediate neighbors — the University of South Florida's Morsani College of Medicine and Heart Institute and two apartment towers at 815 Water Street — already have received approval to exceed 300 feet and are under construction.
Thursday's approval was contingent on the tower being topped with red warning lights. Developers also agreed to reduce any light glinting off the building — a problem that arose at the 13-story medical school earlier this year.
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The 380,000-square-foot tower is one of six buildings that Strategic Property Partners, the Jeff Vinik-Cascade Investment development company, has said it plans to start building this year. After 26 months of construction, it will feature When finished in 2021, it will feature a green plaza shared with the USF med school and nine large terraces, plus a rooftop terrace. The tower is being built on "spec" — that is, without having pre-leased agreements in hand before starting construction — and Strategic has said it expects to charge gross rents in the low to mid $50s per square foot, not including parking.
Contact Richard Danielson at [email protected] or (813) 226-3403. Follow @Danielson_Times