The cranes aren’t coming down at Water Street Tampa anytime soon. But the downtown Tampa development just hit a notable milestone.
The largest building in the first phase of the $3.5 billion project, 1050 Water Street, has officially topped out, developers Strategic Property Partners said Friday.
At 22 stories and 495,000 square feet, 1050 Water Street is also the largest residential building in the Water Street development, with 490 apartments in the works.
The building, which sits at the southeast corner of Water Street and E Cumberland Ave., will have an expansive rooftop pool space, fitness facilities, screening lounge, co-working space and 24-hour concierge service. The building will also have 32,000 square feet of retail space on the ground.
“The topping off marks a significant step for the team, and we are now focused on finishing the building’s unique facade and interior work,” Josh Christensen, the general manager of Suffolk Construction, which is handling the build, said in a statement.
At least two other Water Street residential projects are coming in 2021. Heron, a 420-unit apartment tower, began pre-leasing in December and will have its first move-ins by March 31. A group of 37 luxury residences at the Tampa Edition, part of a 26-story five-star hotel project, is scheduled to wrap construction by the end of the year.
Construction on 1050 Water Street is expected to wrap by the end of the year, with move-ins expected in 2022. The building is also the final component of the first phase of Water Street Tampa, led by Tampa Bay Lightning owner Jeff Vinik and Bill Gates’ investment firm Cascade Investment. The building’s second phase will kick off in 2022.
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Vinik is part of a local investment group that has loaned $15 million to the Times Publishing Company, which owns the Tampa Bay Times.