As Tampa’s $3.5 billion Water Street Tampa development winds down its first phase of construction, it’s giving the public a look at its next big residential tower.
Asher, Water Street’s third and largest residential building, will open in March at 1050 Water St., with pre-leasing starting in January. The building will also house a new extended-stay boutique hotel, Roost Tampa, from a Philadelphia hotel company making its Florida debut.
At 490 units, Asher — which takes its name from a Hebrew term for happy or blessed — will be the largest of the three residential buildings in Water Street Tampa’s first phase of development. The 420-unit Heron and 388-unit Cora opened this year. Another building, the Tampa Edition hotel, also has 37 luxury condos.
Roost Tampa will encompass 97 units on the first six residential floors of the building, while the Asher’s permanent residences will fill the top 15 floors. The concept, blending high-end apartments and hotel-style amenities, is a new one in Tampa Bay, said Lee Schaffler, chief portfolio officer with lead Water Street developers Strategic Property Partners.
“You’ll be in the middle of it all,” Schaffler said. “It’s the first building of the three that will dump out onto Water Street. It will be front and center. The lights and street activity will be at your front door.”
Asher’s design will “nod to Tampa’s industrial history,” according to a description from Strategic Property Partners, with studio, one- and two-bedroom units available. Prices have not yet been set, Schaffler said, but will be comparable to those at Cora and Heron, with the exception of the less expensive studio units. Cora initially offered apartments at prices starting at $1,650 per month for a one-bedroom, 451-square-foot studio; while Heron’s apartments started at $1,918 per month for a 545-square-foot studio.
“Someone might be able to afford a studio and have access to this great neighborhood that they might not otherwise have the opportunity to if it was a one-bedroom,” Schaffler said. “There are lots of studios in New York and lots of demand for them, and we feel like that’s an untapped niche in Tampa, that there are a lot of people who would trade off personal space for outdoor, communal amenity space.”
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Managed by Philadelphia hospitality company Method Co., Roost will feature designs and furniture “inspired by the rich heritage of Latin America that is prevalent throughout Tampa’s neighborhoods,” according to the statement from developers.
Roost co-founder and CEO Randall Cook said Tampa was a desirable city for the brand because of the number of people relocating to the area.
“We see Tampa as a growth market, and one of these cities that more and more people are talking about,” Cook said.
Both Asher residents and Roost guests will have access to the building’s communal amenities, including concierges, a co-working space, screening lounge, fitness center and rooftop pool deck, featuring cabanas, lawn games and a bar and outdoor kitchen. Method will oversee programming for both facilities, which could include food and beverage options or groups like running or yoga clubs.
The building’s ground level will feature 30,000 square feet of retail space. One business already announced for the space is Wagamama, an Asian fusion restaurant with locations in New York and Boston. Another retail space will be temporarily filled by a felt art exhibit by artist Lucy Sparrow.
By the time Wagamama and other nearby restaurants open in 2022, Water Street residents will be there to meet them. Heron opened in March and is almost full, Schaffler said, while Cora opened this fall and is already at 30 percent capacity.
“At some point, we’ll say, ‘Okay, we’ve built the number of units that the market can bear,’” he said. “We’re not there yet. I think demand for this building will be really robust, just as it has been for Cora and Heron.”