15 stories of luxury condos will top Water Street Tampa's boutique hotel (Rendering)
By Ashley Gurbal Kritzer – Senior Reporter, Tampa Bay Business Journal
Water Street Tampa's boutique hotel will be topped off with 15 stories of luxury condominiums.
Strategic Property Partners, the developer of Water Street, said Wednesday that the 26-story Tampa Edition will include 46 Edition-branded residential units that will "provide a new, unrivaled level of residential development in Tampa."
The mixed-use tower will break ground across the street from Amalie Arena, at the northwest corner of Channelside Drive and Water Street, in early 2019 and wrap up construction in 2021. SPP, which is controlled by Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC, first announced its plans for the five-star Edition in April but did not elaborate on the residential portion of the tower.
Pricing was not disclosed. SPP said it has retained Smith & Associates Real Estate to market the condos for sale and that the presales will begin in 2020.
“The Edition brand is coveted worldwide and owning a home within the Tampa Edition will truly be a unique experience for this region," Robert Glaser, Smith & Associates CEO, said in a statement. "With condominiums starting on the 15th level, the residences will offer spectacular views, gracious layouts, and a full suite of amenities and services — all within one of the most exciting neighborhoods in Tampa."
Beginning presales after construction commences is unusual in condominium development. Traditional developers typically have to have commitments for a number of the residences — usually north of 50 percent — before they can obtain financing to move forward with construction. With the financial backing of Vinik and Cascade, however, SPP is able to begin construction speculatively.
At 46 units, the Edition is only a small portion of the proposed pipeline of condos in downtown Tampa — but its access to the hotel's amenity package makes it among the most luxurious and exclusive.
The Edition flag is a collaboration between Marriott International (NASDAQ: MAR) and Ian Schrager, co-founder of Studio 54 and a hospitality entrepreneur who's widely credited with creating the concept of the modern-day boutique hotel.
The Tampa Edition will include a rooftop pool and retail spaces, the programming of which will be handled by Schrager and a "high-end restaurant that will activate the streetscape and draw visitors from surrounding neighborhoods."
“The Residences at the Tampa Edition will offer future buyers the unparalleled amenities and services of the Tampa Edition hotel in the comfort and privacy of one’s home,” SPP CEO James Nozar said in a statement. “Our partners at Marriott International and Ian Schrager Co. share our vision to make the Tampa Edition the leading cultural and hospitality destination within the Water Street Tampa neighborhood and introduce a condominium offering that is unmatched in the Tampa Bay region.” https://www.bizjournals.com/tampabay/news/2018/08/29/15-stories-of-luxury-condos-will-top-water-street.html?ana=e_ae_set2&s=article_du&ed=2018-09-01&u=QWXl29uAQECT9DKY5TSStA008686a6&t=1535821103&j=83602431