SPP Unveils Trophy Towers at $3B Tampa Project

The firm is set to construct two office buildings totaling 1 million square feet at its $3 billion Water Street Tampa mixed-use development, currently underway along the city’s waterfront.
400 Channelside
400 Channelside

Strategic Property Partners has unveiled new plans for its Water Street Tampa mixed-use project in downtown Tampa, Fla. The company is set to build two trophy office towers totaling nearly 1 million square feet as part of the first segment of the $3 billion development.

Water Street Tampa will hold the distinction of being the world’s first WELL-certified community and at a planned-size of approximately 9 million square feet. The 50-acre waterfront project is currently among the largest downtown real estate developments underway in the U.S. The newly announced office towers, 1001 Water St. and 400 Channelside, already have a spotlight on them, as they’ll be the first ground-up trophy office buildings to be erected in the city in roughly a quarter-century.

“With Tampa’s population growing daily and sustained job creation happening within the community, we saw a tremendous opportunity to build new and efficient office space within the initial phase of the Water Street Tampa neighborhood,” David Bevirt, executive vice president of corporate leasing and strategy with Strategic Property Partners, said in a prepared statement.

1001 Water
1001 Water

The 1001 Water tower will comprise approximately 380,000 square feet of premier office space. The 20-story, mixed-use high-rise will also serve as home to the Water Street Tampa wellness community center and provide direct access to the neighboring University of South Florida’s Morsani College of Medicine building via a verdant plaza. COOKFOX Architects is behind the vision for 1001 Water, which is designed to incorporate nature into the built environment through the integration of natural materials, natural light, vegetation and nature views.

Standing 19 stories tall, 400 Channelside will offer 500,000 square feet of office space centered on the wellness concept. Gensler designed the tower, which will also feature a 30,000-square-foot landscaped sky garden.

Answering the Class A call

SPP has tapped JLL to oversee leasing activity for both 1001 Water and 400 Channelside. Demand for premier office space in Tampa, per the commercial real estate services firm, has grown increasingly robust over the last few years. The city’s total average vacancy rate across all classes dropped from 14.6 percent in 2015 to 12 percent in the second quarter. And in the central business district, the total vacancy rate for Class A product was just 9.6 percent in the second quarter.

“Local companies are thriving and expanding, and other larger corporations continue to move to Tampa for its relatively low cost of living and high quality of life,” Jim Moler, senior vice president with JLL, said in prepared remarks. “Many employers want to be located within a dynamic, walkable, urban neighborhood with amenities for their employees, and Water Street Tampa will soon offer a holistic experience all in one place, here in downtown Tampa.”

SPP broke ground on the first phase of Water Street Tampa in 2017, paving the way for 4 million square feet of projects. Construction of 1001 Water is on track to begin in the second quarter of 2019, while the commencement of work on 400 Channelside will be dictated by leasing activity, an SPP spokesperson told Commercial Property Executive.

Images courtesy of  Strategic Property Partners