Cantor Silverstein Opportunity Zone Trust Inc. a qualified opportunity zone fund sponsored by Silverstein Properties and Cantor Fitzgerald, has purchased a 34,000-square-foot site in Tampa, Florida to develop a 430-unit apartment tower.
The property was sold by affiliates of 1754 Properties LLC, an institutional owner, operator and lender of hotels and other real estate, and its partner at Triangle Capital Group.
Located at 505 East Tyler Street in Downtown Tampa, the development will include a residential tower totaling approximately 770,000 square feet, with 430 residential rental apartments, approximately 15,000 square feet of retail, and a 600-space parking garage.
Silverstein will serve as the lead developer for the project.
“With this latest acquisition and planned development, we are continuing to extend our acquisitions and development reach around the country and geographically diversify our portfolio,” said Marty Burger, chief executive officer of Silverstein Properties.
The project site is in Northern Downtown Tampa, home to more than 3,700 businesses and access to nearby restaurants, area nightlife, the Riverwalk pedestrian trail, Amalie Arena, the University of Tampa, and Tampa General Hospital.
Cantor Fitzgerald and Silverstein were among the first groups to launch a qualified opportunity zone fund focused on multiple development projects in a single fund utilizing the real estate investment trust structure. The fund closed in January 2022, and together with its affiliated co-investment vehicles, raised approximately $600 million of equity.
“This project is a great addition to our portfolio of high-quality, development properties in growing markets,” said Chris Milner, head of Cantor Fitzgerald Investment Management. “We’re attracted to Tampa’s continued job and population growth, creating a demand for housing near the thriving central business district.”
Cantor Silverstein Opportunity Zone Trust has four additional development projects underway and other projects with executed non-binding term sheets, together totaling approximately $1.8 billion in total estimated project cost.
Cantor Fitzgerald & Co. is an investment bank serving more than 5,000 institutional clients around the world.
Silverstein Properties is a privately held, full-service real estate development, investment and management firm based in New York that has developed, owned and managed more than 40 million square feet of commercial, residential, retail and hotel space.