CP Capital, Crescent Communities to Develop Tampa Project

NOVEL Independence Park. Image courtesy of Dwell Design Studio

Real estate manager CP Capital USin a joint venture with Crescent Communities, will develop NOVEL Independence Park, a multifamily community in the Westshore business district directly west of downtown Tampa, Fla. The business district is among the Sunshine State’s largest concentrations of Class A office space. Encompassing more than 18 million square feet, the district provides jobs to almost 100,000 workers.

NOVEL Independence Park will feature three five-story buildings as part of the 44-acre, mixed-use Independence Park. Future phases will include retail, office and townhouses. The apartment property will offer upscale interior home finishes such as stone surface countertops, stainless steel appliances and vinyl wood flooring. A nature trail will be among the common-area amenities of NOVEL Independence Park.

Job nodes

NOVEL Independence Park offers immediate proximity to acclaimed retail destination International Plaza & Bay Street. Within this district are more than 200 specialty stores, eateries and luxury retailers, as well as a number of internationally known employers. These include JP Morgan Chase, Bristol Myers Squibb, AIG and the US Social Security Administration. The community also offers convenient access to Tampa International Airport, I-275 and Dale Mabry Highway.

“The Tampa market continues to be attractive as it is a national leader from both an economic and multifamily fundamentals perspective,” Jeremy Katz, co-head of CP Capital, told Multi-Housing News. “We love the site’s strategic location, especially its accessibility and proximity to the Westshore area, including its employment nodes and entertainment centers.”

Expected to break ground this month, the apartment community is slated for completion in early 2024. The first apartments are slated for delivery in summer 2023. Truist provided the transaction’s construction financing.

“There are a number of challenges with any development opportunity given the market these days, including rising construction costs and potential delays,” Katz added. “Ultimately, the best way to mitigate these risks is to partner with a best-in-class sponsor and that is why we are excited to continue our relationship with Crescent Communities.”

In March, CP Capital teamed up with Wood Partners to develop Alta 99th, a 402-unit Class A community in the West Valley submarket of Phoenix. Construction is expected to be completed by January 2024.

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