Pendry Tampa, a luxury hotel and condominium tower planned by Two Roads Development, has just secured $520 million in construction financing. The deal, announced Monday, includes funding from Sculptor Real Estate and Nuveen Green Capital. Construction, led by Florida-based general contractor Coastal Construction, has been at the topic of discussion in the region for weeks. The project has recently overseen slowed on-site activity; now, with financing achieved, the project is back on-track.
While the financing is historic for its size, another aspect of the deal is equally noteworthy. Of the $520 million granted, $290 million came from the largest C-PACE transaction in the nation’s history. C-PACE transactions provide developers with long-term financing for energy-efficient and resiliency-focused building improvements, such as water and energy conservation measures, storm infrastructure, and more.
In the case of Pendry Tampa, this financing likely supports the tower’s mechanical systems, sustainable energy features, and resiliency upgrades, helping Two Roads Development finance construction costs.
According to Hotel Investment Today, Nuveen Green Capital highlighted the significance of the deal, with Ryan Doyle, senior director of originations, saying, “We are thrilled to have closed the largest C-PACE transaction in history, partnering with Two Roads Development and Sculptor Capital on this transformative luxury property that will redefine Tampa’s skyline. This historic milestone showcases the growing sophistication and scale of C-PACE financing and its capacity to support major developments.”
The news is both exciting and reassuring for many local real estate enthusiasts, especially given the lot’s history. Over the years, multiple projects on the site have fallen through, including the cancelled Trump Tower Tampa. Pendry Tampa broke ground and began foundation work in late 2023, but construction only reached a few floors above ground before slowing. With financing now in place, the project is set to return to its regular pace.
According to Floridian Development’s database, the historic project will rise 38 stories, reaching 444 FT, making it one of Tampa’s tallest developments. Plans call for 200 condominium units, 220 hotel rooms, 656 parking spaces, extensive commercial space, and amenities.