Tampa’s $182M Loan Kicks Off Next Phase of 50-Acre Gasworx Development
A huge $182 million loan from Bank OZK will help move forward the next part of Tampa’s massive Gasworx project. The money will go toward building a new five-story building with apartments and retail shops across 50 acres of valuable land.
La Unión Residence opened last fall, adding 317 apartments to the area. Rents range from $1,780 to $3,581 per month, and about 45% of the units are currently filled.
Workers have topped out a new seven-story mixed-use building. When it opens next January, it’ll have 390 homes and plenty of parking space.
A new 10-story building is also part of this phase. When it’s done in 2027, it’ll have homes above and shops on the ground floor.
They’re planning to turn an old warehouse into a food hall. Right next to it, Grow Financial Federal Credit Union will build their headquarters.
When everything’s finished, the project will bring big changes: thousands of new homes, including some affordable options, plus office and retail space throughout the neighborhood.
The city has started putting in the basics. They’re spending $40 million to build new roads, sidewalks, and paths throughout the area.
Next up is a neighborhood park and walking trail called 3rd Avenue Paseo. These spaces will help connect Tampa’s historic areas to downtown.
The site, which used to house Peoples Gas storage tanks, is being carefully developed over 10 years to follow historic preservation guidelines.
Local developer Darryl Shaw is leading the project, working with partners from Washington D.C. and Prague. It’s happening alongside Tampa’s Water Street project, showing how much the city is growing.
“Precious few cities are lucky enough to have civic leaders like Darryl Shaw, who is not merely planning to develop property, but thoughtfully create an entire transformative neighborhood that respects history while also embracing the future,” Tampa Mayor Jane Castor says to tampamagazines.com.
