CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, announced a joint venture with Crescent Communities, a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities, to develop ‘NOVEL Independence Park’—a 277-unit multifamily project in Tampa, Florida.
NOVEL Independence Park will feature Class A interior home finishes such as stainless-steel appliances, stone surface countertops, and vinyl wood flooring. Community amenities will include a fitness center, resort style swimming pool, rooftop lounge, dog park, detached garages and a nature trail.
The community, featuring three five-story buildings, will be a part of Independence Park, a 44-acre, mixed-use site that was recently rezoned to accommodate the project as well as future phases that include office, retail, and townhomes. Situated in Tampa’s Westshore Business District, NOVEL Independence Park will be at the epicenter of one of Florida’s largest concentrations of Class A office space, consisting of over 18 million square feet and nearly 100,000 employees.
The project is expected to break ground in May 2022. First units are expected in Q3 2023, with construction expected to be completed in early 2024.
Truist provided construction financing for the transaction.
“Tampa’s rental housing market has experienced tremendous growth over the last year as the city’s economy continues to expand and add vital jobs,” said Jeremy Katz, Co-Head of CP Capital. “We look forward to continuing our partnership with Crescent Communities to provide a premier residential experience within the thriving Westshore Business District.”
The project will benefit from immediate proximity to International Plaza & Bay Street, a renowned shopping destination home to more than 200 specialty shops, restaurants, and luxury retailers; established employers such as JP Morgan Chase, Bristol Myers Squibb, AIG and the U.S. Social Security Administration; transportation hubs including Tampa International Airport, I-275 Memorial Highway and Dale Mabry Highway, and The Raymond James Stadium.
Design partners for NOVEL Independence Park include architecture firm Dwell Design Studio, landscape architect LandDesign, civil engineer Haiff Associates, and interior designer Vignette Interior Design. CBG Construction will serve as the general contractor.
“NOVEL Independence Park offers a unique urban experience, with exceptional convenience to employment, retail and recreational amenities in the center of Tampa. Despite this central location, our goal is to provide a differentiated, relaxed and rejuvenating environment for our residents that fosters comfortable living,” said Tim Graff, Managing Director of Florida for Crescent Communities’ multifamily business. “The larger transformation of Independence Park that is currently underway is going to make this location, and NOVEL Independence Park, a welcome addition to Tampa. We are thrilled to be a part of the resurgence and look forward to filling an unmet housing need.”
Crescent purchased the site from Independence Park master developer, Highwoods Properties who owns over 3 million square feet of Class A commercial office space in Tampa including Independence Park I – the existing 116,000 square foot office building at Independence Park. “We’ve had a vision to turn Independence Park into Westshore’s next best address to live, work and play amid a mixed-use and walkable master plan,” said Dan Woodward, Senior Vice President & Tampa Market Leader, Highwoods Properties. “Crescent Communities brings an unquestioned ability to create compelling places and we have no doubt NOVEL Independence Park will become the sought-after place to live for Tampa’s best and brightest.”
CP Capital, formerly known as HQ Capital Real Estate, recently partnered with Crescent Communities to develop RENDER Covington, a 315-unit multifamily community in Covington, Georgia.