South Florida-based Two Roads Development has received $520 million in construction financing for Pendry Tampa and Pendry Residences Tampa, a hospitality and residential project. New York City-based Sculptor Capital Management and Connecticut-based Nuveen Green Capital provided the financing. The latter’s $290 million contribution came in the form of Commercial Property Assessed Clean Energy financing.
According to Ryan Doyle, senior director of originations at Nuveen Green Capital, the deal is the largest C-PACE transaction in history.
Designed by Arquitectonica with interiors by Studio Munge, the 220-room Pendry Tampa and Pendry Residences Tampa will be housed within a 38-story high-rise building at the corner of Ashley Drive and Whiting Street.
The Pendry Residences Tampa will have about 200 residences that will be available in one-, two- and three-bedroom floor plans. According to REBusiness Online, 60 percent of the units have been sold for an aggregate amount in excess of $300 million, with prices starting at $1.7 million.
When it opens in 2026, the Pendry Tampa will also have four dining venues, including both full-service dining and fast-casual options. Other public spaces will include 15,000 square feet of meeting and event space, a 14,000-square-foot spa, fitness center and a kids club.