Downtown Tampa is getting a 36-story, riverfront, residential complex that will be built that will connect Curtis Hixon Waterfront Park, the arts district and the David A. Straz Jr. Center for the Performing Arts.
Mayor Bob Buckhorn announced that the Intown/Framework Group, LLC will invest $85 million to build the tower on a right-of-way between Cass and Tyler streets. The property will cost $4 million, and construction will run $81 million.
The site is on the east side of the Hillsborough River, behind the John F. Germany Public Library annex.
"Our partners, from the Straz Center and the team at Intown/Framework, share a vision for downtown, and I could not be more excited about how this project will transform the area," Buckhorn said in a release.
The project includes 350 residential units and about 10,000 square feet of retail space on the ground floor, the city said. The developers, who also built the Skypoint and Element condo tower, plan a structure that would be several stories higher than the 361-foot Skypoint condo project.
InTown/Framework will pay $4 million for the land and construction is expected to be done by the end of 2014, according to the city.
"The Straz Center is very excited about the new development," said Judith Lisi, Straz president and chief executive officer. "Our guest experience is very important, and all of the enhancements included in the project, in particular the improvements to the road network and to our arrival plaza, will ensure that they do."
The Straz board of directors approved the project today, the city said.
The city council on Thursday will discuss the sale of the property, and the developers also need city approval for the project.