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Tuesday, Jul 29, 2014
Business News

Hotel on Encore site could break ground next summer

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TAMPA — A Tampa firm is moving forward with plans for a mixed-use hotel, residential and retail project on the Encore site just northeast of downtown, starting with a 380-unit hotel contingent on a deal in the works with a major company.

Frank DeBose, president of Pinnacle Group Holdings, said he could break ground on the hotel by next summer and start on the residential building sometime later.

The hotel likely would house two separate brands — whose identities have not been disclosed — each with a different price point and target audience,

Pinnacle Group will pay the Tampa Housing Authority $7.8 million for the site.

“For us, the first step is getting a developer who has the connections to pull off the type of age you want attracted to the site, and the willingness to take the land and pursue the opportunity,” said Leroy Moore, the housing authority’s senior vice president and chief operating officer.

DuBose said other residential projects at the Encore site would not detract from a major hotel chain wanting to locate there, adding that Encore is a transformational project for the area.

“We are always supportive of good, strong hospitality products in the Tampa Bay area,” said Lou Plasencia, chairman and Chief Executive Officer of The Plasencia Group, a Tampa-based hospitality transaction and consulting services firm.

Reporters Ted Jackovics and Richard Mullins contributed to this report.

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