Two Roads Development Secures $520 Million Financing for Luxury Pendry Tampa Project
Major Financing Secured for Pendry Tampa Luxury Development
TAMPA, FL — In a significant boost for the Tampa skyline, Two Roads Development has secured a groundbreaking $520 million in construction financing for the Pendry Tampa and Pendry Residences Tampa project. This ambitious 38-story luxury hotel and condominium tower is currently rising along the picturesque Tampa Riverwalk at the intersection of Ashley Drive and Whiting Street.
The financing package, which includes a historic $290 million contribution from Connecticut-based Nuveen Green Capital through the largest Commercial Property Assessed Clean Energy (C-PACE) loan to date, was facilitated by New York City’s Sculptor Capital Management. This innovative financing approach, closed mid-construction, allows for flexible repayment structures and tranche-based funding, ultimately reducing overall project costs while emphasizing sustainability.
The Pendry Tampa project, designed by the renowned architectural firm Arquitectonica with interiors by Studio Munge, will feature a 220-key Pendry Hotel operated by Montage International, alongside 207 branded condominiums. Hotel amenities are set to impress, boasting four distinct dining concepts, 10,000 square feet of meeting and ballroom space, a lavish 14,000-square-foot spa, a state-of-the-art fitness center, and a dedicated kids club.
The Pendry Residences will offer one- to three-bedroom layouts starting at $1.7 million, complete with a private lobby, dedicated elevators, a rooftop pool, and a full residential staff. Since its launch in 2021, more than 60 percent of the units have already been sold, generating over $300 million in sales.
In a bid to enhance sustainability and resilience, the development incorporates significant measures such as an elevation of over 11 feet above sea level, floodgates for ground-level protection, backup generators, hurricane-rated windows, and a parking deck elevated more than 20 feet above sea level.
Coastal Construction is serving as the general contractor for the project, which has seen substantial progress with the foundation completed and concrete poured through the fourth floor. After three years of construction, Pendry Tampa is now slated for completion in 2027.
Once finished, the property will join Montage International’s prestigious portfolio of luxury hotels and residences, which includes locations in Hollywood, Chicago, New York, Baltimore, and Park City.
As Tampa continues to evolve as a vibrant urban center, the Pendry Tampa project stands as a testament to the city’s commitment to luxury living and sustainable development.
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