Cresset Real Estate Partners has announced the formation of a joint venture with KETTLER and Daryl Shaw to develop a 390-unit mid-rise apartment building in Tampa, Florida. The project is the latest development in Chicago-based Cresset’s second Qualified Opportunity Zone fund, Cresset Diversified QOZ Fund II.

Developed in partnership with KETTLER, a Washington D.C.-based developer, and Darryl Shaw, one of the largest private landowners in Tampa, the team includes Juneau Construction Company as the general contractor. The debt for the project was provided by the Canadian Imperial Bank of Commerce and Trustmark.

The project will include luxury units in a seven-story building, totaling over 273,000 square feet of rentable area, with an additional 9,700 square feet of ground-floor commercial space. The building is part of the larger 33-acre Gasworx mixed-use development, consisting of 5.9 million square feet of commercial and residential real estate across 18 projects and is expected to be developed over the next ten years.

Don’t miss the Lifetime Achievement Award Presentation and Keynote Interview with G. Joseph Cosenza, Vice Chairman of The Inland Real Estate Group, LLC and President of Inland Real Estate Acquisitions, LLC at Connect Midwest: Multifamily, Affordable, Student & Senior Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register Today to network with your peers!