Strategic Property Partners recently announced its plans of building a residential tower, named the Asher tower, as part of the first phase of Water Street Tampa’s development. This tower will be the largest and the last of the three towers planned for Tampa’s $3.5 billion Water Street project; designed to feature 490 units, consisting of both apartments and hotel units under a single roof.
Located at 1050 Water St in Tampa Bay, the 21-story Asher tower, will introduce the concept of combining high-end apartments and hotel-style amenities in one building, which according to the chief portfolio officer with lead Water Street developers and Strategic Property Partners, Lee Schaffler, is a new concept in Tampa Bay. Randall Cook, the Roost co-founder and CEO also mentioned that Tampa was a choice location for this development due to the number of people relocating to the area.
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Asher Tower’s hotel segment
The hotel segment of the Asher tower will be known as Roost Tampa and it will consist of 97 units, which have been allotted for the first six residential floors of the building. Roost’s residential units are targeted at extended-stay guests and will offer a wide selection, ranging between one- and two-bedroom units; the remaining top 15 floors will feature the permanent residences of the tower. Shared amenities will be made available for both Rooster guests and Asher permanent residents, which include a 24-hour concierge service and the largest pool deck currently available in Water Street, Tampa. In addition, provision has also been made for 30,000 square feet of retail space at the tower’s ground level, out of which an Asian fusion restaurant, called Wagamama has already been announced as one the businesses occupying this retail space. Another section of the retail space will also be occupied temporarily by Lucy Sparrow’s Felt Art Exhibition.
Schaffler spoke on the market opportunities for Asher in Tampa Bay and he mentioned that this tower was being built to cater to a wide range of lifestyle options because the renters of today appreciate such variety. Schaffler said that the Asher tower would cater to this trend by providing several residential experiences in a single location, He pointed out that a studio apartment in this tower would be better off for a tenant seeking opportunities to access the neighborhood, compared to a one-bedroom located elsewhere. Schaffler also added, “There are lots of studios in New York and lots of demand for them, and we feel like that’s an untapped niche in Tampa, that there are a lot of people who would trade off personal space for outdoor, communal amenity space.”
Other companies involved in developing the Asher tower include Method Co., in charge of handling the hotel’s operations as well as the amenities; and ZRS Management, is responsible for the operations of the apartments. The developers expect the tower to be fully operational by March next year, with pre-leasing starting in January.
