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A $24.5M penthouse, Pendry tops out soon and a $55M park under I-275

A $24.5M penthouse, Pendry tops out soon and a $55M park under I-275

3 signs Tampa Bay's growth isn't slowing down.

Taylor Gangis
September 16, 2026

REAL TAMPA BAY // SEPT 16, 2026 // DEVELOPMENT DESK

BY TAYLOR GANGIS

Last Thursday night I got invited to the penthouse reveal and new renderings at Hotel ORA. What a special event. Met some really awesome people doing amazing work across Tampa Bay.

The headline unit is asking $24.5 million. Almost 10,000 square feet. Listed by @nilelundgren from the SERHANT. squad on Owning Manhattan. That tells you what level ORA is playing at.

But the bigger picture stayed with me after I left. ORA, Water Street phase 2, Pendry, the West Riverwalk expansion, Gasworx. You can start to see how the pieces connect.

Across the bay, St. Pete is looking at what it could do with 12 acres under an interstate.

Different projects. Different timelines. A lot of Tampa Bay’s next chapter is taking shape right now.

3 stories. Let’s get it.

IN THIS ISSUE

01 ORA puts a $24.5 million penthouse on the map

02 Pendry is nearing the top of the Riverwalk

03 St. Pete wants a $55 million park under I-275

04 Development Briefs

05 Weekend Events

01 / LEAD STORY

ORA puts a $24.5 million penthouse on the map

A. WHAT HAPPENED

Hotel ORA unveiled its penthouse and new renderings last Thursday. The headline residence is asking $24.5 million for almost 10,000 square feet.

B. THE DETAILS

ARC Tampa Development and Prosper Group’s $675 million condo-hotel is planned for 1101 E. Jackson Street. The project includes 627 hotel suites and 31 private residences, with more than $200 million in presales previously reported.

Plans include a rooftop pool, with summer 2029 targeted for completion. STK Steakhouse is in talks to anchor the project. That restaurant piece is still in talks.

C. WHY IT MATTERS

A penthouse at this price puts Tampa in front of a different buyer. The hotel suites, residences, and amenities also add another destination near Water Street.

D. MY TAKE

I was in the room for this one. The people, the presentation, the ambition. You could feel what they are trying to build.

The penthouse gets the attention. What I am watching is how ORA fits into everything growing around it. That is the bigger story.

This issue is brought to you by @realtampabaymedia — original storytelling on the transformation of Tampa Bay.

02 / STORY

Pendry is nearing the top of the Riverwalk

A. WHAT HAPPENED

Pendry Tampa is nearing the top. Its topping-out ceremony is scheduled for October 9 (subject to change).

B. THE DETAILS

The 38-story Riverwalk tower is expected to open in 2027 with 220 hotel rooms and 200 condos. About 75 percent of the residences are sold, representing more than $385 million in reported sales. Remaining residences start around $1.7 million.

C. WHY IT MATTERS

That is a substantial amount of residential demand before the doors open. The project also brings hotel rooms, dining, and a new destination to the Riverwalk.

D. MY TAKE

ORA had the reveal. Pendry has crews moving toward the top. Those are different stages, and I am paying attention to both.

The sales number matters. So does watching the building actually get there. October 9 is the next milestone. Opening in 2027 is the bigger one.

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03 / STORY

St. Pete wants a $55 million park under I-275

A. WHAT HAPPENED

St. Pete’s proposed Trails Crossing park moved through committee last week. The concept would turn roughly 12 acres under and alongside I-275 into trails and gathering space.

B. THE DETAILS

The draft plan runs from Fifth Avenue South to Burlington Avenue North. Playgrounds, public art, markets, and a roughly 16-foot walking and biking corridor along 18th Street are part of the vision.

Estimated cost: $55 million. Phased buildout: 10 to 12 years. A full council vote could come by year-end, but land-use agreements with FDOT and a funding package still need to be worked out.

C. WHY IT MATTERS

The Pinellas Trail already runs through here. A park could make the surrounding space more useful and improve connections between neighborhoods on either side of the interstate.

D. MY TAKE

This is the kind of project that can change how a city feels at street level. Somewhere to walk, stop, meet people, and spend a Saturday.

I like the vision. No clue if people would actually use it though. Now watch the land agreement and the money. Committee support moves the conversation forward. Those two pieces determine what gets built.

04 / DEVELOPMENT BRIEFS

Development Briefs

East Tampa’s industrial bet keeps growing. EastGroup paid about $12 million for 30 acres to expand Crossroads Logistics Park. The plan grows from roughly 500,000 to 850,000 square feet across five buildings. A 70 percent increase. Across the company’s portfolio, leasing was about 97 percent, and cash rents on new and renewal leases rose about 23 percent in July and August. The warehouse side of growth keeps moving.
Belleair Bluffs wants its own Don CeSar. Tony Utegaard is proposing a 100-room boutique hotel on West Bay Drive, with an estimated $30 million to $40 million price tag. He wants it to be “the Don CeSar of Belleair Bluffs.” Big ambition for that corridor. It is still a proposal.
Tampa’s asking prices are coming down. August’s median list price was $390,000, down 6 percent from a year earlier. Active inventory also fell 6.4 percent while national supply grew. About one in four listings had a price cut. Buyers have room to negotiate, but fewer homes to choose from. A lower asking price still has to work as a monthly payment.

05 / WEEKEND EVENTS

Weekend Events

Red Bull Dance Your Style Event this weekend at the Tampa Bay Convention Center. Photo from Red Bull IG

Check our events carousel for what is on across Tampa Bay this week.

Hosting an event or running a local business? You can get in front of our audience too. Reply to this email or reach out at [email protected] to advertise with us.

→ SEE THE EVENTS CAROUSEL ON INSTAGRAM

06 / GO DEEPER