ARC Tampa Development LLC and Prosper Group have closed on the second parcel for Hotel ORA + Private Residences.
The $13.5M all-cash deal advances the $675M mixed-use project in downtown Tampa. The project has already raised $200M in presale contracts in just 9 months.
This article explains the new closing, why it matters for Tampa and what to watch next.
What happened?
The developers bought the second site at 205 N. Brush St. The parcel joins the first site at 1101 E. Jackson St., which closed in summer 2024.
The third parcel at 1107 E. Jackson St. is set to close in early 2026. All pre-development costs have been funded without debt.
Hotel ORA sales have reached $200M since launch. Buyers can choose from 22 condo plans priced between $742,000 and $1.5M and eight penthouse layouts, including a $10M penthouse designed by Miami designer Maricarmen Castillon. Owners will have flexible options, including rental programs that return 85% of revenue.
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“We are pleased with the momentum that has been achieved for Hotel ORA + Private Residences thus far,” Prosper Group CEO Jay Roberts said. “Strong sales and the closing of this parcel position us well heading into next year, when we will break ground on the project.”
The property will offer a rooftop oasis with an infinity edge pool, hot tubs, gazebos, a restobar, a spa, a patisserie, a fitness center, changing rooms, saunas, plunge tubs, 15,000 square feet of convention space, a rooftop helipad and a national steakhouse partner with 10,000 square feet of space.
Why this matters
Several factors make this milestone important:
- Tampa has been ranked by Financial Times and Nikkei as the top U.S. city for multinational companies, bringing global interest to projects like Hotel ORA
- The project brings a Miami-style level of luxury to downtown Tampa
- Demand for condo hotel models is growing as buyers want mobility and income options
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- The development is self-funded in a tight lending market, which lowers risk
- Strong sales signal confidence in Tampa’s luxury sector
What you should know
Investors, business owners and real estate teams should note:
- Hotel ORA continues to gain strong presale traction
- Retail and hospitality partners may find opportunities inside the project
- The project supports downtown growth near Water Street
- Buyers gain access to Society Club membership for events and promotions
What’s next?
The third parcel is expected to close in early 2026. The development team plans to break ground next year. Watch for updates on:
- The steakhouse partner
- More penthouse releases
- Construction timelines
- International sales demand
- New buyer demographics entering the Tampa market
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Hotel ORA is positioned to add new hotel rooms, residences, dining and convention space to downtown Tampa.
Takeaway
The $13.5M closing marks a significant step forward for the Hotel ORA project. Strong sales, global interest and a no-debt strategy show confidence in Tampa’s future as a luxury real estate market.
The assemblage puts the project on track for groundbreaking in 2026.