LD&D is moving ahead with DoMo at Cass Square in downtown Tampa, pushing a 360-unit apartment project toward a summer start after securing its building permit.
The deal is advancing in a market where fewer multifamily projects are clearing financing. Higher borrowing costs and flat rent growth have narrowed the pipeline across Tampa Bay, leaving fewer developments able to move from planning to construction.
The project will include 330 market-rate units and 30 workforce housing units through an agreement with the downtown Tampa CRA. Managing partner Diego Bonet said the firm expects to finalize that agreement within 30 to 60 days.
The workforce units will be built into the same tower as the market-rate apartments, with shared amenities and no physical distinction between residents. The structure allows LD&D to reserve units for households within a defined income range while maintaining a single operating and design standard across the building.
“It won’t feel like workforce housing,” Bonet said. “It’ll feel like some of the nicest rentals in downtown.”
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The project is moving as Tampa Bay continues to work through apartments delivered between 2020 and 2024. That supply wave has held rent growth flat and made new construction harder to finance.
“Not all deals pencil right now,” Bonet said.
Construction costs have stabilized, but debt remains restrictive. Projects that move forward tend to have permits secured, capital identified and a clear path to execution. Bonet said most of the recent inventory has now been leased, easing pressure from the latest cycle.
He pointed to Water Street as a turning point for downtown Tampa, helping connect previously separate districts and expand the market for urban living.
“Before Water Street, Tampa didn’t have a cohesive downtown,” Bonet said.
Areas including downtown, the Channel District and surrounding redevelopment sites are beginning to function as a single environment, with stronger demand for walkability and proximity to amenities.
LD&D is also advancing Gallery Haus in downtown St. Petersburg, a 254-unit, 22-story apartment project with retail along the Pinellas Trail. Bonet described St. Petersburg as more lifestyle-driven, while Tampa’s downtown remains more employment-centered, shaping how each market absorbs new residential development.
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