A $211.5 million public infrastructure plan tied to the Ybor Harbor redevelopment would help convert a contaminated industrial waterfront into a 19-block mixed-use district between Ybor City and the Channel District.
The project includes up to $35 million in reimbursements for roads, shoreline improvements, utilities and waterfront infrastructure within the Channel District CRA boundary, with payments distributed over five fiscal years beginning in 2029 and capped at $7 million annually through 2033.
Under the proposed structure, the developer would fund the work up front and seek reimbursement only after the eligible improvements are completed.
The reimbursement request was reduced from $50 million to $35 million after reviews of long-term Channel District CRA budget projections. Banana Docks LLC, managed by Darryl Shaw’s Ybor City Holdings LLC, originally sought the larger reimbursement package.
Project representatives said the public funding would help unlock significantly larger private investment in the redevelopment.
“We expect this to be a very catalytic public investment,” a project representative told CRA board members. “For every dollar expended for CRA funds, we expect to have over $5 in private investment.”
The public improvements would support a mixed-use redevelopment projected to generate more than 4,800 direct jobs and approximately $47 million annually in incremental tax revenue at full buildout. Project representatives said the site currently generates about $400,000 annually in property taxes.
Roadway and signalization work, utility relocation, pedestrian corridors and waterfront promenades are intended to reconnect the site to surrounding neighborhoods and Tampa’s waterfront system.
The redevelopment would also create more than 2,500 linear feet of public waterfront access and new pedestrian connections to the Selmon Greenway, Ybor City and the Channel District.
“This is a transformational project,” CRA board member Alan Clendenin said during the meeting. “This was a pivotal moment in Tampa history.”
Much of the infrastructure spending is tied to the site’s industrial conditions and flood vulnerabilities. The property contains aging seawalls, brownfield contamination and areas below base flood elevation, requiring extensive shoreline and flood-mitigation work before vertical development can begin.
Those shoreline and flood-mitigation costs include about $47.2 million for seawall construction, $22.8 million for roadway and traffic improvements and $28.2 million for public spaces and pedestrian infrastructure.
Redevelopment of the site would also require relocation of existing maritime industrial operations. International Ship Repair currently operates on part of the property and is working with Port Tampa Bay to identify a future relocation site, according to project representatives.
The redevelopment plan also includes a commitment to reserve 10% of rental residences as affordable housing units for households earning between 80% and 120% of area median income.
Infrastructure work inside the CRA boundary is projected to begin in 2027, with phased construction continuing through 2034.
The CRA board unanimously approved the recommendation.
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