Hillpointe has broken ground on a 408-unit workforce housing development in South Tampa, advancing one of the first large-scale local projects to use Florida’s Live Local Act to convert industrial land into housing.
The Winter Park-based developer is building Pointe Grand Interbay at Tampa on an 18-acre site at 7400 Interbay Blvd. near MacDill Air Force Base. The project will include 15 apartment buildings and is expected to open in June 2027.
Hillpointe agreed to reserve 40% of the apartments for households earning between 80% and 120% of area median income. The affordability restrictions will remain in place for 30 years under agreements filed with the City of Tampa.
The property previously contained industrial buildings and carries an industrial land-use designation. The Live Local Act allows qualifying affordable housing developments on certain commercial and industrial sites, creating a path for residential construction that would otherwise not be permitted.
Hillpointe acquired the property for $18 million in June 2025 and later secured $67 million in construction financing from PNC Bank.
The project comes as apartment development has slowed across the Tampa region. Cushman & Wakefield reported first-quarter multifamily starts fell more than 25% below the five-year average, even as select developments continue moving forward under the Live Local framework.
Read More Tampa Bay Business News
Explore the latest Tampa Bay business news, real estate deals, development projects, executive moves and company updates shaping the region.