The Heights Community Development District Receives $21.5 Million in Funding to Develop its Public Infrastructure
Funds to go towards implementing parking, street and pedestrian access to one of largest developments in the Southeast
Tampa-based Heights Community Development District got a financial boost from a $21.5 million tax-exempt bond issue to fund the waterfront community being constructed along the Hillsborough River just north of Downtown Tampa.
Proceeds from the bond issue are expected to fund construction of new roads, sidewalks, the Tampa Riverwalk, parking garages as well as overall infrastructure work associated with the 43-acre development.
Miami-based FMSbonds, Inc., raised the tax-exempt bond financing for the Heights Community Development District, that upon completion will provide 2.3 million-square-feet of urban living space. The bonds are backed by tax increment financing through the city of Tampa.
“The epicenter of this mixed-use development is the historic Armature Works building, which is being transformed into the Heights Public Market, event hall, and co-working space,” says Adam Harden, principal at Tampa-based SoHo Capital, a private equity firm he co-founded with partner Chas Bruck in 2006 that’s the development firm behind the Heights. “The Heights project will also anchor the Tampa Riverwalk with a new boutique hotel, new green residences called The Pearl as well as retail and creative office space.”
SoHo Capital is developing The Heights in phases; the first phase, including Armature Works, opens in November.