PPF Real Estate Holding has diversified its footprint in the US property market with an investment in Gasworx, a mixed-use development in Tampa, Florida. The multi-phase project is designed to connect Tampa’s historical Ybor City with downtown districts and transform a currently underused area.
Gasworx is a joint venture between Washington D.C.-based real estate company KETTLER Inc. and Tampa-based entrepreneur Darryl Shaw. PPF Real Estate joins the venture via its acquisition for an undisclosed consideration of a majority stake in the project's current phase with KETTLER and Darryl Shaw.
Construction works on the current stage have commenced and the expected completion is in 2027. In addition to new apartments, shops, and offices, this phase involves infrastructure and public space improvements, including a new pedestrian-friendly street, multi-use trails, and a new streetcar stop connected to Tampa’s public transit system. It also contains a new public park, financed by the project’s developers, and owned by the city of Tampa.
In total, the project comprises 18 development parcels and upon completion, the Gasworx district will feature approximately 560,000 sqm of space for 5,000 residences, 14,000 sqm of retail space, and 46,000 sqm of office space.
