Kiran Patel lands $73M construction loan for Encore development

Dr. Kiran Patel’s development plans for the Encore district in downtown Tampa are advancing with a significant financial boost. 

Patel, a prominent real estate developer and philanthropist, has secured a $72.5 million loan from TD Bank, the Tampa Bay Business Journal reported. 

The loan will bolster the mixed-use development on the Encore district’s parcel 12, parallel to Nebraska Avenue. Plans for the project include a 20-story tower featuring 294 apartments, retail space and offices. 

In 2023, Patel purchased two lots in the Encore district for $8.2 million. It was previously reported that Patel planned to build 213 “micro condos” and 19,000 square feet of retail space on parcel 5.

The Encore district, developed through a public-private partnership between the Tampa Housing Authority and Banc of America Community Redevelopment Corporation, combines affordable and market-rate housing. 

Several other developments are underway in the district, a historically Black neighborhood that was rebranded in 2009, including a $200 million mixed-use project by Miami-based LD&D. The district currently comprises six apartment buildings. 

Scoring a construction loan for any commercial development is a big win given the tight lending environment that’s hindered projects across much of the country since last year. Elsewhere in the Tampa area, Kolter Urban recently received a $182 million loan from Bank OZK for a 42-story condo development in St. Petersburg. 

A number of transformative developments are on the way in the Tampa area. Darryl Shaw is chugging along with his plans for a mixed-use project spanning 33 acres on the Ybor Channel. It’s slated for 500,000 square feet of office space, 800 hotel rooms, over 150,000 square feet of retail and 4,750 residential units.

The Tampa Bay Rays and Hines recently cleared a hurdle in its path to build a $1.3 billion stadium-anchored mixed-use development in St. Petersburg. The project calls for redevelopment of the Historic Gas Plant District on the 86-acre site where Tropicana Field, the MLB team’s stadium, is located. 

—Quinn Donoghue