PPF Real Estate Holding has strengthened its presence in the American real estate market by acquiring a majority stake in the Gasworx development project. This is a transformative mixed-use development that will connect Tampa’s historic Ybor City with the downtown area.
The Gasworx project, partnering with Washington-based KETTLER Inc. and Tampa entrepreneur Darryl Shaw, spans over 50 acres and will feature residential, retail, and office spaces. Eventually, it should offer around 600,000 sqm of space, including more than 5,000 residential units, 15,000 sqm of retail space, and around 50,000 sqm of offices.
The current phase of construction will include three mixed-use buildings and the renovation of a former warehouse. That should bring 516 apartments to market by 2027, along with retail and office spaces. The developer will build pedestrian zones, bike paths, and a trolley stop connected to Tampa’s public transportation system as part of the project.
PPF RE CEO Robert Ševela claims the project is in line with the company’s diversification strategy. It brings PPF Real Estate’s total U.S. investments and commitments to approximately $1 billion since entering the market in 2021.
