One of downtown Tampa’s most prominent waterfront developments is approaching the top of the skyline.
Pendry Tampa and Pendry Residences Tampa, the 38-story hotel and condominium tower rising along the Tampa Riverwalk, is preparing for a topping-out ceremony on October 9 as construction moves toward a 2027 opening. The project is being developed by Two Roads Development in partnership with Pendry Hotels & Resorts, part of Montage International.
The construction milestone arrives alongside significant residential sales activity. Approximately 75% of the project’s condominiums have already been sold, representing more than $385 million in reported sales, while remaining residences begin around $1.7 million.
When complete, Pendry will combine private residences, luxury hospitality, restaurants, wellness amenities and Riverwalk-facing commercial space within a single downtown property.
The project at a glance
Pendry Tampa is planned as a mixed-use luxury development with 220 hotel guestrooms and approximately 200 private residences. The hotel will occupy the first 14 floors, with the residential portion extending from floors 15 through 38.
The development will include:
38 stories
220 luxury hotel guestrooms
Approximately 200 private residences
One-, two- and three-bedroom condominium layouts
Dedicated residential entrance, lobby and elevators
Rooftop pool and lounge
Spa and fitness facilities
Multiple restaurants and social venues
Riverwalk-facing retail and dining
Private meeting and event space
Arquitectonica is the design architect, with Adache Group Architects serving as architect of record. Toronto-based Studio Munge is leading the interiors, while Coastal Construction is serving as general contractor.
The combination places Pendry among a growing group of branded residential developments bringing hotel-level service into Tampa’s luxury condominium market.
Branded residences continue moving into Tampa
Pendry’s residential component is designed to operate differently from a conventional condominium tower.
Owners will have a separate residential arrival experience and dedicated staff while retaining access to hotel amenities and services. The residences feature floor-to-ceiling windows, private terraces and views across downtown and the waterfront.
The model has become increasingly common across Florida’s highest-end residential markets, particularly in Miami and Palm Beach, where hospitality brands have become closely associated with new luxury condominium development.
Tampa is now attracting more of the same product.
The Residences at The Tampa EDITION established one of downtown’s earliest major examples of branded luxury living at Water Street. Pendry will expand that category farther along the Riverwalk with a considerably larger residential component.
With roughly three-quarters of its residences already sold before completion, the project is also testing how deep Tampa’s market has become for luxury condominium pricing traditionally associated with larger coastal markets.
A $45.5 million penthouse crowns the tower
Nothing tests that market more aggressively than the residence planned for the top of the building.
One of Pendry Tampa’s two penthouses is currently being marketed at $45.5 million, establishing a record-high asking price for a Tampa Bay condominium.
The two-story residence will occupy the 38th floor and span more than 10,000 square feet, with six bedrooms, seven full bathrooms, a private cinema, home office, fitness room and spa. The residence also includes more than 1,800 square feet of outdoor space on its primary level and an additional 2,592-square-foot rooftop terrace.
Plans for the rooftop include a private pool and hot tub, outdoor kitchen, dining area and garden space. Inside, 10-foot ceilings and floor-to-ceiling windows are designed to provide panoramic views across downtown Tampa and the Hillsborough River.
The asking price would represent a substantial leap for the region if the residence ultimately sells near that figure. A duplex penthouse at the Waldorf Astoria Residences in St. Petersburg sold for $27 million in 2025, setting the current Tampa Bay condominium sales record.
The Pendry listing therefore represents more than an unusually expensive home.
It is a test of how far Tampa’s luxury residential market can stretch.
Construction is approaching the top
Construction on Pendry Tampa began in 2023, and the tower has become increasingly visible along the Riverwalk as crews moved through the hotel levels and into the residential portion of the building.
The planned October 9 topping-out ceremony will mark completion of the building’s primary vertical structure. Substantial façade, interior, mechanical and finish work will continue afterward before the property begins welcoming residents and hotel guests.
Pendry’s current official materials list the Tampa property as debuting in 2027.
That timeline represents a significant shift from the project’s earliest plans. When Pendry and Two Roads first announced the development in 2021, the tower had initially been expected to open in 2024.
The development has since progressed into one of the largest active luxury projects in downtown Tampa, with its residential sales continuing alongside construction.
Another major investment along Tampa’s waterfront
Pendry is rising during a period of visible transformation across Tampa’s urban core.
Water Street has introduced a new concentration of luxury residences, hotels and offices. Additional residential towers continue to reshape downtown and the Channel District, while the Riverwalk increasingly connects many of those projects into a more continuous urban waterfront.
Pendry adds another piece to that evolution.
Unlike a standalone condominium building, the property will bring together hundreds of residents, hotel guests, restaurant customers and visitors on the same Riverwalk site. Pendry has also partnered with Clique Hospitality on its food-and-beverage concepts, further expanding the project’s public-facing component.
For Two Roads Development, the tower represents its first major entry into the Tampa market after concentrating much of its luxury residential work in South Florida and other high-end destinations.
For Tampa, Pendry represents something broader: another developer betting that the city can support a level of branded hospitality and residential pricing once concentrated much farther south.
With 75% of its residences sold, more than $385 million in reported sales and a $45.5 million penthouse testing the upper limits of the market, that bet is becoming increasingly visible.
The tower has not opened yet.
But its impact on Tampa’s luxury market is already taking shape.