TAMPA | 505 East Tyler Street | FT | 40 FLOORS

Silverstein Properties, a real estate power player in New York, is teaming up with Cantor Fitzgerald, a financial services company, to develop a rental tower in Downtown Tampa.

The development will span 770,000 square feet and feature 430 rental apartments, approximately 15,000 square feet of retail and a 600-car parking garage. The project will rise about 40 stories.

Construction is slated to begin next year. The joint venture is looking to borrow about $150 million to fund the construction, though no deal has been finalized, a spokesperson said.

Silverstein and Cantor Fitzgerald bought a 34,000-square-foot site at 505 East Tyler Street , adjacent to East Cass Street and a block from North Florida Avenue, for an undisclosed amount. The parcel sits within an opportunity zone, a federal program that grants tax breaks in return for investing in the designated area.