Developer Acquires Land for Apartment Community Planned in Encore

Developer Mill Creek Residential has acquired the development site for Modera Encore, a new apartment community in downtown Tampa’s Encore District. Mill Creek purchased the land from the Housing Authority of the City of Tampa for $8.6 million according to Hillsborough County records. Public records also indicate that Mill Creek obtained a loan for $77 million from Pacific Life Insurance Company. Modera Encore will be an eight-story development with 304 apartment units and 9,659 square feet of retail space. The development will also include a parking garage with 432 spaces. The Encore district is a 40-acre mixed-use public- private development, a partnership between the Tampa Housing Authority and Banc of America Community Redevelopment Corp. Encore includes affordable and market-rate housing and is located between the urban core and Channel district, close to the future Gas Worx development.  The developer plans to acquire the parcel of land for the development from the Tampa Housing Authority.

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