USF and Development Partners Break Ground on $500 Million Mixed-Use District

Nearly $500 million project combines private development, research investment and mixed-use amenities in the largest P3 project in the State University System of Florida’s history.

Tampa, FL –

The University of South Florida broke ground on Uptown Landing, a nearly $500 million mixed-use development that will be delivered through a public-private partnership and will include student housing, retail, restaurants, a hotel, conference facilities and a major research building. The project is the largest public-private partnership in the history of the State University System of Florida.

The development is being delivered through a Master Development Agreement with ACE Fletcher, LLC, a partnership of Capstone Development Partners, Aureate Development and Ellison Development.  ACE Fletcher’s partners include Provident Resources Group (non-profit owner), CBI Construction (design-builder for both housing components), Baker Barrios Architects (planner and architect with a team of local design subconsultants), and Kimley Horn (civil engineer).

The first phase encompasses approximately 30 acres north of Fletcher Avenue and east of North 46th Street. The project will include 717 student housing beds, 152 apartments serving graduate students, USF employees, affiliates and lifelong learners, four to six restaurant locations, 68,000 SF of retail space with a heavy emphasis on food and beverage, a hotel/conference center and academic research facilities.

Located within walking distance of USF’s future on-campus stadium, Uptown Landing is intended to support year-round activity on campus and provide services and amenities for students, faculty, researchers, visitors and the surrounding community.

“Breaking ground on Uptown Landing is the beginning of a transformative investment in the future of USF. We are honored to partner with the University and our talented master development team to create a destination that will serve students, faculty, staff, and visitors while strengthening the campus experience for generations to come”, said Walker May, Capstone Development Partners’ Executive Vice President P3 Development.

The first phase represents an investment of nearly $500 million. Through a tax-exempt bond financing and non-profit ownership structure, approximately $270 million will fund the student housing, hospitality, restaurant and retail uses. An additional approximately $225 million investment will fund the Translational Research Institute.

The financing structure allows the University to leverage private-sector investment and development expertise to deliver facilities that support student life, research activity and campus growth while limiting the need for direct university capital for the commercial components that will further activate the project.  The P3 collaboration between USF and ACE Fletcher, who along with Provident, are responsible for the financing, design, construction, and eventual operational responsibilities (marketing, leasing, assignments, maintenance and custodial servicing) for the housing buildings on a ground lease from the University, which was financed using non-recourse, tax-exempt bonds. Maintenance and operations will be provided by Capstone Management Partners in a shared services agreement with USF.  The commercial components will be financed using traditional debt and equity financing.

“With this development, are we creating opportunities for students, strengthening USF and generating positive impact for our community? In every case, the answer is yes,” USF Board of Trustees Chair Mike Griffin said.  “We are deeply grateful to our partners, and our state, city and county leaders who have supported this innovative project.”

“USF continues to be the anchor that pushes the Tampa Bay region to new heights. With the redevelopment of Uptown Landing, USF has taken an old golf course and redesigned the experience for students and the community to form a vibrant, activated venue. Uptown Landing will elevate the gameday atmosphere and serve as a 365-day-a-year amenity that has never existed in this area”, said Delo Baker, Aureate Development.

“USF is entering an important next chapter, and as an alumnus, I’m proud of our role in helping bring it to life. The new stadium, advances in academics and athletics, and investments across campus are transforming the USF experience. As master plan developer for Uptown Landing, we’ve worked closely with the university to shape a district that builds on USF’s momentum and reflects where it’s headed. Today’s groundbreaking is an exciting step in turning that vision into reality”, said Casey Ellison, Ellison Development.

The Translational Research Institute will provide space for approximately 100 National Institutes of Health-funded investigators and approximately 1,000 additional researchers. The facility is intended to expand research capacity and support collaboration among academic, medical and industry partners.

Together, the research, residential, hospitality and commercial components are designed to create a centralized district that supports university operations, research growth and economic activity associated with the campus.

The first phase is expected to open in fall 2028.

See renderings and timeline here: https://www.usf.edu/uptown-landing/