As part of its ongoing commitment to tackling the affordable housing crisis through innovative solutions, the City of Tampa celebrates the ribbon-cutting of Marquee Square, a transformative mixed-income development on the site of the former Fun-Lan Drive-In Theatre along East Hillsborough Avenue.
To ensure long-term affordability, the City of Tampa awarded The Richman Group $12 million for the project. City officials within the Development and Economic Opportunity portfolio negotiated the 99-year affordability deal in an effort to foster more public-private partnerships as part of a multi-pronged affordable housing strategy.
The grand opening of the 350+ unit development comes on the heels of the City’s completed Housing Needs Assessment, a formal report that quantifies Tampa’s future needs for market-rate and affordable housing. The Housing Needs Assessment was conducted in response to Tampa’s population growth, shifting demographics, and a challenging housing market. The analysis found that Tampa has insufficient housing supply, particularly for low income (under 60% AMI) households. For example, families of four making around $83,000 or less a year.
The Assessment also revealed the city has lost a significant amount of its subsidized affordable units for low-income households due to expiring affordability period agreements. By 2032, it stands to lose nearly 1,000 affordable units unless the periods are extended or new affordable units are built to take their place.
With population growth predicted to increase by 60,000 residents by 2045, affordable housing units would need to increase drastically to keep up.
“Looking at the data and the reality that our city needs to accommodate 60,000 more residents in two decades, developments like Marquee Square are crucial to achieving that goal and serving our community,” said Mayor Jane Castor. “This may be a drop in the bucket, but these public-private partnerships are setting a precedent and we hope to continue down this path to get more people in homes they can afford.”
The 519,240 square foot Marquee Square brings 354 affordable units to the local market, with rates ranging starting at $804/month for a one bedroom, and $954/month for a two bedroom. Units are available to families with incomes at the 50%, 60%, 80% and 120% of the Area Median Income (AMI).
“The Richman Group is proud to deliver a beautiful mixed-income and mixed-use development in the heart of the East Tampa CRA,” said Todd Fabbri, President of The Richman Group of Florida. “This project represents more than just buildings – it is about creating opportunities, stability, and long-term investment in a culturally rich and historically significant community. Our team is honored to play a part in supporting the essential workers and families who are the backbone of this city.”
Amenities will include a resort-style pool and spa, dog walking area, fully equipped state-of-the-art fitness center, spin room, yoga room, game room, and lounge, a co-working space, pet spa and resident storage areas.
As part of the community benefits requirements, the new development will also bring roadway improvements along 22nd Avenue, benefiting not just future tenants, but residents in the nearby area as well.