PMG Affordable Selected for North Downtown Redevelopment
PMG Affordable Selected for North Downtown Redevelopment
Tampa selects PMG Affordable to redevelop four city-owned parcels in North Downtown, bringing 1,150 residential units, 70 percent dedicated to affordable and workforce housing.
Tampa selects PMG Affordable to redevelop four city-owned parcels in North Downtown, bringing 1,150 residential units, 70 percent dedicated to affordable and workforce housing.
An underutilized stretch of North Downtown Tampa is on the verge of a major transformation. The City of Tampa has selected a development team led by PMG Affordable to redevelop four city-owned properties situated between North Tampa Street and East Ashley Drive in the northern portion of Tampa's Central Business District. The announcement marks a significant milestone for a site that has sat largely dormant for years and, if plans advance, would represent the first affordable housing development ever built within Tampa's Central Business District.
The four parcels at the center of the proposal are owned jointly by the City of Tampa and the Community Redevelopment Agency (CRA) and total approximately four acres. The most prominent of the properties is the former Army Navy Surplus Market, a long-standing retail fixture that closed in 2013. The CRA subsequently acquired the site in December 2020 for $4.5 million, signaling the city's long-term intent to repurpose the block for public benefit. The assemblage also includes the Royal parking lot. The city had previously issued and later cancelled an earlier RFP for the site before relaunching the procurement process, ultimately selecting PMG in this most recent round.
PMG Affordable is the affordable housing subsidiary of Property Markets Group, a Miami-based national real estate development firm specializing in large-scale residential projects across Florida, New York City, and major markets throughout the Southeast and Southwest United States. Since its inception in 2019, PMG Affordable, led by principal Dan Coakley, has grown rapidly, with more than 4,500 housing units currently in its development pipeline. The firm is also overseeing the redevelopment of Tampa's Robles Park Village in partnership with the Tampa Housing Authority, a 30-acre project slated to deliver 1,200 affordable units, 600 market-rate apartments, and a 30,000-square-foot community center.
Joining PMG Affordable on the North Downtown project are the Tampa Housing Authority, Bank of America Community Development Company, LLC, and DuCon, LLC. The Tampa Housing Authority, incorporated in 1937, serves more than 60,000 families across Florida and the U.S. Virgin Islands through public-private partnerships aimed at expanding housing access. DuCon is a Tampa-based, minority-owned development and construction management firm founded in 2007. The company has more than 18 years of experience delivering affordable housing, mixed-income communities, and urban redevelopment projects throughout the Tampa Bay region.
The city's RFP required a minimum of 800 dwelling units, but PMG's proposal exceeded that threshold by 30 percent. The plan calls for 1,150 total residential units, with approximately 70 percent, roughly 805 units, designated as affordable or workforce housing. Of that affordable allocation, half the units will serve residents earning 80 percent of the Area Median Income (AMI) or below, which equates to approximately $67,000 annually for a two-person household in Tampa. An additional 20 percent will be reserved for households earning between 80 and 140 percent AMI, a tier that covers much of the region's workforce, including many teachers, nurses, and service industry employees. Workforce housing more broadly serves households earning up to roughly 120 percent AMI, or approximately $100,000 for two people.
"Because of the value of the site, it's a once-in-a-generation opportunity to deliver this amount of affordable and attainably priced housing in a downtown city," said Dan Coakley, Principal of PMG Affordable. "It would be a shame not to maximize density on this site within reason."
Beyond housing, the proposal envisions a fully integrated mixed-use community. Plans call for approximately 28,000 square feet of ground-floor commercial space, with the broader design centering on high-quality public spaces, activated streetscapes, improved walkability, and pocket parks with public bike parking. Coakley has indicated that the southern portion of the site could feature high-rise style buildings that blend into Tampa's existing downtown skyline, while the development as a whole is designed to connect seamlessly with surrounding districts.
Mayor Jane Castor framed the project as a crucial piece of Tampa's broader housing strategy. "We can't overstate the importance of workforce housing in our community," Castor said in a statement. "This project will create hundreds of affordable, downtown homes for teachers, first responders, technicians, service employees, and others who make our city great."
CRA Chairman Luis Viera echoed that sentiment, noting that the development fills a critical void in the urban core. "This is a milestone for downtown Tampa and our affordable housing goals," Viera said. "Whether it's in Channelside, Water Street, or downtown proper, there are things for wealthier people. You've got to go well into the six figures to be able to afford something in downtown Tampa."
A key component tied to the proposal is the adjacent Ashley Drive on-ramp to Interstate 275, which currently presents a significant barrier to pedestrian movement in the area. With City Council approval, that ramp would be redesigned, potentially including partial removal of the Ashley Drive bridge, to drastically improve connectivity and pedestrian safety between the new development and surrounding neighborhoods. The site sits just blocks from the Tampa Riverwalk, major downtown event venues, and the city's primary office towers, positioning the project to benefit from and contribute to the momentum of Tampa's broader urban core.
While the project remains in its early stages with no official construction timeline announced, city officials and PMG Affordable have expressed commitment to an inclusive planning process. The development team has pledged to work closely with residents and local stakeholders as design and entitlement processes move forward. Coakley has also indicated an interest in honoring the legacy of the Army Navy Surplus Market through public art, historical placards, or other commemorative elements woven into the development.
The North Downtown redevelopment is part of a larger wave of civic and mixed-use investment reshaping Tampa's urban core, alongside initiatives including Gasworx in Ybor City, the West Tampa Riverwalk Extension, and the Rome Yard project in West Tampa.
An underutilized stretch of North Downtown Tampa is on the verge of a major transformation. The City of Tampa has selected a development team led by PMG Affordable to redevelop four city-owned properties situated between North Tampa Street and East Ashley Drive in the northern portion of Tampa's Central Business District. The announcement marks a significant milestone for a site that has sat largely dormant for years and, if plans advance, would represent the first affordable housing development ever built within Tampa's Central Business District.
The four parcels at the center of the proposal are owned jointly by the City of Tampa and the Community Redevelopment Agency (CRA) and total approximately four acres. The most prominent of the properties is the former Army Navy Surplus Market, a long-standing retail fixture that closed in 2013. The CRA subsequently acquired the site in December 2020 for $4.5 million, signaling the city's long-term intent to repurpose the block for public benefit. The assemblage also includes the Royal parking lot. The city had previously issued and later cancelled an earlier RFP for the site before relaunching the procurement process, ultimately selecting PMG in this most recent round.
PMG Affordable is the affordable housing subsidiary of Property Markets Group, a Miami-based national real estate development firm specializing in large-scale residential projects across Florida, New York City, and major markets throughout the Southeast and Southwest United States. Since its inception in 2019, PMG Affordable, led by principal Dan Coakley, has grown rapidly, with more than 4,500 housing units currently in its development pipeline. The firm is also overseeing the redevelopment of Tampa's Robles Park Village in partnership with the Tampa Housing Authority, a 30-acre project slated to deliver 1,200 affordable units, 600 market-rate apartments, and a 30,000-square-foot community center.
Joining PMG Affordable on the North Downtown project are the Tampa Housing Authority, Bank of America Community Development Company, LLC, and DuCon, LLC. The Tampa Housing Authority, incorporated in 1937, serves more than 60,000 families across Florida and the U.S. Virgin Islands through public-private partnerships aimed at expanding housing access. DuCon is a Tampa-based, minority-owned development and construction management firm founded in 2007. The company has more than 18 years of experience delivering affordable housing, mixed-income communities, and urban redevelopment projects throughout the Tampa Bay region.
The city's RFP required a minimum of 800 dwelling units, but PMG's proposal exceeded that threshold by 30 percent. The plan calls for 1,150 total residential units, with approximately 70 percent, roughly 805 units, designated as affordable or workforce housing. Of that affordable allocation, half the units will serve residents earning 80 percent of the Area Median Income (AMI) or below, which equates to approximately $67,000 annually for a two-person household in Tampa. An additional 20 percent will be reserved for households earning between 80 and 140 percent AMI, a tier that covers much of the region's workforce, including many teachers, nurses, and service industry employees. Workforce housing more broadly serves households earning up to roughly 120 percent AMI, or approximately $100,000 for two people.
"Because of the value of the site, it's a once-in-a-generation opportunity to deliver this amount of affordable and attainably priced housing in a downtown city," said Dan Coakley, Principal of PMG Affordable. "It would be a shame not to maximize density on this site within reason."
Beyond housing, the proposal envisions a fully integrated mixed-use community. Plans call for approximately 28,000 square feet of ground-floor commercial space, with the broader design centering on high-quality public spaces, activated streetscapes, improved walkability, and pocket parks with public bike parking. Coakley has indicated that the southern portion of the site could feature high-rise style buildings that blend into Tampa's existing downtown skyline, while the development as a whole is designed to connect seamlessly with surrounding districts.
Mayor Jane Castor framed the project as a crucial piece of Tampa's broader housing strategy. "We can't overstate the importance of workforce housing in our community," Castor said in a statement. "This project will create hundreds of affordable, downtown homes for teachers, first responders, technicians, service employees, and others who make our city great."
CRA Chairman Luis Viera echoed that sentiment, noting that the development fills a critical void in the urban core. "This is a milestone for downtown Tampa and our affordable housing goals," Viera said. "Whether it's in Channelside, Water Street, or downtown proper, there are things for wealthier people. You've got to go well into the six figures to be able to afford something in downtown Tampa."
A key component tied to the proposal is the adjacent Ashley Drive on-ramp to Interstate 275, which currently presents a significant barrier to pedestrian movement in the area. With City Council approval, that ramp would be redesigned, potentially including partial removal of the Ashley Drive bridge, to drastically improve connectivity and pedestrian safety between the new development and surrounding neighborhoods. The site sits just blocks from the Tampa Riverwalk, major downtown event venues, and the city's primary office towers, positioning the project to benefit from and contribute to the momentum of Tampa's broader urban core.
While the project remains in its early stages with no official construction timeline announced, city officials and PMG Affordable have expressed commitment to an inclusive planning process. The development team has pledged to work closely with residents and local stakeholders as design and entitlement processes move forward. Coakley has also indicated an interest in honoring the legacy of the Army Navy Surplus Market through public art, historical placards, or other commemorative elements woven into the development.
The North Downtown redevelopment is part of a larger wave of civic and mixed-use investment reshaping Tampa's urban core, alongside initiatives including Gasworx in Ybor City, the West Tampa Riverwalk Extension, and the Rome Yard project in West Tampa.
