
TRD Tampa Opportunity Fund LLC
Qualified Opportunity Zone Investment in a 37-story hotel and residence in dynamic downtown Tampa.
- 208 Hotel Rooms
- 202 Residential Units

Pendry Tampa
Qualified Opportunity Zone Investment in a 37-story hotel and residence in dynamic downtown Tampa.
- 208 Hotel Rooms
- 202 Residential Units
Hotel and Residences in Qualified Opportunity Zone
This luxury hotel and residences right on the Tampa Riverwalk offers Qualified Opportunity Fund tax benefits in a property that has already appreciated in value significantly since its purchase.
Pendry Residences will offer premium lifestyle options in a market with rapidly growing population.
This development will include one, two, and three-bedroom residences from 1,400 to 3,250 SF.
Montage International hotels are known for their ultra-luxury experience and impeccable service. This hotel will include a spa, fitness center, pool with deck bar and lounge, full-service retaurant, lobby bar and lounge.
- Full-Service Restaurant
- Lobby Bar and Lounge
- Pool Deck Bar & Lounge
- 3,000 SF of leasing space
- Frontage on Tampa Riverwalk
- 719 spaces
- Valet parking
- Dedicated parking for residents
Benefit from significant tax advantages while investing in this luxury hotel, residential, and retail complex.

Pre-Development Summary
$667 Million Anticipated Project Cost ($72 Million Spent to Date)
Purchased for $12.3 Million (original 2015 price)
The Fund acquired the land from the seller (a joint venture with TRD) at the original 2015 purchase price of $12.3 million.
Appraised "As Is" at $45m in March 2023
In March 2023 it was appraised by CBRE “As Is” at $45,000,000 and at $58,700,000 on recognition of Site Readiness.
Hard Costs Contained
Hard Costs: Construction Drawings are 85% complete. Inclusive of developer contingency and projected subcontractor buyout savings, hard costs are expected to be $418 million.
Soft Costs $232 SF
Soft costs are expected to be $232 per square foot or $153 million.
A Unique Opportunity Zone Offering
Qualified Opportunity Zone Fund
Qualified Opportunity Funds (QOF) are designated geographic areas identified by the government for economic development. The Opportunity Zones (OZs) were established by the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income and rural communities.
Extensive benefits including deferred capital gains taxes and tax savings are available to QOF investors.
Meeting Heightened Demand for Luxury Travelers
Since its inception in 2002, Montage International has been redefining luxury hospitality for the modern traveler. Alan J. Fuerstman, Founder, Chairman and CEO of Montage International, and his son Michael Fuerstman, Co-Founder and Creative Director of Pendry Hotels, create distinctive destinations while calling on the impeccable service principles that have grounded the company since its launch.
Tampa Market Strong
According to Zillow, Tampa Bay's housing market continues to strengthen, as its strong labor force, temperate location, strategic revitalization of culturally significant areas, and consistent population growth continue to fuel demand for both hotel accommodations and housing.
Zillow has further predicted that Tampa will be one of the Top 10 hottest housing markets in 2024.
Two Roads Development (“TRD”) is a Florida based development company that focuses on high-end condo, market rate rental products, and master planned community developments. TRD has $1.5BB in past and current projects.
James Harpel, Reid Borden, and Taylor Collins bring a combined 100+ years of broad-based real-estate and investment experience.
Daniel Hayes, Denise Patnode, and Greg Stepp (Director of Construction & Development) bring 75 years of collective experience and acumen in all areas of real estate acquisition, investment, and management.
Our well-established legal, accounting, and construction development teams bring more than 100 years of collective experience across all aspects of the industry, providing the firm with deep capabilities.
Current Financial Relationships
- Blackstone
- Oaktree
- Northern Trust
- Mosaic Capital
- DW Partners
- Rockpoint Group
- City National Bank
- JP Morgan Chase
- Bank OZK
- Parkview Financial
- GTIS Partners
Current Branding Relationships
- Four Seasons Hotels & Resorts
- Edition
- Pendry Hotels & Resorts
- Montage International
Since its inception in 2002, Montage International has been redefining luxury hospitality for the modern traveler.
Together, father and son duo Alan J. Fuerstman and Michael Fuerstman have championed a new vision for best-in-class hotels and resorts through both the ultra-luxury Montage brand and the new luxury Pendry brand. They continue to create distinctive destinations while calling on the impeccable service principles that have grounded the company since its launch.

Alan J. Fuerstman

Michael Fuerstman
The company’s name was carefully selected to define and reflect its mission and vision. A “montage” literally means a composite of closely juxtaposed elements; an artistic assemblage or compilation. Mr. Fuerstman chose the name Montage to appropriately describe a “collection” of unique masterpieces, each maintaining an individual allure that captures a true sense and spirit of place.
At each Pendry location, we’ve embraced art, music and design, within the culture of the neighborhood, combining them in each hotel and residence with our unspoken list of non-negotiables; simple luxury, clean design, well-crafted restaurant experiences, vibrant bars and that perfect balance of polished comfort and modern edge.
S2K Dashboard: Pendry Tampa
FAQ
LLC Interests
TRD Tampa Opportunity LLC
$50,000,000
Does not include investment by Sponsor.
Pendry Hotel and Condo Residences
~$13 million
The sponsor investment went directly into the project, not the Fund
Accredited Investors Only
FAQ
$100,000
Year 1: $3M (only paid once aggregate capital contributions exceed $20M)
Year 2: $2M (only paid once aggregate capital contributions exceed $30M)
Year 3: $1M (only paid once aggregate capital contributions exceed $50M)
The yearly asset management fee accrues quarterly and will only be paid once aggregate capital contributions exceed the required amount. Any accrued asset management fees will be forfeited if the applicable threshold for payment has not been met by the final closing date.
K-1
Phoenix America
Berkowitz Pollack Brant
Hogan Lovells US LLP
Important Information
THIS PRESENTATION IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SECURITIES. THE OFFERING AND SALE OF INTERESTS IN TRD TAMPA OPPORTUNITY LLC (“THE FUND”) IS BEING MADE ONLY BY DELIVERY OF THE FUND’S PRIVATE PLACEMENT MEMORANDUM (“PPM”), CERTAIN ORGANIZATIONAL DOCUMENTS, SUBSCRIPTION AGREEMENT AND CERTAIN OTHER INFORMATION TO BE MADE AVAILABLE TO INVESTORS (“OPERATIVE DOCUMENTS”) BY THE FUND’S SPONSOR. The information included in this document is reliable through the date of the private offering memorandum of the Trust (the “Memorandum”) and is subject to change without notice. This material must be read in conjunction with the Operative Documents in order to fully understand all of the implications and risks of the offering of securities to which the Operative Documents relate. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of the Fund’s interests, determined if the Operative Documents are truthful or complete or passed on or endorsed the merits of the offering. Any representation to the contrary is a criminal offense. You may only invest in the Fund if you are an accredited investor as defined in Rule 501 of Regulation D.
Investing in the Fund will involve significant risks, including possible loss of your entire investment. An investment in the Fund will be illiquid, as there is no secondary market for the Fund’s interests and none is expected to develop; and there will be substantial restrictions on transferring such interests. Accordingly, an investor may be required to maintain its interest in the Fund for an indefinite period of time. The interest in the real property to be acquired by the Fund is subject to leverage and its investment performance may be volatile. Investors should have the financial ability and willingness to accept the risk characteristics of the Fund.
Prospective investors should make their own investigations and evaluations of the information contained in this presentation and the other Operative Documents. Each prospective investor should consult its own attorneys, business advisors and tax advisors as to legal, business, tax and related matters concerning the information contained herein. This presentation does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it. An investment in the Fund is not suitable for all investors.
This presentation contains forward-looking statements within the meaning of federal securities laws and regulations relating to the business and financial outlook of the Fund that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. These forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including references to assumptions and forecasts of future results. Actual results may differ materially from those expressed in these forward-looking statements. You should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this presentation. Forward-looking statements in this material speak only as of the date of the Memorandum and not as of any future date, and the Fund undertakes no obligation to update any such statements that may become untrue because of subsequent events.
Risk Factors
This Initial Offering is being made to allow investors to take advantage of recently adopted rules and regulations under the Tax Cuts and Jobs Act (“TCJA”). The legal and compliance requirements of this legislation, including with regard to Opportunity Funds like the Fund, is relatively untested.
An investment in the Fund will be illiquid, as there is no secondary market for the Fund’s interests and none is expected to develop; and there will be substantial restrictions on transferring such interests. Accordingly, an investor may be required to maintain its interest in the Fund for an indefinite period of time. The property to be acquired by the Fund is subject to leverage and its investment performance may be volatile. Investors should have the financial ability and willingness to accept the risk characteristics of the Fund.
If the Fund fails to qualify as an Opportunity Fund for U.S. federal income tax purposes for any period and no relief provisions apply, the Fund would be subject to penalties which could be significant. As a result, returns to investors could be materially reduced.
The Fund depends on our Sponsor to conduct our operations. The Fund will pay fees and expenses to our Sponsor and its affiliates that were not determined on an arm’s length basis, and therefore the Fund does not have the benefit of arm’s length negotiations of the type normally conducted between unrelated parties. These fees increase your risk of loss.
The Fund has a limited operating history. The prior performance of our Sponsor and its affiliated entities may not predict the Fund’s future results. Therefore, there is no assurance that the Fund will achieve its investment objectives.
The Fund’s Sponsor may in the future sponsor other companies that compete with the Fund, and the Sponsor does not have an exclusive management arrangement with the Fund.
The Fund’s organization documents permit the Fund to pay distributions from any source, including cash flow from operations, offering proceeds, borrowings, or sales of assets. Until the proceeds from the offering are fully invested and from time to time during the operational stage, the Fund may not generate sufficient cash flow from operations to fund distributions. If the Fund pays distributions from financings, the net proceeds from this or future offerings or other sources other than our cash flow from operations, the Fund will have less funds available for investments and the overall return to the Fund’s investors may be reduced. If distributions are funded from borrowings, the Fund’s interest expense and other financing costs, as well as the repayment of such borrowings, will reduce earnings and cash flow from operations available for distribution in future periods, and accordingly your overall return may be reduced.
The Fund’s limited liability company agreement does not require the Sponsor to seek investors' approval to liquidate the property by a specified date. No public market currently exists for the interests and you may not be able to sell your interests. If you are able to sell your interests, you may have to sell them at a substantial loss.
The Sponsor intends for the Fund to be classified as a partnership for U.S. federal income tax purposes. As a result, it is expected that you will include your allocable share of income, deductions, gains, losses and other tax items from us on your U.S. income tax return, regardless of whether or not cash is distributed to you.
Real estate investments, including the intended investment, in Opportunity Zones, are subject to general downturns in the industry. The Fund cannot predict what the occupancy level will be nor can the Fund predict the future value of our property. Accordingly, there is no guarantee that you will receive cash distributions or appreciation of your investment.
The Fund is not diversified and will be substantially affected by the unfavorable performance of the property.
The Fund’s anticipated business plan contemplates significant construction and development at the property. As a result, the investment in the property will be subject to the uncertainties associated with construction and development of real property, including the ability to complete the work in conformity with plans and specifications, budgets, and timelines.
What Is an Opportunity Zone?
An Opportunity Zone (OZ) is a designated geographic area identified by the government for economic development. OZs were established by the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income and rural communities nationwide. Investors can invest in these zones through Opportunity Funds.
Deferred Capital Gains Taxes
Investors can defer taxes on any prior gains invested in a Qualified Opportunity Fund (QOF) until the earlier of the date on which the investment is sold or exchanged, or December 31, 2026.
*The Fund is not a tax advisor. Each individual's tax situation is unique. Please consult with your tax advisor to understand the specific benefits that may apply to your circumstances.
Tax Savings
If the investment in the Opportunity Fund is held for at least 10 years:
- Investors will be eligible for an increase in basis equal to the investment's fair market value on the date it is sold or exchanged, thus eliminating taxes on the related capital gains.
- Depreciation recapture is eliminated upon sale of the asset.
Economic Benefits
Bolsters Growth: Stimulates economic growth and job creation in underfunded communities by attracting long-term investments.
Versatile: Supports a wide range of investments, including real estate, infrastructure, and business development.
Social Benefits
Provides a unique opportunity for investors to positively impact economically distressed communities while potentially achieving significant tax savings.
Encourages the development of market-rate housing, improved infrastructure, and access to new businesses and services.
All types of capital gains are eligible to invest in a Qualified Opportunity Zone, including both long-and-short-term gains. Examples include:
- Sale of Stock
- Sale of Business
- Sale of Real Estate
- Cryptocurrency
- Sale of Bonds
Sale of any appreciated assets that trigger a capital gains tax may qualify to invest in a QOZ. Source: 1031 Realized
The IRS on Opportunity Zones | Credits & Deductions

Second Wave of OZ Guidance Addresses Key Issues

US Homeowner Challenges Drive Rent Growth

