Skip to main content

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

Offering Strategy

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.

Experienced Luxury Developers
Hotel, Residences, Retail
202 Luxury Residences

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.

208 Hotel Rooms

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.

Food & Beverage
  • Full-Service Restaurant
  • Lobby Bar and Lounge
  • Pool Deck Bar & Lounge
Ground Level Retail
  • 3,000 SF of leasing space
  • Frontage on Tampa Riverwalk
Parking
  • 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.

An OZ Structure Combined with a Proven Ultra-Luxury Developer

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. 

Learn more about QOFs here.

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.

Experienced Florida-Based Development Company
Two Roads Development

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.

100+ Years

James Harpel, Reid Borden, and Taylor Collins bring a combined 100+ years of broad-based real-estate and investment experience.

75 Years

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.

Deep Bench

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.

Significant Access to Capital

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
Experience with Luxury Brands

Current Branding Relationships

  • Four Seasons Hotels & Resorts
  • Edition
  • Pendry Hotels & Resorts
  • Montage International
Redefining Luxury Lifestyles
Pendry + 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

Chairman & CEO

Michael Fuerstman

Co-Founder & Creative Director

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.

FAQ

Security

LLC Interests

Issuer

TRD Tampa Opportunity LLC

Offering Amount

$50,000,000

Does not include investment by Sponsor.

Investment Strategy

Pendry Hotel and Condo Residences

Investment by Sponsor

~$13 million

The sponsor investment went directly into the project, not the Fund

Investor Suitability

Accredited Investors Only

FAQ

Annual Asset Management Fee

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.

Transfer Agent

Phoenix America

Auditor and OZ Compliance

Berkowitz Pollack Brant

Legal Counsel

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

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