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Dr. Kiran Patel Buys Land in Downtown Tampa's Encore

Date Posted: 02/28/2023
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Ashley Gurbal Kritzer - Real Estate Editor, Tampa Bay Business Journal | Feb 28, 2023

Aerial of the Encore property.

Tampa philanthropist and real estate developer Dr. Kiran Patel has acquired two parcels in Encore, a master-planned community in downtown Tampa.

An entity linked to Patel paid $8.2 million for Lots 5 and 12 in Encore in a deal that closed in late January, according to Hillsborough County property records. Encore is developed in a public-private partnership between Tampa Housing Authority and Bank of America Community Redevelopment Corp. and includes both affordable and market-rate residential units.

The entity also secured a mortgage for $4.1 million from the City National Bank of Florida.

Patel filed plans with the city for Lot 5 in late 2022 that describe 213 "micro condos" as well as 19,000 square feet of retail space. Leroy Moore, chief operating officer of THA, told the Tampa Bay Business Journal in December that the condo project planned for Encore would include some of the first attainable for-sale housing in the downtown core.

The definition of micro residential units varies between developers and markets, but they're generally under 500 square feet.

Neither Moore nor Patel was immediately available for comment Tuesday.

Lot 12 is designated "future development" in the Encore site plans filed with Patel's plans for Lot 5. Under THA's master plan, Lot 12 was reserved for a boutique grocer. The ground floor of Patel's micro condo building has just under 12,000 square feet devoted to "retail/market," according to site plans.

Patel's purchase is among several that are expected to unfold at Encore in the coming months. Moore previously told the Business Journal that all of the remaining lots in Encore were under contract, and THA expects Encore to be fully built out in three years.

Patel, who first amassed a fortune selling WellCare for $200 million in 2002, has become a major player in Tampa Bay's real estate market. He developed and sold off the majority of ownership in the Wyndham Grand Resort on Clearwater Beach. He is also the developer of the JW Marriott on Clearwater Beach.

In downtown Tampa, Patel owns a property that Mayor Jane Castor has considered for an expansion of the Tampa Convention Center. His personal residence in the Carrollwood area is one of the largest residential
construction projects in Tampa Bay history. The compound, which includes a home for Patel and his wife and their children, began construction in 2013, and the Patels began moving in this year.