X Companies Secures Loan for Tampa Co-Living Project

X Companies is moving forward with its stalled co-living development in downtown Tampa following more than a year of inactivity.

The Chicago developer secured financing for X Tampa, a 432-unit co-living apartment project at 701 North Florida Avenue, the Tampa Bay Business Journal reported.

The loan, which closed on Feb. 14 for an undisclosed amount, addressed outstanding payments associated with the project, according to Sean Oullette, chief operating officer of West Palm Beach-based Kast Construction, the general contractor for X Tampa.

A specific timeline hasn’t been set for the start of construction, but the next step is getting a senior deb loan, Oullette said.

The 29-story building will offer studios and 1-, 2- and 3-bedroom options, with the option to rent by the room in a shared suite. Residents have their own leases for a bedroom and share common areas, such as the kitchen and living spaces, with roommates.

The project will also feature more than 6,000 square feet of retail space, as well as community amenities like an outdoor pool, a lounge, a fitness center and 18,800 square feet of coworking space. A 400-unit parking garage will also be included.

X Company, led by Noah Gottlieb, has also encountered setbacks on its other co-living projects, including a $107 million tower in Houston and a 600,000-square-foot development in Phoenix.

The 33-story Houston project stalled in October 2023. X Company halted construction on its $107 million co-living tower in the Museum District due to financial challenges such as rising construction costs and funding difficulties. That project is slated to feature 646 beds across 475 units.

Meanwhile, general contractor Clayco halted work on X Phoenix last year due to $36.2 million in unpaid costs. Clayco has since sued X Company to recover the outstanding amount.

— Andrew Terrell