Ybor City’s latest high-rise just staked its claim on the skyline. The Olivette, a 10-story residential tower inside the Gasworx redevelopment, officially topped out Friday in a ceremony that saluted roughly 300 construction workers. The milestone turns a long-vacant stretch of ground into the visible spine of Gasworx Phase Two, which is set to bring new apartments, offices and a restored market to the edge of historic Ybor. Developers said the building climbed from flat dirt to its tenth floor in about a year.
Phase Two Takes Shape
When it opens, the Olivette is expected to deliver about 376 apartments, two amenity courtyards on the seventh floor, a rooftop pool and roughly 28,000 square feet of ground-floor retail. It joins The Luisa and a new marketplace planned inside a preserved warehouse, forming the core of the eastern side of the district.
Those blocks are also slated to include a six-story office building planned as the future home of Grow Financial’s headquarters and a one-acre park beside the market. All of it is being designed to knit Ybor City to the Channel District with pedestrian-friendly streets and a new TECO Line streetcar stop, according to Florida YIMBY.
Topping-Off And The Workforce
Calling the event “a major milestone for our projects,” Moss Construction’s Toby Manulak used the topping-off to spotlight the crews who poured concrete and set steel through Tampa’s heat and wind. The ceremony honored about 300 workers and highlighted how quickly the Olivette has risen from bare ground to ten stories in roughly a year, per FOX 13 Tampa Bay.
With the final structural concrete in place, the team is now shifting its focus to interior build-out and façade work as they move toward future leasing and retail fit-outs.
Money, Partners And The Market
The district’s momentum is being fueled by a hefty financing package and a roster of well-known partners. Gasworx secured a $182 million construction loan in early 2025 to help fund the eastern blocks and key infrastructure, according to Tampa Bay Business & Wealth.
The broader project is a joint effort between KETTLER, local developer Darryl Shaw and international investor PPF Real Estate, per the developer’s project pages. Major operators are starting to move in as well, with Hoodline reporting that a Live Nation-run venue is planned inside the district.
Grow Financial’s decision to relocate its headquarters into the Gasworx office building gives Phase Two an anchor tenant, a move first reported by the Tampa Bay Business Journal.
Timeline And What’s Next
Developers told reporters that the Olivette is expected to be finished in October 2027, with the next round of construction parcels scheduled to be announced later this year, according to FOX 13 Tampa Bay.
Industry coverage has noted that the timeline is tight and that some contractors are eyeing a summer 2027 completion window, reflecting slightly different projections across trade reporting, per Florida YIMBY.
What Neighbors Should Expect
Project materials highlight walkable streets, multi-use trails, a one-acre park and a planned streetcar stop as the pieces meant to activate the district and support festivals and open-air retail, per the developer’s site.
In the meantime, nearby residents and businesses can plan on steady construction activity, intermittent street work and a gradual trickle of tenant and amenity announcements as Gasworx fills in over the next year to two years.
