Hillpointe Secures $67M Loan for Workforce Housing Project in Tampa

• Hillpointe secured a $67 million construction loan for Pointe Grand Interbay at Tampa.
• The project will deliver 408 workforce housing apartments in South Tampa by June 2027.
• PNC Bank provided construction financing for the development.

What the Pointe Grand Interbay Project Includes

Hillpointe has officially broken ground on Pointe Grand Interbay at Tampa after securing $67 million in project financing for the workforce housing development in South Tampa. The apartment community is being developed at 7400 Interbay Blvd. and will include 408 residential units aimed at working families and individuals earning between 80 percent and 120 percent of the area median income. Once completed in June 2027, the project will span more than 798,000 square feet across 15 residential buildings, each rising three stories tall.

What the Community Will Offer Residents

The development is designed around workforce housing demand, with all residences featuring two-bedroom, two-bathroom layouts. Amenities will include a clubhouse with coworking space, a community swimming pool, and a fitness center, reflecting the continued emphasis developers are placing on lifestyle-focused apartment communities even within workforce housing projects. Hillpointe Construction, the developer’s in-house construction arm, is overseeing construction operations for the project. The architecture and design team includes KSH Engineering, Hamilton Engineering, Dark Moss, and Barbas Cramer.

What This Says About Workforce Housing Demand in Florida

The project reflects continued demand for workforce housing across Florida markets where rising rents and home prices have made affordability a growing concern for middle-income households. Developers have increasingly targeted housing for residents earning above traditional affordable housing thresholds, but still priced out of luxury apartment communities and homeownership opportunities. South Tampa remains one of the region’s stronger residential submarkets because of its employment access, transportation connectivity, and continued population growth.

What the Financing Means for Multifamily Development

The construction financing from PNC Bank highlights continued lender appetite for multifamily projects tied to workforce housing demand. Even as portions of the broader commercial real estate market remain cautious, lenders continue prioritizing residential developments with stable long-term demand fundamentals, particularly in high-growth Sun Belt markets like Tampa. Projects focused on middle-income renters have become especially attractive because they often capture a large portion of the housing market underserved by both luxury and deeply affordable housing products.

What the Project Could Mean for South Tampa

Pointe Grand Interbay at Tampa will add a substantial amount of workforce-oriented housing inventory to South Tampa as the region continues experiencing rapid residential growth. The development also reflects a broader trend across Florida, where developers are increasingly combining suburban-style apartment communities with affordability-focused pricing strategies to meet rising demand from working households