TAMPA, Fla. (WFLA) — An iconic part of Tampa’s skyline has a new owner and could soon be seeing millions of dollars in upgrades.
Tampa-based Ally Capital Group announced Monday that it has partnered with Banyan Street, the current owner of Rivergate Tower, to revamp the iconic structure, known by many as the “beer can” building.
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The exact terms of the transaction were not disclosed. Together, the two private investment groups have promised to make close to $8 million in upgrades to the cylindrical, 31-story tower at the corner of Ashley Drive and Kennedy Boulevard.
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Devin Tiffany, asset manager at Ally Capital Group, called the acquisition a “rare opportunity,” adding that the firm is “excited to work alongside Banyan Street to unlock additional value and ensure the property continues to serve as a cornerstone of Tampa’s thriving downtown.”
Built in 1988, the Rivergate Tower is one of the most recognizable buildings in Tampa and is also among the tallest limestone structures in the world, standing at 454 feet.
Some of the planned improvements include updates to the parking garage, common rooms and restrooms. The partners are also seeking to create more move-in ready office spaces and make investments in the part of the property that connects with Tampa’s Riverwalk and Kiley Gardens.
“Our affinity for investing in Tampa is no secret,” said Zac Gruber, president of Banyan Street Capital’s office division. “Rivergate Tower represents not only a best‑in‑class asset, but also a meaningful opportunity to continue our investment in the growth and vibrancy of downtown Tampa.”
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